{ "docId": "019de516-5e25-72cf-957b-fedc96b86111", "docSlug": "abb3cbf69ccd88c0c83bc1e46470991b", "documentTitle": "Earthstone Energy | Investor Conference Presentation Deck | 32 slides", "authorId": "earthstone-energy", "authorName": "Earthstone Energy", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2023-08-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 8, "pageCount": 32, "prevPage": 7, "nextPage": 9, "slideType": "kpi_overview", "function": "quantify_opportunity", "density": "overcrowded", "nDataPoints": 26, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de516-5e25-72cf-957b-fedc96b86111/8", "deckHref": "/decks/019de516-5e25-72cf-957b-fedc96b86111", "deckJsonHref": "/decks/019de516-5e25-72cf-957b-fedc96b86111.json", "deckAnchorHref": "/decks/019de516-5e25-72cf-957b-fedc96b86111#slide-8", "components": [ { "bbox": { "h": 0.702, "w": 0.45, "x": 0.479, "y": 0.158 }, "kind": "chart", "text": "Significant Adj. EBITDAX Growth While Maintaining Financial Strength\nAnticipates Pro Forma YE24 leverage to return to YE23 standalone levels of < 1.0x\n3.0x\n2.0x\n1.0x\n0.0x\nFY16A\nFY17A\nFY18A\nFY19A\nFY20A\nFY21A\nFY22A\nESTE\nFY23E\nPF Novo\nFY24E\nAdj. EBITDAX\nDebt / Adj. EBITDAX", "attrs": null, "subkind": "bar-vertical", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fc699c46-3952-42e3-b98f-8eaca5d958a2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.13, "x": 0.091, "y": 0.666 }, "kind": "metric", "text": "~1x", "attrs": null, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3fe1e7c8-ed9f-44ae-8c88-906ebc777013", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.13, "x": 0.091, "y": 0.174 }, "kind": "metric", "text": ">20%", "attrs": null, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b8753f44-07eb-46c8-ab97-458e46a0b440", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.13, "x": 0.291, "y": 0.174 }, "kind": "metric", "text": ">30%", "attrs": null, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "db9dc850-f78d-473a-91d8-46012b30d384", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.13, "x": 0.291, "y": 0.666 }, "kind": "metric", "text": "~13 Yrs", "attrs": null, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e69d2d2c-8683-4bc1-b0ea-6e41112213c5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.13, "x": 0.091, "y": 0.42 }, "kind": "metric", "text": ">60%", "attrs": null, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fc0ddfe9-186b-4155-a8ba-46b933d9fcbf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.13, "x": 0.291, "y": 0.42 }, "kind": "metric", "text": "~24%", "attrs": null, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fd4e75a3-a73c-4f36-8e59-49645982d388", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.192, "x": 0.05, "y": 0.466 }, "kind": "paragraph", "text": "Est. 2024E FCF Uplift¹", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "02a25e42-42e3-4d5a-9ae4-060e97146e4c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.054, "w": 0.196, "x": 0.26, "y": 0.516 }, "kind": "paragraph", "text": "Adding ~200 gross locations increases high-quality / high-return inventory in the Delaware Basin", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1f0faa78-b1d5-42f3-b4a8-bfe10b4d310f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.036, "w": 0.196, "x": 0.26, "y": 0.762 }, "kind": "paragraph", "text": "Inventory life increases by ~3 years under a continuous 5-rig program", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "27024253-6979-4ae9-bc03-b1e3112fcfa0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.212, "x": 0.05, "y": 0.22 }, "kind": "paragraph", "text": "Est. 2024E Adj. EBITDAX Uplift¹", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2a6493b7-c51f-45cc-9a7a-e91b15a66766", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.192, "x": 0.05, "y": 0.712 }, "kind": "paragraph", "text": "Leverage Profile", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "335bab74-42b2-4cc9-a4e1-b77c5c69e4bb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.036, "w": 0.196, "x": 0.26, "y": 0.27 }, "kind": "paragraph", "text": "Production enhancement provides for another step-change in scale", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3589bc4a-4e4b-4d70-a6a4-dc0316f2dea9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.036, "w": 0.196, "x": 0.043, "y": 0.762 }, "kind": "paragraph", "text": "~1.1x PF 4Q23 leverage⁴, targeted <1.0x leverage within 12 months", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3e1cc58e-cae5-485b-ad26-0e1fb604a4fa", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.054, "w": 0.196, "x": 0.043, "y": 0.516 }, "kind": "paragraph", "text": "Incremental FCF accelerates deleveraging and potential for meaningful shareholders returns", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "84a3b9bc-bfb1-4499-b6e3-60b48f003694", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.192, "x": 0.26, "y": 0.22 }, "kind": "paragraph", "text": "4Q23 Production Increase²", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8ae27f2a-03c7-4888-aae3-09eb39fa26c9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.192, "x": 0.26, "y": 0.466 }, "kind": "paragraph", "text": "Location Count Increase³", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8cc55258-2521-4029-94d7-2582525f37ac", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.192, "x": 0.26, "y": 0.712 }, "kind": "paragraph", "text": "Inventory Life", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ca89433a-e0e7-4dcc-b175-168bdfe7cf33", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.036, "w": 0.196, "x": 0.043, "y": 0.299 }, "kind": "paragraph", "text": "Significant Adj. EBITDAX contribution expected from Novo PDP¹", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f5ece0f9-8136-4155-8976-88ce568e2094", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.043, "y": 0.91 }, "kind": "source-note", "text": "1. Adjusted EBITDAX and FCF estimates based on Earthstone management estimates utilizing NYMEX strip pricing of 5/24/23.\n2. Based on Earthstone 4Q23 management estimate of daily production.\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 forecasted Last Quarter Annualized (\"LQA\") Adjusted EBITDAX at YE23 based on strip prices as of May 24, 2023.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2ceaa432-bdf6-4214-909e-fa40f729eb83", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 12, "from": 6, "beatId": "f7796245-8aac-4708-a05c-e1b38050ac8b", "arcName": "The Sequoia Pitch", "arcSlug": "sequoia-pitch", "beatName": "Solution", "beatSlug": "sequoia-pitch-solution", "evidence": "The presentation showcases the highly accretive Novo transaction and its benefits for shareholder value creation.", "position": 1, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "loops": [ { "to": 12, "from": 6, "name": "Zoom In", "slug": "06-zoom-in", "bestFor": "Technical deep-dives, case studies, detailed analysis", "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", "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication", "confidence": 0.7, "description": "Start broad, then progressively focus on specific details that prove your point" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }