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  "documentTitle": "Earthstone Energy | Investor Presentation Deck | 26 slides",
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  "authorName": "Earthstone Energy",
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  "presentationDate": "2022-10-01 00:00:00",
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  "pageNumber": 12,
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  "notes": "Uses a process diagram to show the shift in capital allocation priorities.",
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      "kind": "diagram",
      "text": "Increased Optionality for Uses of Free Cash Flow Beginning in 2023",
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      "text": "Efficiency of capital development allows for some growth with reinvestment of just 40-50% of operational cash flow. Expect to generate >$1.7 B in revenue and >$600 MM in FCF annually at $85 oil and $3 gas. With current leverage below target threshold of 1.0x, a broader opportunity for FCF allocation becomes available. Additional debt reduction becomes less critical and allows for greater focus on scale opportunities and consideration of shareholder returns.",
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      "text": "1. FCF estimates based upon a maintenance capital scenario that holds production for 2023+ approximately flat with 2H22 current guidance levels. Free cash flow is a non-GAAP measure defined as Adjusted EBITDAX less interest expense less capital expenditures (accrual basis). See appendix for additional notes.",
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      "text": "Opportunities Broaden for Free Cash Flow Allocation in the Future",
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