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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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      "text": "Significantly Adds to Inventory in Attractive Basin\nStrengthens deep inventory in the core of the Delaware Basin with ~200 high-return, de-risked gross locations that increase the allocation of capital to the Delaware Basin",
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      "text": "Key Purchase Enhances Scale and Operational Synergies\nMaterially expands existing Delaware Basin footprint and adds basin synergies",
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      "text": "Creates a Stronger and More Resilient Earthstone\nTransaction significantly strengthens operational and financial base and solidifies ESTE's position as a leading Permian consolidator",
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      "kind": "list",
      "text": "$1.5B Highly Accretive Delaware Basin Acquisition¹\nNet purchase price of $1.0 billion represents 2.7x NTM Adj. EBITDAX, ~30% NTM unlevered FCF yield 2,3",
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      "text": "Meaningful FCF Generation Adds to Corporate Strategy\n>60% increase to 2024E FCF. ~60% reinvestment rate provides for increased debt reduction, flexible capital allocation and potential shareholder returns³",
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      "text": "Maintains Financial Strength and Low Leverage Profile\nModerate increase to ~1.1x leverage4 counterbalanced by targeted sub-1.0x leverage within 12 months",
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      "text": "1. Aggregate purchase price $1.5 billion, whereby Earthstone acquires Novo and concurrently sells a 33% % interest in the properties to Northern Oil and Gas, Inc. (\"NOG\"), for $0.5 billion.\n2. Based on Earthstone management estimates of proved developed cash flow for next twelve months from 5/1/23 and NYMEX strip prices as of 5/24/23; excludes the impact of incremental general and administrative expenses.\n3. Free Cash Flow (\"FCF\") defined as: Adjusted EBITDAX - Interest Expense - Current Income Tax - Capex.\n4. Earthstone management forecasted Last Quarter Annualized (\"LQA\") Adjusted EBITDAX at YE23 based on strip prices as of May 24, 2023.",
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      "text": "Expect to Close Novo Acquisition on August 15, 2023",
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      "text": "Novo Acquisition Checks All Boxes for Significant Shareholder Value Creation",
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