Generated Record Production for Second Quarter 2023
THE WOODLANDS, Texas, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone”, the “Company”, “we”, “our” or “us”), today announced financial and operating results for the three and six months ended June 30, 2023.
Second Quarter 2023 Highlights
Announced the Novo Acquisition for $1 billion on June 15, 2023, which is expected to close on August 15, 2023
Achieved record average daily production of 105,493 Boepd(1) (42% oil), which exceeded the mid-point of full-year 2023 production guidance by 5.5% < This is GREAT NEWS. Beat my Q2 production forecast of 102,000 Boepd.
Net income of $82.4 million, and Adjusted Net Income of $75.6 million < Close to my forecast of $78.5 million net income.
Adjusted EBITDAX(3) of $238.8 million
Net cash provided by operating activities of $218.4 million < Beat my forecast of $216.2 million operating cash flow.
Free Cash Flow of $41.9 million < Very good.
Capital expenditures of $174.4 million, which comprised 23% of the mid-point of full-year 2023 capital expenditures guidance
Issued $500 million of senior unsecured notes due 2031
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I will update my forecast models for ESTE and CPE on Thursday morning.
Earthstone Energy (ESTE) Q2 Results - Aug 2
Earthstone Energy (ESTE) Q2 Results - Aug 2
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group