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EARTHSTONE ENERGY INC

earthstoneenergy.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2023 10-Q, filed Oct 31, 2023. Its latest SEC filing is a SC 13G/A from Feb 14, 2024.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Acquires and develops oil and natural gas reserves, then produces and sells oil, natural gas and natural gas liquids to purchasers.

How Did They Make Money?

Sells oil, natural gas and natural gas liquids to purchasers at market prices; payment typically arrives one to three months after delivery.

revenue
SegmentShareRevenue
Oil
Sold outright

66%
FY2019: 90%
Natural Gas (MMcf)
Sold outright

18%
FY2019: 2.1%
Natural Gas Liquids (MBbl)
Sold outright

16%
FY2019: 8.1%

Who Were Their Customers?

Markets most production from wells it operates, including production belonging to other owners, and sells it to purchasers at market prices.

Customers above 10% of revenue, FY2022
of revenue from three customers (21%, 20%, 14%)
FY2020: 59% from three customers

Did Revenues Turn Into Profits?

Yes. It kept 27 cents of every revenue dollar as net income in FY2022.

Operating income, FY2022
57% of revenue
▲ +408% vs FY2021 ($190.1M, 45%)
Net income, FY2022
27% of revenue
▲ +1175% vs FY2021 ($35.5M, 8%)

How Were They Changing?

Since the FY2022 annual report
Latest quarter: Q3 FY2023, the three months to Sep 30, 2023
Revenue
▼ −10%
vs $531.5M in Q3 FY2022
Net income
▼ −71%
vs $211.5M in Q3 FY2022
Oil share of revenue vs 62.5% in Q3 FY2022
  • Nov 3, 2023 Permian Resources completed its acquisition of Earthstone Earthstone shares were converted into Permian Resources shares, and Earthstone stock ceased trading on the New York Stock Exchange.

Grew. Revenue grew 10.3x in 4 years, from $165.4M in FY2018 to $1.7B in FY2022, about 79% a year.

A different second core area The reports identify different second core areas: the latest names the Delaware Basin alongside Midland, while the earlier names the Eagle Ford Trend alongside Midland.

Revenue over time
Oil Natural Gas (MMcf) Natural Gas Liquids (MBbl)
$2B$1B$0

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