$ESTE reports strong growth and guidance for 2023
Mar 8th 2023, 10:18 pm
Analyst Summary: Earthstone Energy, Inc. has reported their financial and operating results for the fourth quarter and year ended December 31, 2022. The company reported a net income of $43.6 million (GAAP), representing consolidated earnings, including noncontrolling interest. Earthstone Energy, Inc. has delivered strong growth, with daily production approaching 105,000 Boepd, which exceeded the mid-point of their guidance range by nine percent. As the company plans to move into 2023, they aim to generate substantial free cash flow, reduce debt, and look for accretive acquisitions. The company reaffirmed its guidance for 2023 and provided details of its hedging activities. The management believes that their intrinsic value per share significantly exceeds their current share price, offering a compelling value proposition for their shareholders. Management Comments: "During the fourth quarter and throughout the year, our team has performed exceptionally well and set new Company records...We are also focused on debt adjusted per share growth in production and reserve value and are pleased to be delivering strong growth on these key measures, as outlined in our investor presentation." -Robert J. Anderson, President and Chief Executive Officer, Earthstone Energy, Inc. Forward Looking Statements: The management has stated that they plan to generate substantial free cash flow, reduce debt, and look for accretive acquisitions as they move into 2023.