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ESTE Earthstone Energy

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.

Company profile

Ticker
ESTE
Exchange
CEO
Frank Lodzinski
Employees
Incorporated
Location
Fiscal year end
Former names
BASIC EARTH SCIENCE SYSTEMS INC
SEC CIK
IRS number
840592823

ESTE stock data

(
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Calendar

9 Apr 21
22 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.49M 1.49M 1.49M 1.49M 1.49M 1.49M
Cash burn (monthly) 1.27M 1.03M 6.2M 10.64M (positive/no burn) (positive/no burn)
Cash used (since last report) 4.76M 3.85M 23.21M 39.84M n/a n/a
Cash remaining -3.27M -2.35M -21.72M -38.35M n/a n/a
Runway (months of cash) -2.6 -2.3 -3.5 -3.6 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
7 Apr 21 Oviedo Tony Class A Common Stock Sell Dispose S No No 8.12 25,000 203K 176,798
31 Mar 21 Lumpkin Mark Jr Class A Common Stock Payment of exercise Dispose F No No 7.24 6,564 47.52K 214,496
31 Mar 21 Oviedo Tony Class A Common Stock Payment of exercise Dispose F No No 7.24 6,483 46.94K 201,798
31 Mar 21 Anderson Robert John Class A Common Stock Payment of exercise Dispose F No No 7.24 11,620 84.13K 497,869
31 Mar 21 Lodzinski Frank Alan Class A Common Stock Payment of exercise Dispose F No No 7.24 14,405 104.29K 225,498

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 63 53 +18.9%
Opened positions 14 3 +366.7%
Closed positions 4 13 -69.2%
Increased positions 24 22 +9.1%
Reduced positions 15 18 -16.7%
13F shares
Current Prev Q Change
Total value 293.63M 53.16M +452.3%
Total shares 56.01M 15.72M +256.3%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Bold Energy 39.21M $163.89M NEW
Russell Investments 2.27M $12.09M +108.4%
Investment Counselors Of Maryland 1.59M $8.49M +4.6%
BLK Blackrock 1.44M $7.69M +8.6%
Hotchkis & Wiley Capital Management 1.42M $7.59M +2.7%
Dimensional Fund Advisors 1.11M $5.9M -0.8%
WFC Wells Fargo & Co. 973.54K $5.19M +6.3%
Solas Capital Management 900K $4.8M 0.0%
Vanguard 856.13K $4.56M -30.1%
American Century Companies 838.29K $4.47M +2.8%
Largest transactions
Shares Bought/sold Change
Bold Energy 39.21M +39.21M NEW
Russell Investments 2.27M +1.18M +108.4%
JBF Capital 0 -847.89K EXIT
Monarch Partners Asset Management 810.01K +596.9K +280.1%
Vanguard 856.13K -368.35K -30.1%
TROW T. Rowe Price 1.44K -359.45K -99.6%
Boston Partners 450.99K +247.18K +121.3%
Aventail Capital 115.4K +115.4K NEW
BLK Blackrock 1.44M +114.13K +8.6%
Outfitter Financial 100.25K +100.25K NEW

Financial report summary

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Risks
  • Our business and operations have been and will likely continue to be adversely affected by the ongoing COVID-19 pandemic.
  • Oil, natural gas and natural gas liquids prices are volatile. Their prices at times since 2014 have adversely affected, and in the future may adversely affect, our business, financial condition and results of operations and our ability to meet our
  • capital expenditure obligations and financial commitments. Volatile and lower prices may also negatively impact our stock price.
  • As a result of low prices for oil, natural gas and natural gas liquids, we may be required to take significant future write-downs of the financial carrying values of our properties.
  • Any significant reduction in our borrowing base under our Credit Agreement may negatively impact our liquidity and, consequently, our ability to fund our operations, including capital expenditures, and we may not have sufficient funds to repay borrowings under our Credit Agreement or any other obligation if required as a result of a borrowing base redetermination.
  • Unless we replace our reserves, our production and estimated reserves will decline, which may adversely affect our financial condition, results of operations and/or cash flows.
  • Estimates of proved oil and natural gas reserves involve assumptions and any material inaccuracies in these assumptions will materially affect the quantities and the value of those reserves.
  • The standardized measure of discounted future net cash flows from our estimated proved reserves may not be the same as the current market value of our estimated oil and natural gas reserves.
  • Our development and exploratory drilling efforts and our well operations may not be profitable or achieve our targeted returns.
  • Properties we acquire may not produce as projected and we may be unable to determine reserve potential, identify liabilities associated with the properties that we acquire or obtain protection from sellers against such liabilities.
  • Future drilling and completion activities associated with identified drilling locations may be adversely affected by factors that could materially alter the occurrence or timing of their drilling and completion, which in certain instances could prevent production prior to the expiration date of mineral leases for such locations.
  • Many of our properties are in areas that may have been partially depleted or drained by offset wells and certain of our wells may be adversely affected by actions we or other operators may take when drilling, completing, or operating wells that we or they own.
  • Multi-well pad drilling may result in volatility in our operating results.
  • The unavailability or high cost of equipment, supplies, personnel and oilfield services used to drill and complete wells could adversely affect our ability to execute our development plans within our budget and on a timely basis.
  • Our acquisition, development and exploitation projects require substantial capital expenditures. We may be unable to obtain required capital or financing on satisfactory terms, which could limit growth or lead to a decline in our reserves.
  • A negative shift in investor sentiment towards the oil and gas industry could adversely affect our ability to raise equity and debt capital.
  • We have incremental cash inflows and outflows as a result of our hedging activities. To the extent we are unable to obtain future hedges at attractive prices or our derivative activities are not effective, our cash flows and financial condition may be adversely impacted.
  • The oil and natural gas industry is highly competitive, and our small size puts us at a disadvantage in competing for resources.
  • Failure to complete additional acquisitions could limit our potential growth.
  • Acquisitions involve a number of risks, including the risk that we will discover unanticipated liabilities or other problems associated with the acquired business or property.
  • We may incur substantial losses and be subject to substantial liability claims as a result of our oil and natural gas operations, including our drilling operations.
  • The nature of our business and assets exposes us to significant compliance costs and liabilities.
  • Federal, state and local legislation and regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating restrictions or delays.
  • Extreme weather conditions could adversely affect our ability to conduct drilling, completion and production activities in the areas where we operate.
  • The adoption of climate change legislation or regulations restricting emission of greenhouse gases, investor pressure concerning climate-related disclosures, and lawsuits could result in increased operating costs and reduced demand for the oil and gas we produce as well as reductions in the availability of capital.
  • Our oil, natural gas and natural gas liquids are sold in a limited number of geographic markets so an oversupply in any of those areas could have a material negative effect on the price we receive.
  • Potential future legislation or the imposition of new or increased taxes or fees may generally affect the taxation of oil and natural gas exploration and development companies and may adversely affect our operations and cash flows.
  • Our operations are substantially dependent on the availability, use and disposal of water. New legislation and regulatory initiatives or restrictions relating to water disposal wells could have a material adverse effect on our future business, financial condition, operating results and prospects.
  • Any change to government regulation or administrative practices may have a negative impact on our ability to operate and our profitability.
  • The marketability of our production is dependent upon gathering systems, transportation facilities and processing facilities that we do not own or control. If these facilities or systems are unavailable, our oil and natural gas production can be interrupted and our revenues reduced.
  • We operate or participate in oil and natural gas leases with third parties who may not be able to fulfill their commitments to our projects.
  • Use of debt financing may adversely affect our strategy.
  • Because we cannot control activities on properties we do not operate, we cannot directly control the timing of exploitation. If we are unable to fund required capital expenditures with respect to non-operated properties, our interests in those properties may be reduced or forfeited.
  • A cyber incident could result in information theft, data corruption, operational disruption and/or financial loss.
  • The loss or unavailability of any of our executive officers or other key employees could have a material adverse effect on our business.
  • We are a holding company and the sole manager of EEH. Our only material asset is our equity interest in EEH and, accordingly, we are dependent upon distributions from EEH to cover our corporate and other overhead expenses and pay taxes.
  • Our principal stockholders hold substantial voting power of our Class A Common Stock and Class B Common Stock.
  • Bold Holdings (controlled by EnCap) and its permitted transferees have the right to exchange their EEH Units and shares of Class B Common Stock for our Class A Common Stock pursuant to the terms of the EEH LLC Agreement.
  • Future sales of our Class A Common Stock in the public market, or the perception that such sales may occur, could reduce our stock price, and any additional capital raised by us through the sale of equity may dilute your ownership in us.
  • We have no plans to pay dividends on our Class A Common Stock. Stockholders may not receive funds without selling their shares.
  • Our Board of Directors can, without stockholder approval, cause preferred stock to be issued on terms that could adversely affect our common stockholders.
  • The price of our Class A Common Stock may fluctuate significantly, which could negatively affect us and holders of our Class A Common Stock.
  • Anti-takeover provisions could make a third-party acquisition difficult.
  • Our stockholders may act by unilateral written consent.
Management Discussion
  • (1)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).
  • For the year ended December 31, 2020, oil revenues decreased by approximately $51.6 million or 30% compared to 2019. Of the decrease, $55.1 million was attributable to lower realized prices, partially offset by $3.5 million due to increased sales volumes. Our average realized price per Bbl decreased from $55.71 for the year ended December 31, 2019 to $37.85 or 32% for the year ended December 31, 2020. We had a net increase in the volume of oil sold of 93 MBbls or 3%, primarily due to new wells brought online offset by production shut-ins we initiated in May 2020 due to the domestic collapse of oil prices.
  • For the year ended December 31, 2020, natural gas revenues increased by $4.7 million or 119% compared to 2019. Of the increase, $3.0 million was attributable to increased sales volumes and $1.7 million was due to higher realized prices. Our average realized price per Mcf increased 43% from $0.82 for the year ended December 31, 2019 to $1.18 for the year ended December 31, 2020. In the prior year, lack of sufficient pipeline transportation resulted in low natural gas prices, which improved in 2020. The total volume of natural gas produced and sold increased 2,522 MMcf or 53% primarily due to new wells brought online offset by the production shut-ins we initiated in May 2020.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
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