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  "documentTitle": "Earthstone Energy | Investor Conference Presentation Deck | 32 slides",
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  "authorName": "Earthstone Energy",
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  "presentationDate": "2023-08-01 00:00:00",
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      "text": "Combined Delaware Basin Acreage Overview",
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      "text": "Acquisition Highlights\nTransaction\n$1.5 billion joint acquisition whereby Earthstone acquires Novo and concurrently sells a W.I. equal to 33 1/3% of Novo assets to Northern Oil and Gas for $0.5 billion\nTransaction Details (Net to Earthstone)\n$1.0 billion all-cash transaction excludes customary purchase price adjustments\nFully committed credit facility upsized to $1.75 billion at close\nExpected to close August 15, 2023, with effective date of 5/1/23\nPlanned continuous 5-rig program (4 Rigs in Delaware / 1 Rig in Midland basins)\nAcquired Asset Highlights (Net to Earthstone)\n~11,300 net acres in Eddy County, NM and Culberson County, TX\n~$360-380MM NTM Adj. EBITDAX and ~$290-310MM NTM unlevered FCF1",
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      "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 $3.00/mmBtu.",
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      "text": "Pro Forma Snapshot\nEarthstone PF w/Novo Change\n4Q23 Production (Mboe/d) ~96-104 ~130-135 ~33%\n4Q23 Prod. % Oil / % Liquids ~45%/~71% ~41%/~69% ~(4)%/~(2)%\nFY23 Capex ($MM) $725-$775 $725-$775 0%\nFY24 Reinvestment Rate (%)2 ~75% ~60% ~(15)%\nTotal Proved Reserves (MMBoe)3 ~349 ~460 ~32%\nGross Locations4 ~820 ~1,020 ~24%",
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      "text": "Highly Accretive Novo Transaction Significantly Expands Delaware Basin Scale",
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