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  "documentTitle": "Earthstone Energy | Investor Conference Presentation Deck | 32 slides",
  "authorId": "earthstone-energy",
  "authorName": "Earthstone Energy",
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  "presentationDate": "2023-08-01 00:00:00",
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      "text": "As shown in the table below, Earthstone's estimated proved reserves at year end 2022 were estimated by Cawley, Gillespie & Associates, Inc. (\"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.",
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      "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.",
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      "kind": "paragraph",
      "text": "The table below provides a reconciliation of PV-10 to the standardized measure of discounted future net cash flows (in thousands):",
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      "text": "28",
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      "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, $6,724,501",
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      "text": "Reserves Category, Oil (Mbbls), Gas (MMcf), NGL (Mbbls), Total (Mboe), PV-10 ($ 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",
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      "text": "Reconciliation of PV-10",
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      "text": "Year-End 2022 SEC Proved Reserves",
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