{ "docId": "019de516-5ea7-72f9-b1d4-35ae8b15c4ce", "docSlug": "01b87647c109f0038c3a7291dd341d94", "documentTitle": "Earthstone Energy | Results Presentation Deck | 25 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": 25, "prevPage": 7, "nextPage": 9, "slideType": "kpi_overview", "function": "quantify_opportunity", "density": "overcrowded", "nDataPoints": 26, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de516-5ea7-72f9-b1d4-35ae8b15c4ce/8", "deckHref": "/decks/019de516-5ea7-72f9-b1d4-35ae8b15c4ce", "deckJsonHref": "/decks/019de516-5ea7-72f9-b1d4-35ae8b15c4ce.json", "deckAnchorHref": "/decks/019de516-5ea7-72f9-b1d4-35ae8b15c4ce#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": "9be29ca4-70a0-4bda-809b-3c7370792825", "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": "18f09a38-4be7-43dc-8bf1-09cf1d2d91f6", "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": "5cbb56a1-7209-45fe-a995-19e2b6733672", "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": "5ea4d304-5dc4-4d1e-9bd8-c1b2f337a6dd", "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": "641dc451-8e74-4c22-8fef-45bf5cd5fb55", "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": "7b44b675-e334-4940-bf7e-8499f60ec406", "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": "e582532a-f9a9-47c5-97da-21cf83865b6f", "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": "0030a6ac-d5ed-4288-a56c-21402b567439", "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": "06d5a5ce-6a2e-4014-ae01-7a519be2d32a", "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": "17985c47-539b-4508-9383-f049544ad328", "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": "219566ef-af86-488d-9d85-051ef79625bd", "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": "21d04208-def8-4054-bf5e-f3320582d9dc", "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": "4a0a1730-b394-4558-b0ef-d065b6331aed", "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": "53459bf1-edce-4d85-aa39-5eb9adef9872", "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": "55b6d7a3-2c3a-4e24-8c9a-871d8eaf00bc", "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": "96994b00-bd3e-4d64-ae5f-fd6d650e25b0", "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": "b0e14e1b-71c8-478e-a3ad-6b9cc24634ec", "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": "b96ad241-3c35-482e-b8e0-237baf535f08", "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": "fb3120d5-255c-4b96-90b5-a1c9580f0923", "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": "2838f4a7-a7c7-4728-a1a6-32ae79713557", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "2x2 matrix", "slug": "matrix-2x2", "agent": null, "layer": "slide", "matchId": "6dfc5363-ae95-4fe9-b149-a1333e15932a", "evidence": "chart/bar-vertical: Leverage Profile", "confidence": 0.5 }, { "name": "Waterfall chart", "slug": "waterfall-chart", "agent": null, "layer": "slide", "matchId": "4a13f921-4f7c-4f9a-9955-a537ca0f7e74", "evidence": "chart/bar-vertical: Significant Adj. 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(Inevitable conclusion)", "confidence": 0.7, "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }