Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone”, the
“Company”, “we” or “us”), today announced financial and operating
results for the three and nine months ended September 30,
2018.
Third Quarter 2018
Highlights
- Revenues of $46.1 million
- Average daily production of 10,766
Boepd(1)
- Adjusted EBITDAX(2) of $26.4
million(3)
- Net income of $0.6 million(3)
- Net income attributable to Earthstone
Energy, Inc. of $0.2 million, or $0.01 per diluted share
- Capital expenditures of $37.3
million
Year To Date 2018
Highlights
- Revenues of $124.1 million
- Average daily production of 9,762
Boepd(1)
- Adjusted EBITDAX(2) of $72.2
million(3)
- Net income of $14.2 million(3)
- Net income attributable to Earthstone
Energy, Inc. of $6.2 million, or $0.22 per diluted share
- Capital expenditures of $111.8
million
(1) Represents reported sales
volumes. (2) Adjusted EBITDAX is a non-GAAP financial measure. See
“Reconciliation of Non-GAAP Financial Measure” section below. (3)
Includes a $4.8 million charge to expense representing management’s
estimate of a pending lawsuit settlement, pursuant to an agreement
in principle reached on October 23, 2018 (see below). Adjusted
EBITDAX has not been increased to adjust for this charge in the
period presented.
Management Comments
Robert J. Anderson, President of Earthstone Energy, Inc.,
commented, “The third quarter was a very busy and successful
quarter for the Company. We achieved the highest quarterly
production and Adjusted EBITDAX in our history despite the lowest
realized oil prices out of the three quarters this year. We
continue to operate our one-rig drilling program and complete wells
in Reagan County with results that are in line with or exceed our
expectations and type curves. We completed and announced a trade
just after the quarter ended that not only increased our net
production but gave us an increased acreage footprint in central
Reagan County that will allow for greater operating efficiency as
we plan for longer laterals and will greatly enhance surface
operations. Lastly, our team worked tirelessly to sign and announce
the proposed acquisition of nearly 21,000 net acres along with
11,200 Boe/day of net production in the northern Midland Basin. We
expect to close in early 2019 after a shareholder vote.”
Selected Financial Data
(unaudited)
($000s except
where noted)
Three Months Ended September
30,
Nine Months Ended September
30,
2018 2017 2018
2017 Total Revenues 46,076 31,282 124,121
72,402 Lease operating expense 4,843 5,407 14,509 14,990
General and administrative expense (excluding stock-based
compensation) 3,422 5,608 13,274 14,838 Stock-based compensation
(non-cash) 1,522 1,687 5,535 4,645 General and
administrative expense 4,944 7,295 18,809 19,483 Net income
(loss) 564 4,008 14,227 (50,230 ) Less: Net income (loss)
attributable to noncontrolling interest 340 2,452 8,032 (35,392 )
Net income (loss) attributable to Earthstone Energy, Inc. 224 1,556
6,195 (14,838 ) Net income (loss) per common share(1) Basic 0.01
0.07 0.22 (0.66 ) Diluted 0.01 0.07 0.22 (0.66 ) Adjusted
EBITDAX(2) 26,443
(5)
19,109 72,239
(5)
38,538 Production(3): Oil (MBbls) 645 563 1,696 1,300 Gas
(MMcf) 947 967 2,883 2,328 NGL (MBbls) 188 166 489 350 Total
(MBoe)(4) 991 890 2,665 2,038 Average Daily Production (Boepd)
10,766 9,671 9,762 7,464 Average Prices: Oil ($/Bbl) 60.12 45.73
61.97 46.02 Gas ($/Mcf) 1.89 2.60 2.17 2.72 NGL ($/Bbl) 29.31 18.29
26.10 17.86 Total ($/Boe) 46.52 35.16 46.57 35.53 Adj. for Realized
Derivatives Settlements: Oil ($/Bbl) 53.30 46.42 53.82 46.26 Gas
($/Mcf) 1.92 2.71 2.23 2.68 NGL ($/Bbl) 29.31 18.29 26.10 17.86
Total ($/Boe) 42.10 35.72 41.45 35.64
(1) Net Income (Loss) Per Common Share attributable to Earthstone
Energy, Inc. (2) See “Reconciliation of Non-GAAP Financial Measure”
section below. (3) Represents reported sales volumes. (4) Barrels
of oil equivalent have been calculated on the basis of six thousand
cubic feet (Mcf) of natural gas equals one barrel of oil equivalent
(BOE). (5) Includes a $4.8 million charge to expense representing
management’s estimate of a pending lawsuit settlement, pursuant to
an agreement in principle reached on October 23, 2018 (see below).
Adjusted EBITDAX has not been increased to adjust for this charge
in the period presented.
Liquidity
As of September 30, 2018, we had $13.4 million in cash and
$35.0 million of long-term debt outstanding under our credit
facility with a current borrowing base of $225 million. In early
November, 2018, our borrowing base was increased from $225 million
to $275 million, increasing liquidity by $50 million.
Capital Expenditures
During the three months ended September 30, 2018, we incurred
capital expenditures of approximately $37.3 million, on an accrual
basis, primarily consisting of drilling and completion costs.
Litigation Settlement
On October 23, 2018, we entered into a Rule 11 Agreement and
agreed in principle to settle pending litigation applicable to
certain operations conducted by Bold Energy III LLC (“Bold”)
preceding our acquisition of Bold in 2017. Based on management’s
current estimate, a $4.8 million expense has been accrued as
litigation settlement expense as of September 30, 2018. While
currently finalizing certain related agreements, we believe the
settlement will allow for additional drilling locations with
laterals approximating 10,000 feet, as well as acceleration of our
development activities.
Hedging Update
As of September 30, 2018, we had hedged a total of 414
MBbls of remaining 2018 oil production at an average price of
$54.05/Bbl and 610 MMBtu of remaining 2018 natural gas production
at average price of $2.95/MMBbtu. Additionally, we had 243.8 MBbls
of WTI Midland Argus Crude Oil Basis Swaps at -$1.90/Bbl and 92
MBbls of LLS Crude Oil Basis Swaps at +$6.35/Bbl remaining for 2018
oil production. Related to 2019 production, we had hedged a total
of 1,624 MBbls at an average price of $58.95/Bbl, and we had 1,278
MBbls of WTI Midland Argus Crude Basis Swaps at -$6.39/Bbl and 365
MBbls of LLS Crude Oil Basis Swaps at +$4.50/Bbl. For 2020
production, we had hedged a total of 732 MBbls at an average price
of $63.08/Bbl, and we had 732 MBbls of WTI Midland Argus Crude Oil
Swaps at -$5.38/Bbl.
Additionally, in October and early November 2018, we entered
into the following crude oil and natural gas derivative
contracts:
Price Swaps
Period Commodity Volume
(Bbls / MMBtu)
Weighted Average Price
($/Bbl / $/MMBtu)
Q1 - Q4 2019 Crude Oil 730,000 $ 73.05 Q1 - Q4 2020 Crude Oil
732,000 $ 68.67 Q1 - Q4 2019 Crude Oil Basis Swap(1) 730,000 $
(5.50 ) Q1 - Q4 2020 Crude Oil Basis Swap(1) 732,000 $ (0.10 ) Q1 -
Q4 2019 Natural Gas 1,277,550 $ 2.87 Q1 - Q4 2019 Natural Gas
(Basis Swap)(2) 1,277,550 $ (1.28 ) (1)
The basis differential price is between WTI Midland Argus
Crude and the WTI NYMEX. (2) The basis differential price is
between W. Texas (WAHA) and the Henry Hub NYMEX.
Sabalo Energy Acquisition Financing
Update
Subsequent to our entering into a financing commitment with a
group of banks to provide an amended and restated five-year senior
secured reserve-based revolving credit facility with a minimum
initial borrowing base of $475 million, the Company received
commitments from a syndicate of banks, including the banks
providing the initial $475 million borrowing base commitment, for
an increased minimum initial borrowing base of $550 million,
conditioned upon the closing of our previously announced
acquisition of Sabalo Energy, LLC (“Sabalo”).
Conference Call Details
Earthstone is hosting a conference call on Thursday, November 8,
2018 at 11:00 a.m. Eastern (10:00 a.m. Central) to discuss the
Company’s operational and financial results for the third quarter
of 2018 and its outlook for the remainder of 2018. Prepared remarks
by Frank A. Lodzinski, Chief Executive Officer, Robert J. Anderson,
President, and Mark Lumpkin, Jr., Executive Vice President and
Chief Financial Officer will be followed by a question and answer
session.
Investors and analysts are invited to participate in the call by
dialing 877-407-6184 for domestic calls or 201-389-0877 for
international calls, in both cases asking for the Earthstone
conference call. A webcast will also be available through the
Company's website (www.earthstoneenergy.com). Please select "Events
& Presentations" under the "Investors" section of the Company's
website and log on at least 10 minutes in advance to register.
A replay of the call will be available on the Company’s website
and by telephone until 11:00 a.m. Eastern (10:00 a.m. Central),
Thursday, November 22, 2018. The number for the replay is
877-660-6853 for domestic calls or 201-612-7415 for international
calls, using Replay ID: 13684836.
About Earthstone Energy,
Inc.
Earthstone Energy, Inc. is a growth-oriented, independent energy
company engaged in the development and operation of oil and natural
gas properties. Its primary assets are located in the Midland Basin
of west Texas and the Eagle Ford Trend of south Texas. Earthstone
is listed on the New York Stock Exchange under the symbol “ESTE.”
For more information, visit the Company’s website at
www.earthstoneenergy.com.
Forward-Looking
Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the “Securities Act”), and Section 21E of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). Statements that are
not strictly historical statements constitute forward-looking
statements and may often, but not always, be identified by the use
of such words such as “expects,” “believes,” “intends,”
“anticipates,” “plans,” “estimates,” “forecast,” “guidance,”
“potential,” “possible,” or “probable” or statements that certain
actions, events or results “may,” “will,” “should,” or “could” be
taken, occur or be achieved. The forward-looking statements include
statements about the expected benefits of the acquisition (the
“Acquisition”) of Sabalo to Earthstone and its stockholders, the
anticipated completion of the Acquisition or the timing thereof,
the expected future reserves, production, financial position,
business strategy, revenues, earnings, costs, capital expenditures
and debt levels of the combined company, and plans and objectives
of management for future operations. Forward-looking statements are
based on current expectations and assumptions and analyses made by
Earthstone and its management in light of experience and perception
of historical trends, current conditions and expected future
developments, as well as other factors appropriate under the
circumstances. However, whether actual results and developments
will conform to expectations is subject to a number of material
risks and uncertainties, including but not limited to: the ability
to obtain stockholder and regulatory approvals of the Acquisition;
the ability to complete the Acquisition on anticipated terms and
timetable; Earthstone’s ability to integrate its combined
operations successfully after the Acquisition and achieve
anticipated benefits from it; the possibility that various closing
conditions for the Acquisition may not be satisfied or waived;
risks relating to any unforeseen liabilities of Earthstone or
Sabalo; declines in oil, natural gas liquids or natural gas prices;
the level of success in exploration, development and production
activities; adverse weather conditions that may negatively impact
development or production activities; the timing of exploration and
development expenditures; inaccuracies of reserve estimates or
assumptions underlying them; revisions to reserve estimates as a
result of changes in commodity prices; impacts to financial
statements as a result of impairment write-downs; risks related to
level of indebtedness and periodic redeterminations of the
borrowing base under Earthstone’s credit agreement; Earthstone’s
ability to generate sufficient cash flows from operations to meet
the internally funded portion of its capital expenditures budget;
Earthstone’s ability to obtain external capital to finance
exploration and development operations and acquisitions; the
ability to successfully complete any potential asset dispositions
and the risks related thereto; the impacts of hedging on results of
operations; uninsured or underinsured losses resulting from oil and
natural gas operations; Earthstone’s ability to replace oil and
natural gas reserves; and any loss of senior management or
technical personnel. Earthstone’s annual report on Form 10-K for
the year ended December 31, 2017, quarterly reports on Form 10-Q,
recent current reports on Form 8-K, and other Securities and
Exchange Commission (“SEC”) filings discuss some of the important
risk factors identified that may affect Earthstone’s business,
results of operations, and financial condition. Earthstone
undertakes no obligation to revise or update publicly any
forward-looking statements except as required by law.
Additional Information and Where to
Find It
In connection with the proposed Acquisition, Earthstone filed
with the SEC on November 6, 2018 and subsequently mailed to its
security holders a definitive proxy statement and other relevant
documents in connection with the proposed Acquisition. This
release is not a substitute for the definitive proxy statement or
any other document that Earthstone may file with the SEC or send to
its stockholders in connection with the proposed
Acquisition. EARTHSTONE URGES SECURITY HOLDERS TO READ THE
DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS LATER
FILED WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE, BECAUSE THEY
CONTAIN IMPORTANT INFORMATION ABOUT EARTHSTONE AND THE
PROPOSED ACQUISITION. Investors and security holders can
obtain these materials and other documents filed with the SEC free
of charge at the SEC’s website, www.sec.gov. In addition, a copy of
the definitive proxy statement may be obtained free of charge from
Earthstone’s website at www.earthstoneenergy.com. Investors and
security holders may also read and copy any reports, statements and
other information filed by Earthstone, with the SEC, at the SEC
public reference room at 100 F Street, N.E., Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC’s
website for further information on its public reference room. In
addition, the documents filed with the SEC by Earthstone can be
obtained free of charge from Earthstone’s website at
www.earthstoneenergy.com or by contacting Earthstone by mail at
1400 Woodloch Forest Drive, Suite 300, The Woodlands, Texas, 77380,
or by telephone at 281-298-4246.
Participants in the
Solicitation
Earthstone and its directors, executive officers and certain
other members of management and employees may be deemed to be
participants in the solicitation of proxies in respect of the
Acquisition. Information regarding Earthstone’s directors and
executive officers is available in its definitive proxy statement
filed with the SEC by Earthstone on November 6, 2018 in connection
with the special meeting of stockholders. Other information
regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security
holdings or otherwise, are contained in the definitive proxy
statement filed with the SEC on November 6, 2018.
EARTHSTONE ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except share and per
share amounts)
September 30, December 31, ASSETS
2018 2017 Current assets: Cash $ 13,429 $
22,955 Accounts receivable: Oil, natural gas, and natural gas
liquids revenues 14,600 14,978 Joint interest billings and other,
net of allowance of $111 and $138 at September 30, 2018 and
December 31, 2017, respectively 6,047 7,778 Derivative asset — 184
Prepaid expenses and other current assets 1,440 1,178
Total current assets 35,516 47,073
Oil and gas properties, successful efforts method: Proved
properties 684,862 605,039 Unproved properties 268,426 275,025 Land
5,382 5,534 Total oil and gas properties 958,670
885,598 Accumulated depreciation, depletion
and amortization (115,382 ) (118,028 ) Net oil and gas properties
843,288 767,570
Other noncurrent assets: Goodwill
17,620 17,620 Office and other equipment, net of accumulated
depreciation of $2,378 and $2,093 at September 30, 2018 and
December 31, 2017, respectively 725 947 Other noncurrent assets
1,252 1,207
TOTAL ASSETS $ 898,401 $
834,417
LIABILITIES AND EQUITY Current
liabilities: Accounts payable $ 22,234 $ 33,472 Revenues and
royalties payable 32,459 10,288 Accrued expenses 14,274 8,707
Advances 2,771 4,587 Derivative liability 23,391 11,805
Total current liabilities 95,129 68,859
Noncurrent liabilities: Long-term debt 35,000 25,000
Deferred tax liability 10,634 10,515 Asset retirement obligation
1,635 2,354 Derivative liability 10,019 1,826 Other noncurrent
liabilities 1,891 131
Total noncurrent
liabilities 59,179 39,826
Equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized;
none issued or outstanding — — Class A Common Stock, $0.001 par
value, 200,000,000 shares authorized; 28,400,421 issued and
outstanding at September 30, 2018 and 27,584,638 issued and
outstanding at December 31, 2017 28 28 Class B Common Stock, $0.001
par value, 50,000,000 shares authorized; 35,663,034 shares issued
and outstanding at September 30, 2018; 36,052,169 issued and
outstanding at December 31, 2017 36 36 Additional paid-in capital
512,960 503,932 Accumulated deficit (218,627 ) (224,822 )
Total
Earthstone Energy, Inc. equity 294,397 279,174
Noncontrolling interest 449,696 446,558
Total equity 744,093 725,732
TOTAL
LIABILITIES AND EQUITY $ 898,401 $ 834,417
EARTHSTONE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)
(In thousands, except share and per
share amounts)
Three Months Ended September
30,
Nine Months Ended September
30,
2018 2017 2018
2017 REVENUES Oil $ 38,791 $ 25,733 $
105,111 $ 59,815 Natural gas 1,790 2,513 6,257 6,338 Natural gas
liquids 5,495 3,036 12,753 6,249
Total revenues 46,076 31,282 124,121
72,402
OPERATING COSTS AND EXPENSES Lease
operating expense 4,843 5,407 14,509 14,990 Severance taxes 2,254
1,588 6,115 3,705 Impairment expense 833 92 833 66,740
Depreciation, depletion and amortization 12,842 10,330 33,362
28,258 General and administrative expense 4,944 7,295 18,809 19,483
Transaction costs 892 109 892 4,676 Accretion of asset retirement
obligation 44 72 128 378
Total
operating costs and expenses 26,652 24,893 74,648
138,230 Gain on sale of oil and gas properties
4,096 2,157 4,608 3,848
Income (loss) from operations
23,520 8,546 54,081 (61,980 )
OTHER INCOME (EXPENSE)
Interest expense, net (565 ) (903 ) (1,788 ) (1,873 ) Write-off of
deferred financing costs — — — (526 ) (Loss) gain on derivative
contracts, net (17,481 ) (3,663 ) (33,606 ) 4,137 Litigation
settlement (4,775 ) — (4,775 ) — Other income, net 37 (66 )
434 (34 )
Total other income (expense) (22,784 )
(4,632 ) (39,735 ) 1,704
Income (loss) before
income taxes 736 3,914 14,346 (60,276 ) Income tax (expense)
benefit (172 ) 94 (119 ) 10,046 Net income (loss) 564
4,008 14,227 (50,230 )
Less: Net income (loss)
attributable to noncontrolling interest 340 2,452
8,032 (35,392 )
Net income (loss) attributable to
Earthstone Energy, Inc. $ 224 $ 1,556 $ 6,195
$ (14,838 ) Net income (loss) per common share
attributable to Earthstone Energy, Inc.: Basic $ 0.01 $ 0.07
$ 0.22 $ (0.66 ) Diluted $ 0.01 $ 0.07
$ 0.22 $ (0.66 ) Weighted average common shares
outstanding: Basic 28,257,376 22,905,023 28,011,298
22,638,977 Diluted 28,311,759 22,905,023
28,108,365 22,638,977
EARTHSTONE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED)
(In thousands)
For the Nine Months
EndedSeptember 30,
2018 2017 Cash flows from operating
activities: Net income (loss) $ 14,227 $ (50,230 ) Adjustments
to reconcile net income (loss) to net cash provided by operating
activities: Impairment of proved and unproved oil and gas
properties 833 66,740 Depreciation, depletion and amortization
33,362 28,258 Accretion of asset retirement obligations 128 378
Settlement of asset retirement obligations (79 ) — Gain on sale of
oil and gas properties (4,608 ) (3,848 ) Total loss (gain) on
derivative contracts, net 33,606 (4,137 ) Operating portion of net
cash paid in settlement of derivative contracts (13,643 ) 229
Stock-based compensation 5,535 4,645 Deferred income taxes 119
(10,046 ) Write-off of deferred financing costs — 526 Amortization
of deferred financing costs 228 195 Changes in assets and
liabilities: (Increase) decrease in accounts receivable (1,476 )
6,964 Increase in prepaid expenses and other current assets (372 )
(455 ) Increase (decrease) in accounts payable and accrued expenses
3,939 (11,522 ) Increase (decrease) in revenues and royalties
payable 26,572 (4,019 ) Increase (decrease) in advances (1,816 )
506
Net cash provided by operating activities 96,555
24,184
Cash flows from investing activities:
Bold Contribution Agreement, net of cash acquired — (55,609 )
Additions to oil and gas properties (120,124 ) (29,958 ) Additions
to office and other equipment (121 ) (139 ) Proceeds from sales of
oil and gas properties 5,840 5,054
Net cash used
in investing activities (114,405 ) (80,652 )
Cash flows from
financing activities: Proceeds from borrowings 70,308 70,000
Repayments of borrowings (60,308 ) (11,193 ) Cash paid related to
the exchange and cancellation of Class A Common Stock (1,402 ) (324
) Deferred financing costs (274 ) (1,168 )
Net cash provided by
financing activities 8,324 57,315 Net (decrease)
increase in cash (9,526 ) 847 Cash at beginning of period 22,955
10,200 Cash at end of period $ 13,429 $ 11,047
Supplemental
disclosure of cash flow information
Cash paid for: Interest $ 1,480 $ 1,555 Non-cash investing and
financing activities: Class B Common stock issued in Bold
Contribution Agreement $ — $ 489,842 Class A Common stock issued in
Bold Contribution Agreement $ — $ 2,037 Accrued capital
expenditures $ 11,314 $ 19,519 Asset retirement obligations $ (120
) $ 83
Earthstone Energy, Inc.Reconciliation
of Non-GAAP Financial MeasureUnaudited
I. Adjusted EBITDAX
The non-GAAP financial measures of Adjusted EBITDAX (as defined
below), as calculated by us below, is intended to provide readers
with meaningful information that supplements our financial
statements prepared in accordance with accounting principles
generally accepted in the United States (“GAAP”). Further, this
non-GAAP measure should only be considered in conjunction with
financial statements and disclosures prepared in accordance with
GAAP and should not be considered in isolation or as a substitute
for GAAP measures, such as net income or loss, operating income or
loss or any other GAAP measure of financial position or results of
operations. Adjusted EBITDAX is presented herein and reconciled
from the GAAP measure of net income (loss) because of its wide
acceptance by the investment community as a financial
indicator.
We define “Adjusted EBITDAX” as net income (loss) plus, when
applicable, accretion of asset retirement obligations; impairment
expense; depletion, depreciation and amortization; interest
expense, net; transaction costs; (gain) on sale of oil and gas
properties; unrealized loss (gain) on derivatives; stock-based
compensation; and income tax expense (benefit).
Our Adjusted EBITDAX measure provides additional information
that may be used to better understand our operations. Adjusted
EBITDAX is one of several metrics that we use as a supplemental
financial measurement in the evaluation of our business and should
not be considered as an alternative to, or more meaningful than,
net income (loss) as an indicator of operating performance. Certain
items excluded from Adjusted EBITDAX are significant components in
understanding and assessing a company’s financial performance, such
as a company’s cost of capital and tax structure, as well as the
historic cost of depreciable and depletable assets. Adjusted
EBITDAX, as used by us, may not be comparable to similarly titled
measures reported by other companies. We believe that Adjusted
EBITDAX is a widely followed measure of operating performance and
is one of many metrics used by our management team and by other
users of our consolidated financial statements. For example,
Adjusted EBITDAX can be used to assess our operating performance
and return on capital in comparison to other independent
exploration and production companies without regard to financial or
capital structure and to assess the financial performance of our
assets and our company without regard to capital structure or
historical cost basis.
The following table provides a reconciliation of Net income
(loss) to Adjusted EBITDAX for the periods indicated:
($000s)
Three Months EndedSeptember
30,
Nine Months EndedSeptember
30,
2018 2017 2018 2017
Net income (loss) (1) 564 4,008 14,227 (50,230 ) Accretion
of asset retirement obligations 44 72 128 378 Impairment expense
833 92 833 66,740 Depletion, depreciation and amortization 12,842
10,330 33,362 28,258 Interest expense, net 565 903 1,788 1,873
Transaction costs 892 109 892 4,676 (Gain) on sale of oil and gas
properties (4,096 ) (2,157 ) (4,608 ) (3,848 ) Unrealized loss
(gain) on derivative contracts 13,105 4,159 19,963 (3,908 ) Stock
based compensation (non-cash)(2) 1,522 1,687 5,535 4,645 Income tax
expense (benefit) 172 (94 ) 119 (10,046 )
Adjusted
EBITDAX 26,443 19,109 72,239
38,538 (1)
Includes a $4.8 million charge to expense representing
management's estimate of a pending lawsuit settlement, pursuant to
an agreement in principle reached on October 23, 2018. (2) Included
in General and administrative expense in the Condensed Consolidated
Statements of Operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181107005915/en/
Earthstone Energy, Inc.Mark Lumpkin, Jr., 281-298-4246Executive
Vice President – Chief Financial
Officermark.lumpkin@earthstoneenergy.comorScott Thelander,
281-298-4246Director of Financescott@earthstoneenergy.com
Earthstone Energy (NYSE:ESTE)
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