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  "documentTitle": "Earthstone Energy | Results Presentation Deck | 25 slides",
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  "authorName": "Earthstone Energy",
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  "presentationDate": "2023-08-01 00:00:00",
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  "pageNumber": 19,
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  "slideType": "revenue_buildup",
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      "text": "Free Cash Flow is a non-GAAP financial measure that Earthstone uses as an indicator of our ability to fund our development activities and reduce our leverage. Earthstone defines Free Cash Flow as Net cash provided by operating activities; less (1) Settlement of asset retirement obligations, Gain on sale of office and other equipment, Write-off of deferred financing costs, Amortization of deferred financing costs and Change in assets and liabilities from the Condensed Consolidated Statements of Cash Flows; plus (2) Transaction costs, Exploration expense and the current portion of Income tax (expense) benefit from the Condensed Consolidated Statements of Operations; less (3) Capital expenditures (accrual basis). Alternatively, Free Cash Flow could be defined as Adjusted EBITDAX (defined above), less interest expense, net, less current portion of income tax expense, less capital expenditures (accrual basis).",
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      "kind": "paragraph",
      "text": "Management believes that Free Cash Flow, which measures Earthstone's ability to generate additional cash from its business operations, is an important financial measure for use in evaluating the Company's financial performance. Free Cash Flow should be considered in addition to, rather than as a substitute for, consolidated net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity.",
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      "kind": "paragraph",
      "text": "The following table provides an alternate calculation of Free Cash Flow for the periods indicated:",
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      "text": "19",
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      "text": "FY 2022 Free Cash Flow ($ in 000s)\nFY22\nAdjusted EBITDAX $1,107,759\nInterest expense, net ($66,821)\nCurrent portion of income tax benefit (expense) ($1,811)\nCapital expenditures (accrual basis) ($530,596)\nFree Cash Flow $508,531",
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      "text": "2Q 2023 Free Cash Flow ($ in 000s)\n2Q23\nAdjusted EBITDAX $238,845\nInterest expense, net ($22,092)\nCurrent portion of income tax expense ($425)\nCapital expenditures (accrual basis) ($174,440)\nFree Cash Flow $41,888",
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