Earthstone Energy (ESTE) Q1 Results - May 4

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dan_s
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Joined: Fri Apr 23, 2010 8:22 am

Earthstone Energy (ESTE) Q1 Results - May 4

Post by dan_s »

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.”
Dan Steffens
Energy Prospectus Group
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