{"id":199433,"date":"2022-01-04T20:10:00","date_gmt":"2022-01-04T20:10:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2968949"},"modified":"2022-01-04T20:10:00","modified_gmt":"2022-01-04T20:10:00","slug":"water-tower-research-publishes-initiation-of-coverage-report-on-earthstone-energy-inc-nyse-este-titled-two-pronged-growth-acquisitions-and-development-drilling","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2022\/01\/04\/water-tower-research-publishes-initiation-of-coverage-report-on-earthstone-energy-inc-nyse-este-titled-two-pronged-growth-acquisitions-and-development-drilling\/","title":{"rendered":"Water Tower Research Publishes Initiation of Coverage Report on Earthstone Energy, Inc. (NYSE: ESTE) Titled \u201cTwo Pronged Growth: Acquisitions and Development Drilling\u201d"},"content":{"rendered":"

\"5546<\/p>\n

January 4, 2022, CHICAGO, IL<\/strong> – Water Tower Research (www.watertowerresearch.com<\/a>) has published an Initiation of Coverage report on Earthstone Energy, Inc. (NYSE: ESTE). The report is titled \u201cTwo Pronged Growth: Acquisitions and Development Drilling\u201d. <\/a><\/p>\n

Earthstone Energy is a growth-oriented independent oil and gas company. The core asset base consists of ~137,400 net acres in the Permian Basin. The company also owns a smaller position in the Eagle Ford trend in south Texas.<\/p>\n

2021 was a transformational year for Earthstone.\u00a0 The company closed four acquisitions and announced an agreement on December 16, 2021 to acquire Delaware Basin assets from Chisholm Energy Holdings, LLC. All five deals amount to an aggregate value of approximately $1 billion. The acquisitions add nearly 80 million BOE of proved reserves, approximately 35.7 MBOE\/d of production, and a sizeable inventory of drilling locations in the Permian Basin. The Chisholm acquisition is expected to close during the first quarter of 2022.<\/p>\n

Earthstone is entering 2022 with a Permian Basin development inventory that could sustain a planned four-rig capital program for many years. Management\u2019s preliminary capital program calls for operating two rigs in the Midland Basin and maintaining two rigs in the Delaware Basin following the Chisholm close.<\/p>\n

The company is trading at 3.2x Water Tower Research\u2019s FY22E EBITDAX, which models a March 31, 2022 Chisholm close.\u00a0 Using management\u2019s pro forma FY22E EBITDAX estimate, which includes a full-year Chisholm contribution, the multiple is 3.1x.\u00a0 We estimate the company will maintain a solid financial position and end 2022 with a leverage ratio around 1.0x.<\/p>\n

\u00a0<\/strong>About Water Tower Research<\/strong><\/p>\n

Water Tower Research<\/a> is an investor engagement and stakeholder communication platform powered by sector experts with significant Wall Street and industry experience. We create, deliver, and maintain the information flow required by companies to build and preserve relationships with all stakeholders and existing and potential investors.\u00a0 “Research for the Other 99% ™” opens the door for companies to digitally share their stories directly and engage with a broad, diverse set of investors.<\/p>\n

Tags: Midland Basin<\/a>, Delaware Basin<\/a>, Permian Basin<\/a>, Oil & Gas Company<\/a>, Acquisitions<\/a> <\/p>\n

See Campaign: <\/strong>https:\/\/www.watertowerresearch.com<\/a>
Tags:<\/b>
IPS<\/a>, ReleaseLive<\/a>, PR-Wirein<\/a>, Reportedtimes<\/a>, Google News<\/a>, Menafn<\/a>, Financial Content<\/a>, Extended Distribution<\/a>, English<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

January 4, 2022, CHICAGO, IL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage report on Earthstone Energy, Inc. (NYSE: ESTE). The report is titled “Two Pronged Growth: Acquisitions and Development Drilling”. Earthstone Energy is a growth-oriented independent oil and gas company. The core asset base consists of ~137,400 net acres in the […] Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":291,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-199433","post","type-post","status-publish","format-standard","hentry","category-press-release"],"yoast_head":"\nWater Tower Research Publishes Initiation of Coverage Report on Earthstone Energy, Inc. 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