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The actual levels of production, capital expenditures and operating expenses may be higher or lower than these estimates due to, among other things, uncertainty in drilling schedules, oil and natural gas prices, changes in market demand for hydrocarbons and unanticipated delays in production and well completions. These estimates are based on numerous assumptions. All or any of these assumptions may not prove to be accurate, which could result in actual results differing materially from estimates. No assurance can be made that any new wells will produce in line with historical performance, or that existing wells will continue to produce in line with Earthstone's expectations. Earthstone's ability to fund its 2023 and future capital budgets is subject to numerous risks and uncertainties, including volatility in commodity prices and the potential for unanticipated production and completion delays and increases in costs associated with drilling, production and transportation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:15:58.316+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "051058c7-235b-4fd1-b0fb-cdcb2d85c278", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.77 }, "kind": "paragraph", "text": "The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. Any reserve estimates provided in this presentation that are not specifically designated as being estimates of proved reserves may include estimated reserves or locations not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. You are urged to consider closely the oil and gas disclosures in our 2022 Form 10-K and our other reports and filings with the SEC. Estimated ultimate recovery (\"EUR\") is a measure that by its nature is more speculative than estimates of proved reserves prepared in accordance with SEC definitions and guidelines and is accordingly less certain.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:15:58.316+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e22f960-9769-43d2-bb00-27d7b8f2172c", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.88 }, "kind": "paragraph", "text": "This presentation has been prepared by Earthstone and includes market data and other statistical information from third-party sources, including independent industry publications, government publications or other published independent sources. Although Earthstone believes these third-party sources are reliable as of their respective dates, Earthstone has not independently verified the accuracy or completeness of this information. Some data are also based on Earthstone's good faith estimates, which are derived from its review of internal sources as well as the third-party sources described above.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:15:58.316+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "beb25e0f-a738-4bf7-943b-5143366d43f3", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.67 }, "kind": "paragraph", "text": "This presentation includes financial measures that are not in accordance with accounting principles generally accepted in the United States (\"GAAP\") such as PV-10, free cash flow, Leverage, Net Debt, and Adjusted EBITDAX. Such non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of our results as reported under GAAP. For additional disclosure regarding such non-GAAP measures, including reconciliations to their most directly comparable GAAP measure, please refer to the Appendix or to Earthstone's press release for the quarter ended June 30, 2023.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:15:58.316+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c33cc293-5166-4951-835a-45558cdb0d9f", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.92, "x": 0.04, "y": 0.14 }, "kind": "paragraph", "text": "This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the \"Securities Act\"), and Section 21E of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of words such as \"expects,\" \"believes,\" \"intends,\" \"anticipates,\" \"plans,\" \"estimates,\" \"guidance,\" \"target,\" \"potential,\" \"possible,\" or \"probable\" or statements that certain actions, events or results \"may,\" \"will,\" \"should,\" or \"could\" be taken, occur or be achieved. The forward-looking statements include statements about the expected benefits of Earthstone Energy, Inc. (\"ESTE,\" \"Earthstone\" or the \"Company\") and its stockholders from the pending acquisition (the \"Novo Acquisition\") of Novo Oil & Gas Holdings, LLC (\"Novo\") by Earthstone, the expected future reserves, production, financial position, business strategy, revenues, earnings, free cash flow, costs, capital expenditures and debt levels of the Company, and plans and objectives of management for future operations. Forward-looking statements are based on current expectations and assumptions and analyses made by Earthstone and its management in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: to the extent to which recent sales of Earthstone's shares of Class A common stock improve the future trading liquidity of such shares: the ability to complete the Novo Acquisition on anticipated terms and timetable; Earthstone's ability to successfully integrate its operations successfully after the Novo Acquisition and achieve anticipated benefits from it; the possibility that various closing conditions for the Novo Acquisition may not be satisfied or waived; risks relating to any unforeseen liabilities of Earthstone or Novo; declines in oil, natural gas liquids or natural gas prices; developments in the Russia-Ukraine conflict; and future geopolitical events, the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to national banking systems; our level of indebtedness and periodic redeterminations of the borrowing base under the Company's credit facility; Earthstone's ability to generate sufficient cash flows from operations to fund all or portions of its future capital expenditures budget or to support a shareholder return program; Earthstone's ability to obtain external capital to finance exploration and development operations and acquisitions; the impacts of hedging on results of operations; uninsured or underinsured losses resulting from oil and natural gas operations; competition for assets, equipment, materials and qualified people; supply chain disruptions; constraints or downtime on midstream assets servicing Earthstone's oil and gas production; Earthstone's ability to replace oil and natural gas reserves; any loss of senior management or technical personnel; regulatory matters, including environmental regulations; oilfield service cost inflation; social, market and regulatory efforts to address climate change; cybersecurity risks, and the direct and indirect impact on most or all of the foregoing on the COVID-19 pandemic or future variants. Earthstone's annual report on Form 10-K for the year ended December 31, 2022, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other Securities and Exchange Commission (\"SEC\") filings discuss some of the important risk factors identified that may affect Earthstone's business, results of operations, and financial condition. 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Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:15:55.565+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dcbb4fbc-efa8-4a57-885b-c5a3476cf43c", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.35, "x": 0.045, "y": 0.56 }, "kind": "table", "text": "Select Financial Data\n2Q23 7/31/23 PF Novo³\nStock Price (8/10/23) $15.85 $15.85\nMarket Cap $2.2 B $2.2 B\nNet Debt⁴ $1.0 B $1.8 B\nEnterprise Value⁵ $3.2 B $4.0 B\nShares Outstanding⁶ 141 MM 141 MM\nLiquidity⁷ $1.4 B $1.0 B", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:15:55.565+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28bd76d2-c013-4ee2-ae05-da0718b17fbf", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.36, "x": 0.045, "y": 0.06 }, "kind": "title", "text": "Corporate Snapshot", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:15:55.565+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a70c36b9-a885-4c51-8240-23870a29bec0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 3, "name": "Problem", "beatId": "d96b1ae5-a5db-495a-aedf-ebcacfcfccff", "matchId": "03618aa5-15ab-4fd4-b691-53a064ede02d", "beatType": { "name": "Problem", "slug": "sequoia-pitch-problem", "status": "active", "canonId": "019dd9b8-1ed4-767b-8e05-40e733bd2311", "version": 1, "description": null }, "evidence": "The presentation highlights Earthstone's differentiating factors and record production driving strong second-quarter results.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. 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See \"Forward-Looking Statements\".\nSee Appendix for non-GAAP reconciliations.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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EBITDAX and ~$290-310MM NTM unlevered FCF1", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:15:58.642+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "528b56dc-61ac-48b3-9653-4b3b66b38ce6", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.93, "x": 0.04, "y": 0.88 }, "kind": "source-note", "text": "1. Based on Earthstone management estimates for the next twelve months from 5/1/23 and NYMEX strip prices as of 5/24/23; excludes the impact of general and administrative expenses.\n2. Reinvestment rate defined as: Capex / (Adjusted EBITDAX - Interest Expense).\n3. Earthstone management estimate of Earthstone's total proved reserve volumes as of 5/1/23 utilizing NYMEX strip prices as of 5/24/23. Cawley, Gillespie & Associates, Inc. (\"CG&A\") estimate of Novo's total proved reserves volumes as of 5/1/23 utilizing NYMEX strip prices as of 5/24/23. Novo reserves reflect net to ESTE.\n4. Earthstone management estimate of locations across all reserve categories, defined as locations that are estimated to generate at least a 10% rate of return at NYMEX $70/bbl and $3.00/mmBtu.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"at": "2026-05-02 08:16:00.937+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "357d23bc-6da7-41a0-925d-e91178cb736f", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.45, "x": 0.03, "y": 0.45 }, "kind": "chart", "text": "Gross Locations by County³\n~1,020 Gross Operated Locations\nReagan / Irion, Upton, Midland / Ector, Culberson, Eddy, Lea, 65% New Mexico", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Donut chart", "slug": "donut", "status": "active", "canonId": "019de52d-0006-752c-9528-0fef476b8004", "version": 1, "description": null }, "framework": null }, "subkind": "donut", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:00.937+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e916189b-6f56-4d33-af50-67595ff81219", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.3, "x": 0.65, "y": 0.45 }, "kind": "chart", "text": "Pro Forma 1P Reserves as of 5/1/234\n460 MMBoe\n24% PD, 76% PUD", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Donut chart", "slug": "donut", "status": "active", "canonId": "019de52d-0006-752c-9528-0fef476b8004", "version": 1, "description": null }, "framework": null }, "subkind": "donut", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:00.937+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef33e920-0d3d-4d4c-88a4-a6b55b23aca3", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.48, "x": 0.05, "y": 0.35 }, "kind": "list", "text": "~1,020 gross operated drilling locations (~69% Delaware, ~31% Midland) provide significant runway for future development and maintains basin optionality³", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:00.937+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02435816-3fe3-4d55-a08a-8ab062eaaf88", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.48, "x": 0.05, "y": 0.19 }, "kind": "list", "text": "The Novo assets bolster Earthstone's inventory, adding 111 net MMBoe of 1P reserves (62% liquids)¹", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:00.937+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "824b5da9-1d58-4db3-baf8-e344dc38d693", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.48, "x": 0.05, "y": 0.27 }, "kind": "list", "text": "~$4.6 billion PV-10 of Proved Developed Reserves, which exceeds Earthstone's pro forma enterprise value²", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:00.937+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea68210c-0207-4fd8-9436-e5f8b6f1ae91", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.93, "x": 0.04, "y": 0.88 }, "kind": "source-note", "text": "1. CG&A estimate of Novo proved reserve volumes as of 5/1/23 utilizing NYMEX strip pricing as of 5/24/23, discounting cash flows at a rate of 10%.\n2. Based on $1.0 billion net purchase price and ESTE share price of $12.73 as of 6/2/23.\n3. Earthstone management estimate of locations across all reserve categories, defined as locations that are estimated to generate at least a 10% rate of return at NYMEX $70/bbl and $3.00/mmBtu.\n4. Earthstone management estimate of Earthstone's total proved reserve volumes and values as of 5/1/23 utilizing NYMEX strip prices as of 5/24/23, plus CG&A estimates of Novo total proved reserve volumes and values as of 5/1/23 utilizing NYMEX strip pricing as of 5/24/23, discounting cash flows at a rate of 10%.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:00.937+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4eb09f20-380f-45ce-b5fc-60f27a5f64fe", "parentComponentId": null }, { "bbox": { "h": 0.27, "w": 0.45, "x": 0.51, "y": 0.13 }, "kind": "table", "text": "Pro Forma 1P PV-10 Value as of 5/1/234\nPV-10 Value ($MM)\nProved Developed $4,628\nProved Undeveloped $754\nTotal Proved $5,383", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:00.937+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7822572a-5603-4a5a-9ec8-6a69732284c3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.49, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "Reserves and Inventory | Earthstone + Novo", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:00.937+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6483c00-3d5f-4cd9-82d7-940f52e0d42c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 12, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 6, "name": "Solution", "beatId": "f7796245-8aac-4708-a05c-e1b38050ac8b", "matchId": "03618aa5-15ab-4fd4-b691-53a064ede02d", "beatType": { "name": "Solution", "slug": "sequoia-pitch-solution", "status": "active", "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f", "version": 1, "description": null }, "evidence": "The presentation showcases the highly accretive Novo transaction and its benefits for shareholder value creation.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 6, "loop": { "name": "06_zoom_in", "slug": "06-zoom-in", "status": "active", "bestFor": "Technical deep-dives, case studies, detailed analysis", "canonId": "019dd956-6846-74db-82be-dff5b058b072", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication", "description": "Start broad, then progressively focus on specific details that prove your point", "familyLabel": null }, "matchId": "e091662b-0a6b-480e-b277-58accfe260a9", "evidence": "The presentation provides detailed information about the acquisition and its financial implications.", "position": 0, "objective": "To highlight the benefits of the Novo acquisition", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:09:40.688001+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 10, "type": "setup", "function": "summarize", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 96, "componentCount": 11, "textChars": 1628, "nDataPoints": 30, "notes": null, "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:16:03.199+00", "seconds": 9.498, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de516-5e25-72cf-957b-fedc96b86111/10", "deck": "/decks/019de516-5e25-72cf-957b-fedc96b86111", "deckAnchor": "/decks/019de516-5e25-72cf-957b-fedc96b86111#slide-10", "deckJson": "/decks/019de516-5e25-72cf-957b-fedc96b86111.json" }, "components": [ { "bbox": { "h": 0.21, "w": 0.36, "x": 0.11, "y": 0.36 }, "kind": "chart", "text": null, "attrs": {}, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:03.199+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bfcfce72-33cb-47d0-8d79-cbaa6f587b2d", "parentComponentId": null }, { "bbox": { "h": 0.54, "w": 0.43, "x": 0.53, "y": 0.15 }, "kind": "image", "text": null, "attrs": {}, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Map", "slug": "map", "status": "active", "canonId": "019de52c-fe4d-77bd-b0a4-d72d58b9e5a4", "version": 1, "description": null }, "framework": null }, "subkind": "map", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:03.199+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96d79500-bd92-4872-9ee9-6259286c3fb5", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.476, "x": 0.043, "y": 0.17 }, "kind": "list", "text": "Since YE 2020, ESTE has built significant scale across eight transactions\nPF 4Q23 ESTE at ~132.5 Mboe/d is similar size with Permian peers MTDR, SM, PR, and CPE\nAdded scale further accelerates free cash flow generation and financial flexibility\nAcquired inventory enhances development optionality across Delaware and Midland", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:03.199+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "099d6818-8cff-4cb3-a0ba-3a10844a4da2", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.2, "x": 0.545, "y": 0.57 }, "kind": "list", "text": "ESTE Acreage Pre-2021\nAcquired Acreage 2021-2023\nNovo Acreage", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:03.199+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c367e3f9-4b7c-45e2-994d-ac7f52a1a843", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.916, "x": 0.043, "y": 0.91 }, "kind": "source-note", "text": "1. Based on ESTE estimates; PV-10 as of 7/1/21 based on NYMEX strip pricing as of 9/30/21 for Foreland, as of 11/1/21 based on NYMEX strip pricing as of 12/8/21 for Chisholm, as of 1/1/22 based on NYMEX strip pricing as of 1/18/22 for\nBighorn, as of 8/1/22 based on NYMEX strip prices as of 6/17/22 for Titus, and as of 5/1/23 based on NYMEX strip prices as of 5/24/23 for Novo.\n2. Earthstone management estimate of locations across all reserve categories, defined as locations that are estimated to generate at least a 10% rate of return at NYMEX $70/bbl and $3.00/mmBtu.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:03.199+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a33a1a7-604b-40dc-9dc9-c267ba6d3063", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.47, "x": 0.043, "y": 0.605 }, "kind": "table", "text": "Acquisition Price ($MM) $2,473 $1,000 $3,473\nConsideration Mix (% Cash / % Stock) 70% / 30% 100% / 0% 79% / 21%\nAcquired PD PV-10 ($MM)1 $2,732 $912 $3,644\nAcquired Net Acreage (000's) ~228.3 ~11.3 ~239.6\nAcquired Gross Locations2 ~700 ~200 ~900", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", 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Defined as locations that are estimated to generate at least a 10% rate of return at NYMEX $70/bbl and $3.00/mmBtu.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Swaps\nPeriod, Volume (Bbls), Volume (Bbls/d), $/Bbl\n2Q 2023, 409,500, 4,500, $76.94\n3Q 2023, 492,000, 5,348, $75.77\n4Q 2023, 653,200, 7,100, $74.25\n2Q-4Q 2023, 1,554,700, 5,653, $75.44\n1Q 2024, 191,100, 2,100, $69.36\n2Q 2024, 154,500, 1,698, $69.28\n3Q 2024, 138,000, 1,500, $69.22\n4Q 2024, 138,000, 1,500, $69.22\nFY 2024, 621,600, 1,698, $69.28", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:15.737+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42165c03-83e6-4f6f-8be9-7e367e8f1b8f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.4, "x": 0.52, "y": 0.59 }, "kind": "table", "text": "WAHA Differential Basis Swaps\nPeriod, Volume (MMBtu), Volume (MMBtu/d), $/MMBtu\n2Q 2023, 12,740,000, 140,000, ($1.674)\n3Q 2023, 12,880,000, 140,000, ($1.674)\n4Q 2023, 12,880,000, 140,000, ($1.674)\n2Q-4Q 2023, 38,500,000, 140,000, ($1.674)\n1Q 2024, 9,100,000, 100,000, ($1.050)\n2Q 2024, 9,100,000, 100,000, ($1.050)\n3Q 2024, 9,200,000, 100,000, ($1.050)\n4Q 2024, 9,200,000, 100,000, ($1.050)\nFY 2024, 36,600,000, 100,000, ($1.050)\nFY 2025, 14,600,000, 40,000, ($0.740)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:15.737+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76946bd7-46c9-4d6a-8888-9fcdf707dbfc", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.4, "x": 0.11, "y": 0.83 }, "kind": "table", "text": "WTI Midland Argus Crude Basis Swaps\nPeriod, Volume (Bbls), Volume (Bbls/d), $/Bbl (Differential)\n2Q 2023, 2,411,500, 26,500, $0.91\n3Q 2023, 2,346,000, 25,500, $0.92\n4Q 2023, 2,346,000, 25,500, $0.92\n2Q-4Q 2023, 7,103,500, 25,831, $0.92", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:15.737+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b384997-5d26-49d4-b419-72316e1cd044", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.4, "x": 0.11, "y": 0.36 }, "kind": "table", "text": "WTI Oil Hedges - Collars\nPeriod, Volume (Bbls), Volume (Bbls/d), $/Bbl (Floor), $/Bbl (Ceiling)\n2Q 2023, 700,700, 7,700, $62.47, $87.56\n3Q 2023, 998,400, 10,852, $62.90, $85.73\n4Q 2023, 1,122,400, 12,200, $62.58, $84.84\n2Q-4Q 2023, 2,821,500, 10,260, $62.67, $85.83\n1Q 2024, 182,000, 2,000, $60.00, $76.01\n2Q 2024, 182,000, 2,000, $60.00, $76.01\n3Q 2024, 184,000, 2,000, $60.00, $76.01\n4Q 2024, 184,000, 2,000, $60.00, $76.01\nFY 2024, 732,000, 2,000, $60.00, $76.01", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:15.737+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c81805ef-8b5f-4ead-ad8b-16bd4b715af2", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.4, "x": 0.52, "y": 0.13 }, "kind": "table", "text": "HH Gas Hedges - Swaps\nPeriod, Volume (MMBtu), Volume (MMBtu/d), $/MMBtu\n2Q 2023, 1,137,500, 12,500, $3.349\n3Q 2023, 1,150,000, 12,500, $3.349\n4Q 2023, 1,150,000, 12,500, $3.349\n2Q-4Q 2023, 3,437,500, 12,500, $3.349", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:15.737+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f71efd69-b7b4-4ee9-91f0-fced6b88082b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.49, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "Oil and Gas Hedge Positions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:15.737+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87054de7-55e5-4cc6-9338-d82c1dcb9ec3", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "3da290e1-7927-4c96-b3fc-90aaa12c679a", "evidence": "table/data: HH Gas Hedges - Collars", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 01:48:55.402733+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 25, "type": "setup", "function": "decompose_segments", "rawType": "revenue_buildup", "block": null, "metadata": { "slideType": "revenue_buildup", "slideTypeCanon": { "name": "Revenue buildup", "slug": "revenue_buildup", "status": "active", "canonId": "019de52d-0acd-70b8-a81d-62d89840409b", "version": 1, "description": null }, "function": "decompose_segments", "functionCanon": { "name": "Decompose segments", "slug": "decompose_segments", "status": "active", "canonId": "019de52d-14f1-74f8-be75-beb0be1135ec", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 89, "componentCount": 7, "textChars": 3577, "nDataPoints": 22, "notes": null, "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:16:10.279+00", "seconds": 8.671, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de516-5e25-72cf-957b-fedc96b86111/25", "deck": "/decks/019de516-5e25-72cf-957b-fedc96b86111", "deckAnchor": "/decks/019de516-5e25-72cf-957b-fedc96b86111#slide-25", "deckJson": "/decks/019de516-5e25-72cf-957b-fedc96b86111.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.917, "x": 0.042, "y": 0.075 }, "kind": "paragraph", "text": "Earthstone uses Adjusted EBITDAX, a financial measure that is not presented in accordance with GAAP. Adjusted EBITDAX is a supplemental non-GAAP financial measure that is used by Earthstone's management and external users of its financial statements, such as industry analysts, investors, lenders and rating agencies. Earthstone's management believes Adjusted EBITDAX is useful because it allows Earthstone to more effectively evaluate its operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:10.279+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54d4f0bc-c410-42f6-873a-410b52e9b709", "parentComponentId": null }, { "bbox": { "h": 0.014, "w": 0.602, "x": 0.042, "y": 0.41 }, "kind": "paragraph", "text": "The following table provides a reconciliation of Net income (loss) to Adjusted EBITDAX for:", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:10.279+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "993ac40e-1836-4bfc-884b-e6e174a63cc8", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.917, "x": 0.042, "y": 0.17 }, "kind": "paragraph", "text": "Earthstone defines Adjusted EBITDAX as net income (loss) plus, when applicable, accretion of asset retirement obligations; impairment expense; depreciation, depletion and amortization; impairment expense; interest expense, net; transaction costs; (gain) loss on sale of oil and gas properties, net; exploration expense; unrealized loss on derivative contracts; stock-based compensation (non-cash and expected to settle in cash); and income tax expense. Earthstone excludes the foregoing items from net income (loss) in arriving at Adjusted EBITDAX because these amounts can vary substantially from company to company within their industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net income (loss) as determined in accordance with GAAP or as an indicator of Earthstone's operating performance or liquidity. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDAX. Earthstone's computation of Adjusted EBITDAX may not be comparable to other similarly titled measures of other companies or to similar measures in Earthstone's revolving credit facility.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:10.279+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9eea5dc4-abc1-4640-a8e9-db1cc5cf60de", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.917, "x": 0.042, "y": 0.929 }, "kind": "source-note", "text": "1. Consists of expense for non-cash equity awards and cash-based liability awards that are expected to be settled in cash. On February 8, 2023, cash-based liability awards were settled in the amount of $14.5 million. On February 9, 2022, cash-based liability awards were settled in the amount of $8.1 million. Stock-based compensation is included in General and administrative expense in the Condensed Consolidated Statements of Operations.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:10.279+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "796a522d-8b16-4a2c-a1be-e4600d8f9dbf", "parentComponentId": null }, { "bbox": { "h": 0.426, "w": 0.419, "x": 0.54, "y": 0.449 }, "kind": "table", "text": "FY 2022 Adjusted EBITDAX ($ in 000s)\nFY22\nNet income (loss) $650,617\nAccretion of asset retirement obligations $2,652\nDepreciation, depletion and amortization $301,813\nInterest expense, net $66,821\nTransaction costs $8,248\n(Gain) loss on sale of oil and gas properties, net ($13,900)\nExploration expense $2,492\nUnrealized (gain) loss on derivative contracts ($70,769)\nStock based compensation (1) $35,369\nIncome tax expense (benefit) $124,416\nAdjusted EBITDAX $1,107,759", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:10.279+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41685bfa-63a5-4572-9001-b138186a400c", "parentComponentId": null }, { "bbox": { "h": 0.426, "w": 0.38, "x": 0.079, "y": 0.449 }, "kind": "table", "text": "2Q 2023 Adjusted EBITDAX ($ in 000s)\n2Q23\nNet income (loss) $82,448\nAccretion of asset retirement obligations $646\nDepreciation, depletion and amortization $109,990\nImpairment expense $854\nInterest expense, net $22,092\nTransaction costs $208\nGain on sale of oil and gas 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"functionCanon": { "name": "Decompose segments", "slug": "decompose_segments", "status": "active", "canonId": "019de52d-14f1-74f8-be75-beb0be1135ec", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 87, "componentCount": 7, "textChars": 1965, "nDataPoints": 10, "notes": null, "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:16:09.128+00", "seconds": 6.551, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de516-5e25-72cf-957b-fedc96b86111/26", "deck": "/decks/019de516-5e25-72cf-957b-fedc96b86111", "deckAnchor": "/decks/019de516-5e25-72cf-957b-fedc96b86111#slide-26", "deckJson": "/decks/019de516-5e25-72cf-957b-fedc96b86111.json" }, "components": [ { "bbox": { "h": 0.13, "w": 0.92, "x": 0.04, "y": 0.07 }, "kind": "paragraph", "text": "Free Cash Flow is a non-GAAP financial measure that Earthstone uses as an indicator of our ability to fund our 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Earthstone defines Free Cash Flow as Net cash provided by operating activities; less (1) Settlement of asset retirement obligations, Gain on sale of office and other equipment, Write-off of deferred financing costs, Amortization of deferred financing costs and Change in assets and liabilities from the Condensed Consolidated Statements of Cash Flows; plus (2) Transaction costs, Exploration expense and the current portion of Income tax (expense) benefit from the Condensed Consolidated Statements of Operations; less (3) Capital expenditures (accrual basis). 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"page": 28, "type": "setup", "function": "quantify_opportunity", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 92, "componentCount": 8, "textChars": 2957, "nDataPoints": 18, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:16:12.044+00", "seconds": 8.8, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de516-5e25-72cf-957b-fedc96b86111/28", "deck": 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(\"CGA\"), independent petroleum engineers, and which was prepared in accordance with Securities and Exchange Commission (\"SEC\") guidelines, were approximately 367.9 million barrels of oil equivalent (\"MMBoe\"). SEC rules require that calculations of economically recoverable reserves use the unweighted average price on the first day of the month for the prior twelve-month period. The resulting oil and natural gas prices used for Earthstone's 2022 year end reserve report, prior to adjusting for quality and basis differentials, were $93.67 per barrel and $6.358 per million British Thermal Units (\"MMBtu\"), respectively. SEC prices net of differentials were $95.82 per barrel, $39.24 per equivalent barrel of NGL and $5.51 per MMBtu.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:12.044+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73dfa328-beaf-429e-83c6-1c613dd191ec", "parentComponentId": null }, { "bbox": { "h": 0.17, "w": 0.92, "x": 0.04, "y": 0.48 }, "kind": "paragraph", "text": "PV-10 is a measure not prepared in accordance with GAAP that differs from a measure under GAAP known as \"standardized measure of discounted future net cash flows\" in that PV-10 is calculated without including future income taxes. Management believes that the presentation of the PV-10 value of our oil and natural gas properties is relevant and useful to investors because it presents the estimated discounted future net cash flows attributable to our estimated proved reserves independent of our income tax attributes, thereby isolating the intrinsic value of the estimated future cash flows attributable to our reserves. We believe the use of a pre-tax measure provides greater comparability of assets when evaluating companies because the timing and quantification of future income taxes is dependent on company-specific factors, many of which are difficult to determine. For these reasons, management uses and believes that the industry generally uses the PV-10 measure in evaluating and comparing acquisition candidates and assessing the potential rate of return on investments in oil and natural gas properties. PV-10 does not necessarily represent the fair market value of oil and natural gas properties. PV-10 is not a measure of financial or operational performance under GAAP, nor should it be considered in isolation or as a substitute for the standardized measure of discounted future net cash flows as defined under GAAP.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:12.044+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7121ccc-8a27-47b3-9721-124f770ce06f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.76, "x": 0.04, "y": 0.67 }, "kind": "paragraph", "text": "The table below provides a reconciliation of PV-10 to the standardized measure of discounted future net cash flows (in thousands):", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:12.044+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf252a74-1e47-4dd2-bd7b-53d2df6a8821", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.02, "x": 0.94, "y": 0.95 }, "kind": "source-note", "text": "28", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:12.044+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef0f03f5-2610-48d5-a32f-665ad028ccba", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.92, "x": 0.04, "y": 0.78 }, "kind": "table", "text": "Present value of estimated future net revenues (PV-10), $7,789,619\nFuture income taxes, discounted at 10%, $1,065,118\nStandardized measure of discounted future net cash flows, $6,724,501", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:12.044+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a5da6d3-f3be-4581-a8f9-822541d36405", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.32 }, "kind": "table", "text": "Reserves Category, Oil (Mbbls), Gas (MMcf), NGL (Mbbls), Total (Mboe), PV-10 ($ in thousands)\nProved Developed, 88,759, 574,762, 80,168, 264,721, $5,840,674\nProved Undeveloped, 49,641, 167,404, 25,673, 103,215, $1,948,945\nTotal, 138,400, 742,166, 105,841, 367,936, $7,789,619", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": 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"setup", "function": "quantify_opportunity", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 5, "textChars": 1366, "nDataPoints": 18, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:16:10.7+00", "seconds": 6.743, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de516-5e25-72cf-957b-fedc96b86111/29", "deck": "/decks/019de516-5e25-72cf-957b-fedc96b86111", "deckAnchor": "/decks/019de516-5e25-72cf-957b-fedc96b86111#slide-29", "deckJson": "/decks/019de516-5e25-72cf-957b-fedc96b86111.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.92, "x": 0.04, "y": 0.1 }, "kind": "paragraph", "text": "As shown in the table below, Earthstone's stand-alone estimated proved reserves at year end 2021 were independently estimated by CGA and which was prepared in accordance with SEC guidelines, were approximately 147.6 million barrels of oil equivalent (\"MMBoe\"). SEC rules require that calculations of economically recoverable reserves use the unweighted average price on the first day of the month for the prior twelve-month period. The resulting oil and natural gas prices used for Earthstone's stand-alone 2021 year end reserve report, prior to adjusting for quality and basis differentials, were $66.56 per barrel and $3.598 per million British Thermal Units (\"MMBtu\"), respectively. SEC prices net of differentials were $65.64 per barrel, $30.16 per equivalent barrel of NGL and $3.01 per Mcf.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:10.7+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27f8a694-67d7-453d-8cf3-bd61d32d23cf", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.02, "x": 0.92, "y": 0.95 }, "kind": "source-note", "text": "29", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:10.7+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0267df95-805e-428c-92f9-e27260b2db53", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.83, "x": 0.04, "y": 0.25 }, "kind": "table", "text": "Stand-Alone Year-End 2021 SEC Proved Reserves\nReserves Category, Oil (Mbbls), Gas (MMcf), NGL (Mbbls), Total (Mboe), PV-10 ($ in thousands)\nProved Developed, 35,824, 190,999, 25,917, 93,575, 1,371,697\nProved Undeveloped, 25,251, 93,882, 13,114, 54,012, 644,989\nTotal, 61,075, 284,881, 39,031, 147,587, $2,016,686", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:10.7+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd253e39-273f-4dbb-8648-774e41e546dc", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.51, "x": 0.04, "y": 0.52 }, "kind": "table", "text": "Reconciliation of PV-10\nPresent value of estimated future net revenues, $2,016,686\nFuture income taxes, discounted at 10%, $198,314\nStandardized measure of discounted future net cash flows, $1,818,372", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:10.7+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1d1f788-326d-4320-8e7c-1bf7afe47450", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.67, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "SEC Stand-Alone Reserves Summary & PV-10 – Year-End 2021", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:10.7+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e512bbc-e3f5-4875-83dd-c54564d5f0a0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 30, "type": "setup", "function": "quantify_opportunity", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "dense", "densityScore": 61, "componentCount": 4, "textChars": 840, "nDataPoints": 20, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:16:10.043+00", "seconds": 5.822, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de516-5e25-72cf-957b-fedc96b86111/30", "deck": "/decks/019de516-5e25-72cf-957b-fedc96b86111", "deckAnchor": "/decks/019de516-5e25-72cf-957b-fedc96b86111#slide-30", "deckJson": "/decks/019de516-5e25-72cf-957b-fedc96b86111.json" }, "components": [ { "bbox": { "h": 0.046, "w": 0.918, "x": 0.04, "y": 0.11 }, "kind": "source-note", "text": "Earthstone's proved reserves as of December 31, 2020 were independently estimated by CGA, utilizing SEC prescribed oil and gas prices of $39.57/bbl and $1.985/mmbtu, respectively, calculated for December 31, 2020. SEC prices net of differentials were $38.90/bbl and $0.97/Mcf for oil and gas, respectively.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:10.043+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0553c801-a01d-4d5d-afc4-b84509802cd0", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.84, "x": 0.04, "y": 0.199 }, "kind": "table", "text": "Year-End 2020 SEC Proved Reserves\nReserves Category Oil (Mbbls) Gas (MMcf) NGL (Mbbls) Total (Mboe) PV-10 ($ in thousands)\nProved Developed 18,878 55,764 10,125 38,298 $329,395\nProved Undeveloped 21,212 55,450 10,123 40,578 $144,047\nTotal 40,090 111,214 20,248 78,875 $473,442", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": 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"notes": null, "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:16:10.275+00", "seconds": 5.568, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de516-5e25-72cf-957b-fedc96b86111/31", "deck": "/decks/019de516-5e25-72cf-957b-fedc96b86111", "deckAnchor": "/decks/019de516-5e25-72cf-957b-fedc96b86111#slide-31", "deckJson": "/decks/019de516-5e25-72cf-957b-fedc96b86111.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.24, "x": 0.04, "y": 0.18 }, "kind": "paragraph", "text": "Provided as of 8/2/2023¹", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:10.275+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f62b601a-0da1-4122-bc9a-320a653b2864", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.95, "x": 0.04, "y": 0.91 }, "kind": "source-note", "text": "1. Based on current shares outstanding (as of 7/25/23).\n2. Based on current shares outstanding (as of 7/25/23) and ESTE estimated net debt at 7/31/23, as adjusted for the expected 8/15/23 closing of Novo, including the midpoint of ESTE management estimated Novo Acquisition purchase price adjustment of a reduction of $100-120 million net to ESTE's retained interest.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:10.275+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d8011ad-97ed-4591-aae9-4521d7bbf7f6", "parentComponentId": null }, { "bbox": { "h": 0.43, "w": 0.57, "x": 0.04, "y": 0.27 }, "kind": "table", "text": "($ in millions, except share price)\nClass A Common Stock (MM)\nClass B Common Stock (MM)\nTotal Common Stock Outstanding (MM)\nStock Price (as of 8/10/23)\nMarket Capitalization\nTotal Debt\nCash\nNet Debt\nEnterprise Value\nAs of 6/30/23¹\n106.3\n34.3\n140.6\n$15.85\n$2,228.3\n$1,021.6\n($49.5)\n$972.1\n$3,200.4\nPro Forma Novo\nAs of 7/31/23²\n106.3\n34.3\n140.6\n$15.85\n$2,228.3\n$1,836.6\n($59.5)\n$1,777.1\n$4,005.4", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:10.275+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5171300-dbed-4466-9a40-3b63bf7ceb81", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.44, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "Market Capitalization Table", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:10.275+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d17beb20-37ef-48de-869b-de28228d5c50", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 32, "type": "appendix", "function": "appendix", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 87, "componentCount": 7, "textChars": 3007, "nDataPoints": 10, "notes": null, "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:16:13.535+00", "seconds": 8.717, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de516-5e25-72cf-957b-fedc96b86111/32", "deck": "/decks/019de516-5e25-72cf-957b-fedc96b86111", "deckAnchor": "/decks/019de516-5e25-72cf-957b-fedc96b86111#slide-32", "deckJson": "/decks/019de516-5e25-72cf-957b-fedc96b86111.json" }, "components": [ { "bbox": { "h": 0.089, "w": 0.885, "x": 0.034, "y": 0.494 }, "kind": "list", "text": "Supplementary Footnotes (Page 3)\n1. Free cash flow is a non-GAAP financial measure defined as Adjusted EBITDAX less interest expense, net, less the current portion of income tax expense, less accrual-based capital expenditures. See Appendix for reconciliation of non-GAAP financial measures.\n2. Leverage is a non-GAAP financial measure and is defined as Long-term debt (net of unamortized debt issuance costs) divided by LTM Adjusted EBITDAX.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:13.535+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c30af70-c02c-4896-a4e3-35b18017e036", "parentComponentId": null }, { "bbox": { "h": 0.23, "w": 0.91, "x": 0.034, "y": 0.61 }, "kind": "list", "text": "Supplementary Footnotes (Page 4)\n1. Earthstone management estimate of Earthstone's total proved reserve volumes and values as of 5/1/23 utilizing NYMEX strip prices as of 5/24/23, plus CG&A estimates of Novo total proved reserve volumes and values as of 5/1/23 utilizing NYMEX strip pricing as of 5/24/23, discounting cash flows at a rate of 10%.\n2. Earthstone management estimate of locations across all reserve categories, defined as locations that are estimated to generate at least a 10% rate of return at NYMEX $70/bbl and $3.00/mmBtu.\n3. Based on current shares outstanding and ESTE estimated net debt at 7/31/23, as adjusted for the expected 8/15/23 closing of Novo, including the midpoint of ESTE management estimated Novo Acquisition purchase price adjustment of a reduction of $100-120 million net to ESTE's retained interest.\n4. Net Debt is a non-GAAP financial measure and is defined as Long-term Debt (net of unamortized debt issuance costs) less Cash.\n5. Enterprise Value is defined as the sum of Net Debt and Market Cap.\n6. Includes all outstanding shares of Class A Common Stock and Class B Common Stock.\n7. Liquidity is defined as available borrowings under the revolving credit facility plus cash and cash equivalents.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:13.535+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57653abe-5a67-47c2-9043-1535ad86bf59", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.91, "x": 0.034, "y": 0.85 }, "kind": "list", "text": "Supplementary Footnotes (Page 10)\n1. Estimated PD reserves value of $3.6 billion as of 1/01/23 at NYMEX strip pricing as of 12/30/22. See Appendix for additional details.\n2. Earthstone management estimate of Earthstone's total proved reserve volumes and values as of 5/1/23 utilizing NYMEX strip prices as of 5/24/23, plus CG&A estimates of Novo total proved reserve volumes and values as of 5/1/23 utilizing NYMEX strip pricing as of 5/24/23, discounting cash flows at a rate of 10%.\n3. Pro forma for Novo Transaction.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:13.535+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc7f779e-d35c-48a8-8082-b5d4487fc605", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.867, "x": 0.048, "y": 0.088 }, "kind": "paragraph", "text": "Management has provided forwarding looking charts and figures on various slides that utilize a \"maintenance capital\" scenario. These figures are for example purposes only and do not constitute specific guidance beyond 2023.\nIn addition, the assumptions utilized for this scenario are as follows;\nFuture production levels beyond 2023 are roughly flat with the projected guidance provided by management\nCapital costs for development and operating field costs on a unit basis are held roughly flat to guidance\nThe corporate PDP decline rate is estimated at ~25% for 2023 and continues to decline at slightly lower rates in the following years", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:13.535+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bae891aa-1364-4313-8f96-1f65ba6cf23d", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.022, "x": 0.936, "y": 0.954 }, "kind": "source-note", "text": "32", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:13.535+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55e7c9ac-e631-4411-84c3-a244c50c07f5", "parentComponentId": null }, { "bbox": { "h": 0.23, "w": 0.308, "x": 0.048, "y": 0.24 }, "kind": "table", "text": "Recent Strip Pricing (12/30/2022)\nYear WTI HH\n2023 $79.07 $4.30\n2024 $73.89 $4.28\n2025 $69.77 $4.40\n2026 $66.55 $4.47\n2027 $63.87 $4.43", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:13.535+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "119a60f9-bea2-4151-a6cc-9d400bb0d347", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.66, "x": 0.048, "y": 0.048 }, "kind": "title", "text": "Notes and Supplemental Information", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:16:13.535+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "794c489a-f621-4123-87c7-a772cc17bbe1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 3, "to": 5, "label": "Problem", "description": "The presentation highlights Earthstone's differentiating factors and record production driving strong second-quarter results." }, { "from": 6, "to": 12, "label": "Solution", "description": "The presentation showcases the highly accretive Novo transaction and its benefits for shareholder value creation." }, { "from": 13, "to": 16, "label": "Market Size", "description": "The presentation highlights Earthstone's top-tier inventory and strategic divestitures." }, { "from": 17, "to": 20, "label": "Product", "description": "The presentation discusses Earthstone's financial performance and guidance." }, { "from": 21, "to": 21, "label": "Team", "description": "The presentation concludes with a call to action, presenting Earthstone as a compelling investment opportunity." } ], "loops": [ { "from": 6, "to": 12, "label": "Zoom In", "description": "To highlight the benefits of the Novo acquisition" }, { "from": 17, "to": 20, "label": "Anchor", "description": "To establish credibility and trust with investors" }, { "from": 21, "to": 21, "label": "Quick Win Big Bet", "description": "To present Earthstone as a compelling investment opportunity" } ] }