Earthstone Energy reports Q4 average daily production 104,766 Boepd

Earthstone Energy provided an operational and financial update, released 2023 guidance, and announced its year-end 2022 estimated proved reserves. Key highlights include: Generated average daily production for the fourth quarter of 2022 of 104,766 barrels of oil equivalent per day; Production increased 246% year over year compared to 30,242 Boepd for the fourth quarter of 2021; Oil production of 46,709 barrels of oil per day for the fourth quarter of 2022 was 9% above the mid-point of the Company’s guidance. Full year 2022 average daily production grew 215% to approximately 78,167 Boepd compared to 24,809 Boepd reported for 2021; Invested $181.9 million and $530.6 million of capital in the fourth quarter of 2022 and the full year of 2022, respectively; Repurchased 2.1% of the aggregate amount of the Company’s Class A and Class B outstanding common shares during the fourth quarter of 2022; Reduced debt by $122 million in the fourth quarter to approximately $1.1 billion and maintained a strong balance sheet with leverage at 0.8x; and Proved reserves at year-end 2022 consisted of SEC PV-10 of $7.8 billion and 367.9 million barrels of oil equivalent; PV-10 at strip pricing of $4.6 billion and proved reserves of 351.9 MMBoe. RobertAnderson, President and CEO of Earthstone stated, "I am exceptionally proud of the Company we have built over the last few years and the team we have assembled that is responsible for such a successful year. 2022 was a significant and transformational year marked by the closing of more than $2.0 billion in acquisitions and production that exceeded 104,000 Boepd in the fourth quarter. We also significantly increased SEC proved reserves by more than 149% during the year and are reporting record reserves and value that reflect the quality and depth of our inventory which currently stands at more than ten years. The quality and productivity of our inventory are clearly apparent in our fourth quarter oil production levels, which, at 46,709 Bopd, exceeded the mid-point of our oil production guidance range by more than nine percent. This record-setting production level was driven by some great wells that came online, driving our strong fourth-quarter performance. In addition, the reported PV-10 value of our proved reserves using strip prices is greater than $4.6 billion, which is approximately $1.6 billion higher than our current enterprise value, further emphasizing the compelling value that Earthstone offers its shareholders. Looking ahead, we continue to believe scale matters in our business. We will continue to look for accretive assets that we believe will increase our scale while at the same time creating additional shareholder value. Our 2023 operating plans are designed to maintain a production profile of approximately 100,000 Boepd."