Energy Prospectus

Earthstone Provides Operational and Financial Update, 2023 Guidance and Proved Reserves
Earthstone Energy Inc
Thu, February 16, 2023 at 6:00 AM CST

Average Daily Production for the Fourth Quarter of 2022 Increased 246% Year Over Year

SEC Proved Reserves Increased 149% Year Over Year


Read full report: https://finance.yahoo.com/news/earthsto ... 00109.html

ESTE is my Top Pick in our Sweet 16 Growth Portfolio. The 2023 guidance provided by the Company today increases my confidence in my current valuation of $34.00 per share. My updated forecast/valuation model will be posted to the EPG website this afternoon.

Note from Neal Dingmann at Truist Financial

Earthstone Energy, Inc. (ESTE, $13.47, Buy) - Positive Update as Ops & Financials Continue Notable Rebound
- Earthstone pre-released its 4Q22 production/capex, beating on volumes while​ keeping spending in check. More importantly, FY23 guidance was issued more or less in-line with street/our estimates with production of 100+ mmboepd this year vs <25 mmboepd just two years ago. Positive overall, given no surprises (vs several seen by others) as ESTE continues with its efficient, five-rig program in FY23 to maintain its 100 mboepd profile. After adjusting our estimates for the pre-release, our price target remains unchanged at $23.00. - Neal Dingmann