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
Website
CEO
Frank Lodzinski
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
BASIC EARTH SCIENCE SYSTEMS INC
SEC CIK
Corporate docs
IRS number
840592823
ESTE stock data
()
News
Mid-Day Market Update: Crude Oil Rises 4.5%; Grupo Televisa Shares Spike Higher
14 Apr 21
12 Energy Stocks Moving In Monday's After-Market Session
5 Apr 21
48 Biggest Movers From Thursday
5 Apr 21
Mid-Afternoon Market Update: Nasdaq Jumps Over 200 Points; AzurRx BioPharma Shares Slide
1 Apr 21
42 Stocks Moving In Thursday's Mid-Day Session
1 Apr 21
Press releases
Earthstone Energy, Inc. Announces Increase in Borrowing Base
20 Apr 21
Earthstone Energy Announces Midland Basin Asset Acquisition
1 Apr 21
Earthstone Energy, Inc. to Host Earnings Call
11 Mar 21
Earthstone Energy, Inc. Reports 2020 Fourth Quarter and Full Year Results
10 Mar 21
Earthstone Energy, Inc. Announces Fourth Quarter 2020 Conference Call for Thursday, March 11, 2021 at 10:00 a.m. Eastern
4 Mar 21
Calendar
9 Apr 21
22 Apr 21
31 Dec 21
Financial summary
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Dec 20 | Sep 20 | Jun 20 | Mar 20 | |
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Annual (USD) |
Dec 20 | Dec 19 | Dec 18 | Dec 17 | |
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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 |
Recent insider trades
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 |
Institutional ownership Q4 2020
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 |
---|---|
Total holders | 63 |
Opened positions | 14 |
Closed positions | 4 |
Increased positions | 24 |
Reduced positions | 15 |
13F shares |
Current |
---|---|
Total value | 293.63M |
Total shares | 56.01M |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners |
Shares | Value |
---|---|---|
Bold Energy | 39.21M | $163.89M |
Russell Investments | 2.27M | $12.09M |
Investment Counselors Of Maryland | 1.59M | $8.49M |
BLK Blackrock | 1.44M | $7.69M |
Hotchkis & Wiley Capital Management | 1.42M | $7.59M |
Dimensional Fund Advisors | 1.11M | $5.9M |
WFC Wells Fargo & Co. | 973.54K | $5.19M |
Solas Capital Management | 900K | $4.8M |
Vanguard | 856.13K | $4.56M |
American Century Companies | 838.29K | $4.47M |
Financial report summary
?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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H.S. sophomore Avg
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Removed:
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Financial reports
10-K/A
2020 FY
Annual report (amended)
9 Apr 21
10-K
2020 FY
Annual report
10 Mar 21
10-Q
2020 Q3
Quarterly report
4 Nov 20
10-Q
2020 Q2
Quarterly report
5 Aug 20
10-Q
2020 Q1
Quarterly report
6 May 20
10-K
2019 FY
Annual report
11 Mar 20
10-Q
2019 Q3
Quarterly report
6 Nov 19
10-Q
2019 Q2
Quarterly report
6 Aug 19
10-Q
2019 Q1
Quarterly report
3 May 19
10-K
2018 FY
Annual report
12 Mar 19
Current reports
8-K
Earthstone Energy, Inc. Announces Increase in Borrowing Base
20 Apr 21
8-K
Earthstone Energy Announces Midland Basin Asset Acquisition
5 Apr 21
8-K
Earthstone Energy, Inc. Reports 2020 Fourth Quarter and Full Year Results
10 Mar 21
8-K/A
Financial Statements and Exhibits
24 Feb 21
8-K
Earthstone Provides Update, 2021 Guidance and Announces Proved Reserves
2 Feb 21
8-K
Departure of Directors or Certain Officers
29 Jan 21
8-K
Earthstone Energy Completes Acquisition of Independence Resources Management, LLC
13 Jan 21
8-K
Earthstone Energy Announces Significant Midland Basin Acquisition
22 Dec 20
8-K
Regulation FD Disclosure
18 Nov 20
8-K
Earthstone Energy, Inc. Reports 2020 Third Quarter and Year-to-Date Financial Results and Updates Guidance
4 Nov 20
Registration and prospectus
424B5
Prospectus supplement for primary offering
19 Apr 21
424B5
Prospectus supplement for primary offering
19 Apr 21
S-3
Shelf registration
10 Mar 21
S-3
Shelf registration
10 Mar 21
S-8
Registration of securities for employees
5 Aug 20
S-8
Registration of securities for employees
4 Oct 18
424B7
Prospectus with selling stockholder info
29 Jun 18
424B5
Prospectus supplement for primary offering
8 May 18
S-3
Shelf registration
17 Apr 18
S-8
Registration of securities for employees
30 Oct 17
Proxies
DEFA14A
Additional proxy soliciting materials
4 May 20
DEFA14A
Additional proxy soliciting materials
23 Apr 20
DEF 14A
Definitive proxy
23 Apr 20
DEFA14A
Additional proxy soliciting materials
25 Apr 19
DEF 14A
Definitive proxy
25 Apr 19
DEFA14A
Additional proxy soliciting materials
6 Nov 18
DEFM14A
Proxy related to merger
6 Nov 18
PREM14A
Preliminary proxy related to merger
26 Oct 18
DEFA14A
Additional proxy soliciting materials
26 Oct 18
DEFA14A
Additional proxy soliciting materials
17 Oct 18
Other
EFFECT
Notice of effectiveness
16 Apr 21
EFFECT
Notice of effectiveness
16 Apr 21
EFFECT
Notice of effectiveness
7 May 18
CORRESP
Correspondence with SEC
1 May 18
UPLOAD
Letter from SEC
23 Apr 18
EFFECT
Notice of effectiveness
17 Oct 17
CORRESP
Correspondence with SEC
15 Oct 17
CORRESP
Correspondence with SEC
10 Oct 17
CORRESP
Correspondence with SEC
9 Oct 17
UPLOAD
Letter from SEC
9 Oct 17
Ownership
4
EARTHSTONE ENERGY / Tony Oviedo ownership change
9 Apr 21
4
EARTHSTONE ENERGY / Frank Alan Lodzinski ownership change
1 Apr 21
4
EARTHSTONE ENERGY / Robert John Anderson ownership change
1 Apr 21
4
EARTHSTONE ENERGY / Mark Lumpkin Jr ownership change
1 Apr 21
4
EARTHSTONE ENERGY / Tony Oviedo ownership change
1 Apr 21
4
EARTHSTONE ENERGY / Tony Oviedo ownership change
19 Mar 21
4
EARTHSTONE ENERGY / Robert John Anderson ownership change
19 Mar 21
4
EARTHSTONE ENERGY / Mark Lumpkin Jr ownership change
19 Mar 21
4
EARTHSTONE ENERGY / Frank Alan Lodzinski ownership change
19 Mar 21
SC 13G/A
EARTHSTONE ENERGY / PRICE T ROWE ASSOCIATES ownership change
16 Feb 21
Transcripts
2020 Q4
Earnings call transcript
11 Mar 21
2020 Q3
Earnings call transcript
8 Nov 20
2020 Q2
Earnings call transcript
9 Aug 20
2020 Q1
Earnings call transcript
9 May 20
2019 Q4
Earnings call transcript
12 Mar 20
2019 Q3
Earnings call transcript
10 Nov 19
2019 Q2
Earnings call transcript
7 Aug 19
2019 Q1
Earnings call transcript
6 May 19
2018 Q4
Earnings call transcript
13 Mar 19
2018 Q3
Earnings call transcript
8 Nov 18
Reddit threads
Lots of new option listings for March 17, 2021
17 Mar 21
Daily Discussion Thread - March 11th, 2021
11 Mar 21
Daily Discussion Thread - March 10th, 2021
10 Mar 21
Daily Discussion Thread - March 9th, 2021
9 Mar 21
Daily Discussion Thread - March 8th, 2021
8 Mar 21
Daily Discussion Thread - November 5th, 2020
5 Nov 20
Daily Discussion Thread - November 4th, 2020
4 Nov 20