Earthstone Energy (ESTE) Update - Aug 7

[dan_s]

THE WOODLANDS, Texas, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone”, the “Company”), today announced that Warburg Pincus LLC and its affiliates (“Warburg Pincus”) recently sold its remaining 12.9 million shares of Earthstone’s Class A common stock. Effective with this sale, Warburg Pincus no longer holds any shares of Earthstone’s Class A or Class B common stock.

Management Comment

Robert J. Anderson, President and Chief Executive Officer of Earthstone, stated, “We appreciate the opportunity to have partnered with Warburg Pincus over the past several years and thank them for their contribution to our growth and success. Warburg has efficiently sold its entire position of approximately 26.4 million shares of Class A Common stock in less than one calendar year. This recent stock sale will increase our float by approximately 25%, which we believe will positively impact our stock trading liquidity.”

[Cliff_N]

Dan, why would Warburg exit ESTE?

[dan_s]

Their exit plan has been know for quite sometime. Does not change my valuation. PE's like Warburg are always looking for another team to back.