Earthstone's Q1 results were very close to my forecast.
Earthstone Energy Inc
Wed, May 3, 2023 at 3:09 PM CDT
Earthstone Energy, Inc. Reports 2023 First Quarter Financial Results
THE WOODLANDS, Texas, May 03, 2023 (GLOBE NEWSWIRE) -- Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone”, the “Company”, “we”, “our” or “us”), today announced financial and operating results for the three months ended March 31, 2023.
First Quarter 2023 Highlights
Average daily production of 104,450 Boepd(1), up 194% from Q1 2022
Net income of $86.2 million, and Adjusted Net Income of $109.1 million
Adjusted EBITDAX of $266.9 million, up 117% from Q1 2022
Net cash provided by operating activities of $258.3 million < Beat my forecast of $248 million.
Free Cash Flow of $41.8 million, up 17% from Q1 2022
Reduced Long-term debt by $62.0 million
Capital expenditures of $202.3 million
Management Comments
Robert J. Anderson, President and Chief Executive Officer of Earthstone, stated, “We are off to a great start in 2023 as our first quarter results reflected both strong operational and financial performance. Our high-quality producing asset base, disciplined capital investments, and exceptional operational performance allowed us to deliver Free Cash Flow for the 12th consecutive quarter. Execution of our capital plan as designed, along with production of almost 105,000 Boepd in the quarter, enabled us to continue reduction of debt and further strengthen our balance sheet. The results we posted for the first quarter are another clear indication of the merits of our focused, proven acquisition strategy.”
Earthstone Energy (ESTE) Q1 Results - May 4
Earthstone Energy (ESTE) Q1 Results - May 4
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group