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      "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.",
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      "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.",
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      "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.",
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      "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",
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      "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",
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      "text": "Notes and Supplemental Information",
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