# EDGAR Filing Document

**Accession Number:** 0000010254
**File Stem:** 0000010254-23-000049
**Filing Date:** 2023-2
**Character Count:** 67675
**Document Hash:** afcabb71519b20ec5cab537f956448e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000010254-23-000049.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0000010254-23-000049

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20230216

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EARTHSTONE ENERGY INC
- **CENTRAL INDEX KEY:** 0000010254
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **IRS NUMBER:** 840592823
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35049
- **FILM NUMBER:** 23638783

**BUSINESS ADDRESS:**
- **STREET 1:** 1400 WOODLOCH FOREST DRIVE
- **STREET 2:** SUITE 300
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380
- **BUSINESS PHONE:** 281-298-4246

**MAIL ADDRESS:**
- **STREET 1:** 1400 WOODLOCH FOREST DRIVE
- **STREET 2:** SUITE 300
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BASIC EARTH SCIENCE SYSTEMS INC
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" ? este-20230216

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report: February 16, 2023** 

*(Date of earliest event reported)*

![este-20230216_g1.jpg](este-20230216_g1.jpg)

**EARTHSTONE ENERGY, INC.**

*(Exact name of registrant as specified in its charter)*

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-35049** | **84-0592823** |
| *(State or other jurisdiction of incorporation)* | *(Commission File Number)* | *(IRS Employer Identification No.)* |

---

**1400 Woodloch Forest Drive, Suite 300** 

**The Woodlands, Texas 77380** 

*(Address of principal executive offices) (Zip Code)*

**(281) 298-4246** 

*(Registrant's telephone number, including area code)*

*(Former name or former address, if changed since last report)*

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Class A Common Stock, $0.001 par value per share** | **ESTE** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

------

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On February 16, 2023, Earthstone Energy, Inc. (the "Company") issued a press release providing an operations and preliminary financial update, releasing 2023 guidance and announcing its year-end 2022 estimated proved reserves. A copy of the press release is furnished with this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

The information in this Current Report on Form 8-K furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liability under that section, and they shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 7.01 Regulation FD Disclosure.**

On February 16, 2023, the Company furnished the press release described above in Item 2.02 of this Current Report on Form 8-K. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 7.01 by reference.

On February 16, 2023, the Company posted to its website a company presentation (the "Presentation Materials") that management intends to use from time to time. The Company may use the Presentation Materials, possibly with modifications, in presentations to current and potential investors, lenders, creditors, vendors, customers and others with an interest in the Company and its business.

The information contained in the Presentation Materials is summary information that should be considered in the context of the Company's filings with the Securities and Exchange Commission and other public announcements that the Company may make by press release or otherwise from time to time. The Presentation Materials speak as of the date of this Current Report on Form 8-K. While the Company may elect to update the Presentation Materials in the future or reflect events and circumstances occurring or existing after the date of this Current Report on Form 8-K, the Company specifically disclaims any obligation to do so. The Presentation Materials are furnished herewith as Exhibit 99.2 to this Current Report on Form 8-K and are incorporated into this Item 7.01 by reference.

The information in this Current Report on Form 8-K furnished pursuant to Item 7.01, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to liability under that section, and they shall not be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. By filing this Current Report on Form 8-K and furnishing this information pursuant to Item 7.01, the Company makes no admission as to the materiality of any information in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, that is required to be disclosed solely by Regulation FD.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Exhibits</u>.

The following exhibits are included with this Current Report on Form 8-K:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release dated](ex991-esteprx2023capbudget.htm)[February](ex991-esteprx2023capbudget.htm)[16](ex991-esteprx2023capbudget.htm)[, 202](ex991-esteprx2023capbudget.htm)[3](ex991-esteprx2023capbudget.htm)[.](ex991-esteprx2023capbudget.htm)</u> |
| 99.2 | <u>[Presentation Materials dated](ex992-earthstoneirpresen.htm)[February](ex992-earthstoneirpresen.htm)[16](ex992-earthstoneirpresen.htm)[, 202](ex992-earthstoneirpresen.htm)[3](ex992-earthstoneirpresen.htm)[.](ex992-earthstoneirpresen.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURE**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | **EARTHSTONE ENERGY, INC.** | **EARTHSTONE ENERGY, INC.** |
| Date: | February 16, 2023 | By: | /s/ Tony Oviedo |
|  |  |  | Tony Oviedo |
|  |  |  | *Executive Vice President - Accounting and Administration* |

---

## Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 99.1**

![image_0a.jpg](image_0a.jpg)

**Earthstone Provides Operational and Financial Update, 2023 Guidance and Proved Reserves**

***Average Daily Production for the Fourth Quarter of 2022 Increased 246% Year Over Year***

***SEC Proved Reserves Increased 149% Year Over Year***

**The Woodlands, Texas, February 16, 2023** – Earthstone Energy, Inc. (NYSE: ESTE) ("Earthstone", the "Company", "our" or "we") today provided an operational and financial update, released 2023 guidance, and announced its year-end 2022 estimated proved reserves.

Key highlights include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Generated average daily production for the fourth quarter of 2022 of 104,766 barrels of oil equivalent per day ("Boepd") (45% oil)<sup>(1)</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Production increased 246% year over year compared to 30,242 Boepd for the fourth quarter of 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oil production of 46,709 barrels of oil per day ("Bopd") for the fourth quarter of 2022 was 9% above the mid-point of the Company's guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Full year 2022 average daily production grew 215% to approximately 78,167 Boepd (42% oil) compared to 24,809 Boepd reported for 2021<sup>(1)</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Invested $181.9 million and $530.6 million of capital in the fourth quarter of 2022 and the full year of 2022, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Repurchased 2.1% of the aggregate amount of the Company's Class A and Class B outstanding common shares during the fourth quarter of 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Reduced debt by $122 million in the fourth quarter to approximately $1.1 billion and maintained a strong balance sheet with leverage at 0.8x<sup>(2)</sup>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Proved reserves at year-end 2022 consisted of SEC PV-10 of $7.8 billion and 367.9 million barrels of oil equivalent ("MMBoe") (72% Proved Developed ("PD"); 38% oil);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PV-10 at strip pricing of $4.6 billion and proved reserves of 351.9 MMBoe (71% PD; 38% oil)<sup>(3)</sup>. 

**<u>Management Comments</u>**

Robert J. Anderson, President and Chief Executive Officer of Earthstone stated, "I am exceptionally proud of the Company we have built over the last few years and the team we have assembled that is responsible for such a successful year. 2022 was a significant and transformational year marked by the closing of more than $2.0 billion in acquisitions and production that exceeded 104,000 Boepd in the fourth quarter. We also significantly increased SEC proved reserves by more than 149% during the year and are reporting record reserves and value that reflect the quality and depth of our inventory which currently stands at more than ten years. The quality and productivity of our inventory are clearly apparent in our fourth quarter oil production levels, which, at 46,709 Bopd, exceeded the mid-point of our oil production guidance range by more than nine percent. This record-setting production level was driven by some great wells that came online, driving our strong fourth-quarter performance. In addition, the reported PV-10 value of our proved reserves using strip prices is greater than $4.6 billion, which is approximately $1.6 billion higher than our current enterprise value, further emphasizing the compelling value that Earthstone offers its shareholders."

------

"Looking ahead, we continue to believe scale matters in our business. We will continue to look for accretive assets that we believe will increase our scale while at the same time creating additional shareholder value. Our 2023 operating plans are designed to maintain a production profile of approximately 100,000 Boepd."

**<u>Operational Update</u>**

The Company has three drilling rigs in the Delaware Basin that are currently operating in Lea County, New Mexico, on Earthstone's Stateline acreage. The Company holds a 99% working interest in the Cattlemen two-well pad, which will have wells with an average lateral length of 7,500 feet and is targeting the First and Second Bone Spring zones. The Lonesome Dove two-well pad, in which Earthstone holds a 90% working interest, is targeting the First and Second Bone Spring zones. The wells have an average lateral length of 7,500 feet. The third rig is drilling a three-well pad in the El Campeon area. The Company holds a 90% working interest in wells in this area with average lateral lengths of approximately 10,000 feet targeting the Wolfcamp A and B zones. The El Campeon wells will be the first horizontal wells to be drilled across the Stateline of New Mexico and Texas.

The Company is currently operating two drilling rigs in the Midland Basin. One rig is drilling in each of Reagan and Upton Counties of Texas. The Upton County rig is drilling a four-well pad in the Company's Benedum project area in which it holds a 75% working interest and will average 8,500-foot laterals. The Reagan County rig is drilling a three-well pad in the TSRH project area in which the Company has 60% working interest, and the wells will have approximately 14,300-foot laterals, on average.

**<u>Recent Well Results</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Average | | | | |
| | Peak IP-30 | | Lateral | | |
| Well Name | Boepd | Oil % | Length | W.I. % | Basin |
| Stetson 13-24 Fed Com (2 Wells) | 1042 | 92% | 10330 | 67% | Delaware |
| Squeeze 2 State Com (3 Wells) | 1559 | 82% | 4700 | 49% | Delaware |
| Jade 34-3 Fed (2 Wells) | 1019 | 85% | 9855 | 52% | Delaware |
| Whittenburg (3 Wells) | 968 | 90% | 9850 | 100% | Midland |
| Whiskey River (3 Wells) | 853 | 85% | 9830 | 100% | Midland |
| TSRH East 18-20 (4 Wells) | 1054 | 80% | 14300 | 65% | Midland |

---

Note: The Squeeze 2 State Com – 3 wells represent the average of the first 27 days of production. Jade 34-3 Fed – 2 wells represent the average of the first 35 days of production.

For 2022, Earthstone spud 75 gross / 58.9 net wells and put on production 56 gross / 46.5 net operated wells.

**<u>Asset Sale</u>**

During the fourth quarter of 2022, the Company closed on the sale of a non-core asset in the Midland Basin. Earthstone received net proceeds of approximately $21 million for the Sugg Ranch area, which had an average daily production of approximately 850 Boepd in 2022.

**<u>Debt and Liquidity Update</u>**

As of December 31, 2022, the Company had approximately $1.054 billion of long-term debt comprised of approximately $539 million of unsecured notes<sup>(4)</sup> and approximately $515 million outstanding under the Credit Facility<sup>(4)</sup>. The Credit Facility has a borrowing base of $1.85 billion

------

and elected commitments of $1.2 billion, with undrawn revolving availability of approximately $680 million.

**<u>2023 Guidance</u>**

The Company's 2023 capital budget of $725-$775 million assumes a continuous five-rig program consisting of three rigs in the Delaware Basin and two rigs in the Midland Basin. This program is expected to result in the drilling of 82 gross / 62.7 net operated wells and participation in 1.4 net non-operated wells. The Company estimates production for 2023 to average 96,000- 104,000 Boepd (~44% oil).

---

| | | |
|:---|:---|:---|
| **Production Guidance** | **FY 2023** | |
| Production (Boepd) | 96000 – 104000 |  |
| &nbsp;&nbsp;% Oil | ~ 44% |  |
| &nbsp;&nbsp;% Liquids | ~ 69% |  |
| **Operating Costs** | **FY 2023** |  |
| &nbsp;&nbsp;Lease Operating Expense ($/Boe) | $8.25 – $9.00 |  |
| &nbsp;&nbsp;Prod. and Ad Val. Taxes (% of Revenue) | 7.25% – 7.75% |  |
| &nbsp;&nbsp;Cash G&A ($mm)<sup>(5)</sup> | $50 – $55 |  |
| &nbsp;&nbsp;Current Income Taxes at $75/bbl $3/mmBtu ($mm) | $15 – $25 |  |
| **2023 Capital Expenditures** | **Capex ($mm)** |  |
| &nbsp;&nbsp;Op. D&C Capex - Delaware Basin | $335 – $360 |  |
| &nbsp;&nbsp;Op. D&C Capex - Midland Basin | $300 – $320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Operated D&C Capex | $635 – $680 |  |
| &nbsp;&nbsp;Non-Operated D&C Capex | $18 – $20 |  |
| &nbsp;&nbsp;Non-D&C Capex | $72 – $75 |  |
| &nbsp;&nbsp;Total Capital Expenditures | $725 – $775 |  |
| &nbsp;&nbsp;**2023 Wells by Area** | **Spud**<br>**(Gross/Net)** | **POP**<br>**(Gross/Net)** |
| &nbsp;&nbsp;Delaware Wells | 45/31.8 | 44/30.7 |
| &nbsp;&nbsp;Midland Wells | 37/30.9 | 35/29.0 |
| &nbsp;&nbsp;Non-Op Wells | 12/1.4 | 16/2.3 |

---

Note: POP is defined as put on production.

**<u>Year-End 2022 SEC Estimated Proved Reserves</u>**

------

Earthstone Year-End 2022 SEC Estimated Proved Reserves Highlights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Proved Reserves of 367.9 MMBoe with corresponding PV-10 of $7.8 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Proved Reserves are approximately 38% oil, 33% natural gas liquids, and 29% natural gas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Proved Reserves are 72% Proved Developed and 28% Proved Undeveloped

As shown in the table below, the Company's estimated proved reserves at year-end 2022, which were prepared in accordance with Securities and Exchange Commission ("SEC") guidelines by Cawley, Gillespie & Associates, Inc. ("CGA"), an independent petroleum engineering firm, were approximately 367.9 MMBoe.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Oil | Gas | NGL | Total | PV-10<sup>(3)</sup> |
| Reserve Category | (MBbls) | (MMcf) | (MBbls) | (MBoe) | ($ in thousands) |
| Proved Developed | 88759.7 | 574761.2 | 80167.5 | 264720.7 | $5840672.8 |
| Proved Undeveloped | 49640.7 | 167404.3 | 25673.0 | 103214.4 | $1948945.4 |
| Total | 138400.4 | 742165.6 | 105840.5 | 367935.2 | $7789619.2 |

---

Note: PV-10 is a non-GAAP financial measure. See the "Non-GAAP Financial Measure" section below.

SEC rules require that calculations of economically recoverable reserves use the unweighted average price on the first day of the month for the prior twelve-month period. The resulting oil and natural gas prices used for the Company's 2022 year-end reserve report, prior to adjusting for quality and basis differentials, were $93.67 per barrel and $6.358 per million British Thermal Units ("MMBtu"), respectively. SEC prices net of differentials were $95.82 per barrel and $5.51 per Mcf.

**<u>Year-End 2022 Estimated Proved Reserves at Strip Pricing</u>**<sup>(6)</sup>

This alternative summary, as shown in the table below, has been prepared in accordance with the Society of Petroleum Engineers' 2018 Petroleum Resources Management System utilizing NYMEX Strip Pricing as of December 30, 2022. The difference between SEC estimated proved reserves and estimated proved reserves at strip pricing is the use of strip pricing<sup>(6)</sup> versus SEC pricing (see above).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Oil | Gas | NGL | Total | PV-10 |
| Reserve Category | (MBbls) | (MMcf) | (MBbls) | (MBoe) | ($ in thousands) |
| Proved Developed | 84031.6 | 543861.2 | 76021.8 | 250696.9 | $3615485.7 |
| Proved Undeveloped | 48564.5 | 164496.1 | 25233.5 | 101214.0 | $947305.9 |
| Total | 132596.1 | 708357.3 | 101255.3 | 351911.9 | $4562791.6 |

---

________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Average daily production represents preliminary sales volume estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Based on 12/31/22 Total Debt divided by Annualized 4Q22 Consensus EBITDAX Estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)PV-10 is a non-GAAP financial measure. See the "Non-GAAP Financial Measure" section below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Represents debt outstanding, net of unamortized debt issuance costs. The $550 million aggregate principal amount of unsecured 8.0% senior notes due 2027, includes the unamortized debt issuance costs of $10.9 million. The $250 million term loan amount under the credit facility due 2027, includes unamortized debt issuance costs on the term loan of $5.3 million. The remaining amount outstanding of $270.1 million relates to the revolving portion of the credit facility.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Cash G&A is defined as general and administrative expenses excluding stock-based compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Strip Pricing as of December 30, 2022: WTI/Henry Hub – 2023: $79.07/$4.30; 2024: $73.89/$4.28; 2025: $69.77/$4.40; 2026: $66.55/$4.47; 2027 and thereafter: $63.87/$4.43.

**<u>Revised Company Presentation</u>**

Earthstone recently posted an updated corporate presentation, which is available on its website.

**<u>About Earthstone</u>**

Earthstone Energy, Inc. is a growth-oriented, independent energy company engaged in acquisitions and the development and operation of oil and natural gas properties. Its primary assets are located in the Permian Basin of west Texas and New Mexico. Earthstone is listed on the New York Stock Exchange under the symbol "ESTE." For more information, visit Earthstone's website at www.earthstoneenergy.com.

**<u>Preliminary Financial and Operational Data</u>**

The financial and operational data for the year and three months ended December 31, 2022 contained in this release are preliminary in nature. The Company's management has prepared the preliminary financial and operational data contained in this release based on the most current information available to management. The Company's normal closing and financial reporting processes with respect to its financial and operational data for the year and three months ended December 31, 2022 have not been fully completed. This preliminary financial and operational data has been prepared by, and is the responsibility of, the Company's management. Neither Moss Adams LLP, the Company's independent accountants, nor any other independent accounting firm is expressing an opinion or any other form of assurance with respect thereto. As a result, the Company's actual financial and operational results for the year and three months ended December 31, 2022 could be different from the preliminary financial and operational data contained herein, and any differences could be material. The Company has prepared these estimates on a basis materially consistent with its historical financial results and in good faith based upon its internal reporting as of and for the year and three months ended December 31, 2022. This release is not intended to be a comprehensive statement of financial results for this period. The results of operations for an interim period may not give a true indication of the results to be expected for a full year or any future period.

**<u>Forward-Looking Statements</u>**

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," "target," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. 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 that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in Earthstone's annual report on Form 10-K for the year ended December 31, 2021, subsequent quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other Securities and Exchange Commission filings. Earthstone undertakes no obligation to revise or update publicly any forward- looking statements except as required by law.

------

**<u>Contact</u>**

Clay Jeansonne<br>Investor Relations<br>Earthstone Energy, Inc.<br>1400 Woodloch Forest Drive, Suite 300<br>The Woodlands, TX 77380<br>713-379-3080<br>CJeansonne@earthstoneenergy.com

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**Earthstone Energy, Inc.**

**Non-GAAP Financial Measure Unaudited**

The non-GAAP financial measure of PV-10, as defined and presented below, is intended to provide readers with meaningful information that supplements the Company's financial statements prepared in accordance with accounting principles generally accepted in the United States ("GAAP").

PV-10 is derived from the standardized measure of discounted future net cash flows ("Standardized Measure"), which is the most directly comparable financial measure under GAAP. PV-10 is a computation of the Standardized Measure on a pre-tax basis. PV-10 is equal to the Standardized Measure at the applicable date, before deducting future income taxes, discounted at 10%. We believe that the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to the Company's estimated net proved reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of the Company's oil and natural gas properties. Further, investors may utilize the measure as a basis for comparison of the relative size and value of the Company's reserves to other companies. The Company uses this measure when assessing the potential return on investment related to its oil and natural gas properties. PV-10, however, is not a substitute for the Standardized Measure. The Company's PV-10 measure and the Standardized Measure do not purport to present the fair value of its oil and natural gas reserves.

The following table provides a reconciliation of PV-10 of the Company's estimated proved properties to the Standardized Measure as of December 31, 2022 (in thousands):

---

| | |
|:---|:---|
| SEC Present value of estimated future net revenues (PV-10) | $7789619 |
| Future income taxes, discounted at 10% | (1065118) |
| Standardized measure of discounted future net cash flows | $6724501 |

---

7

## Exhibit 99.2

![](ex992-earthstoneirpresen001.jpg)

Investor Presentation F e b r u a r y 1 6 , 2 0 2 3 1 E x h i b i t 9 9 . 2

------

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Disclaimer Forward-Looking Statements This presentation 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 words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "guidance," "target," "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 Earthstone Energy, Inc. ("ESTE," "Earthstone" or the "Company") and its stockholders from Earthstone's recent acquisitions of oil and gas properties, the expected future reserves, production, financial position, business strategy, revenues, earnings, free cash flow, costs, capital expenditures and debt levels of the 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: Earthstone's ability to successfully integrate the oil and gas properties it has recently acquired and achieve anticipated benefits from them; risks relating to any unforeseen liabilities of Earthstone or the oil and gas properties it has recently acquired; declines in oil, natural gas liquids or natural gas prices; developments in the Russia-Ukraine conflict; 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 writedowns; risks related to level of indebtedness and periodic redeterminations of the borrowing base under the Company's credit facility; Earthstone's ability to generate sufficient cash flows from operations to fund all or portions of its future capital expenditures budget or to support a shareholder return program; Earthstone's ability to obtain external capital to finance exploration and development operations and acquisitions; the impacts of hedging on results of operations; uninsured or underinsured losses resulting from oil and natural gas operations; competition for assets, equipment, materials and qualified people; supply chain disruptions; constraints or downtime on midstream assets servicing Earthstone's oil and gas production; Earthstone's ability to replace oil and natural gas reserves; any loss of senior management or technical personnel; regulatory matters, including environmental regulations; oilfield service cost inflation; social, market and regulatory efforts to address climate change; and the direct and indirect impact on most or all of the foregoing on the evolving COVID-19 pandemic. Earthstone's annual report on Form 10-K for the year ended December 31, 2021, 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. The forward-looking statements included in this presentation speak only as of the date of this presentation and Earthstone undertakes no obligation to revise or update publicly any forward-looking statements except as required by law. . This presentation contains estimates of Earthstone's future EBITDAX, Free Cash Flow and 2023 production, capital expenditures and expense guidance. The actual levels of production, capital expenditures and operating expenses may be higher or lower than these estimates due to, among other things, uncertainty in drilling schedules, oil and natural gas prices, changes in market demand for hydrocarbons and unanticipated delays in production and well completions. These estimates are based on numerous assumptions. All or any of these assumptions may not prove to be accurate, which could result in actual results differing materially from estimates. No assurance can be made that any new wells will produce in line with historical performance, or that existing wells will continue to produce in line with Earthstone's expectations. Earthstone's ability to fund its 2023 and future capital budgets is subject to numerous risks and uncertainties, including volatility in commodity prices and the potential for unanticipated production and completion delays and increases in costs associated with drilling, production and transportation. Use of Non-GAAP Information This presentation includes financial measures that are not in accordance with accounting principles generally accepted in the United States ("GAAP") such as PV-10, free cash flow and Adjusted EBITDAX. Such non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of our results as reported under GAAP. For additional disclosure regarding such non-GAAP measures, including reconciliations to their most directly comparable GAAP measure, please refer to the Appendix or to Earthstone's press release for the quarter ended September 30, 2022. Cautionary Note on Reserves and Resource Estimates The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. Any reserve estimates provided in this presentation that are not specifically designated as being estimates of proved reserves may include estimated reserves or locations not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. You are urged to consider closely the oil and gas disclosures in our 2021 Form 10-K and our other reports and filings with the SEC. Industry and Market Data This presentation has been prepared by Earthstone and includes market data and other statistical information from third-party sources, including independent industry publications, government publications or other published independent sources. Although Earthstone believes these third-party sources are reliable as of their respective dates, Earthstone has not independently verified the accuracy or completeness of this information. Some data are also based on Earthstone's good faith estimates, which are derived from its review of internal sources as well as the third-party sources described above. 2

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High Free Cash Flow Generation with Low Reinvestment Needs Modest cash flow needed to maintain production levels, creates robust free cash flow generation1 Top Basins / Long Inventory Life Midland Basin and Delaware Basin asset base with ~10 years of high quality inventory life The New Earthstone: Significantly Larger Scale, Same Core Values 3 1. Free cash flow is a non-GAAP measure defined as Adjusted EBITDAX less interest expense, less the current portion of income tax expense, less accrual-based capital expenditures. 2. Based on 12/31/22 Total Debt divided by Annualized 4Q22 Consensus EBITDAX estimate sourced from FactSet as of 2/10/23. Greater Efficiency from Increased Critical Mass Seven acquisitions since early 2021 increased production by >5x and improved cost and operating efficiencies Low Leverage Achieved year-end 2022 leverage of 0.8x² Commitment & Focus "Do the right thing" commitment to stakeholders, employees and environment Shareholder Returns "New Earthstone" provides opportunities to consider further shareholder returns

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Texas New Mexico A Much Larger Earthstone: Corporate Snapshot 4Note: See appendix for additional details. Earthstone Acreage Permian Basin Area MIDLAND BASIN DELAWARE BASIN Select Operational Data 352 MMBoe Estimated Proved Reserves1 $4.6 Billion Proved PV-10 at Strip1 104,766 Boe/d (45% Oil) Estimated 4Q22 Production ~212,000 Permian Net Acres Select Financial Data 0.8x 4Q22 LQA Leverage² ~850 Gross Operated Drilling Locations3 12/31/22 Stock Price (2/10/23) $13.72 Market Cap $1.9 B Net Debt $1.1 B Enterprise Value $3.0 B Shares Outstanding 139.8 MM Undrawn Revolver $680 MM

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1 Proven Permian Consolidator Closed >$2.0 B from 3 Significant Acquisitions (+6% 1-day post- announcement average share price return) 2 Production Growth Strong well results and operational performance drove estimated production to more than 104,000 Boepd (45% oil) in 4Q22 3 Proved Reserves Growth Increased Proved Reserves volume by ~150%1 2022 Key Accomplishments 5 4 Shareholder Returns Repurchased ~2% of Outstanding Shares in 4Q22 5 Strong Balance Sheet Maintained Strong Balance Sheet with LQA Leverage of 0.8x2 6 Quality Asset Base Increased Proved PV-10 to more than $4.6 Billion3 Significant step-change in 2022 positions Earthstone for substantial opportunities to enhance existing Permian asset base and generate shareholder value 1. Total estimated proved reserves as of 1/1/23 using SEC pricing. 2. Based on 12/31/22 Total Debt divided by Annualized 4Q22 Consensus EBITDAX estimate sourced from FactSet as of 2/10/23. 3. Total estimated proved reserves as of 1/1/23 using NYMEX strip pricing as of 12/30/22.

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Date Announced FY 2020A 12/18/20 4/1/21 10/4/21 12/16/21 1/31/22 6/28/22 Acquisitions Total Acquisition Price ($MM)(1) $182.0 $126.5 $73.2 $603.8 $860.0 $627.1 $2,473 Consideration Mix (% Cash / % Stock) 72% / 28% 65% / 35% 67% / 33% 68% / 32% 57% / 43% 92% / 8% 70% / 30% Proved Developed PV-10 ($mm) (2) $173 $153 $116 $421 $1,012 $857 $2,732 Acquired Drilling Locations(3) 70 49 - 414 49 114 696 ~15,300 ~100,000⁴ ESTE 4Q'20 IRM Tracker Foreland Chisholm Bighorn Titus 4Q22E Acquisition Success Enabling Earthstone's Step-Change in Scale • Earthstone has achieved significant scale through acquisitions in the Permian • Low decline base production profile and high quality inventory enables moderate production growth Pathway to Scale – Production (Boe/d) Note: See Appendix for footnotes. 6 ¹ ² ³ FY 2023E

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$- $500 $1,000 $1,500 $2,000 $2,500 $3,000 IRM Tracker Foreland Chisholm Bighorn Titus $ in m ill io ns Conservative Valuation Methodology Leads to High Impact Acquisitions 7 Cumulative Proved Developed Reserves Value Greater Than Combined Total Purchase Price1 1. Cumulative estimated PD value based upon forward strip pricing at the time of each announced transaction. Cumulative PD PV-10 value Cumulative Purchase Price IRM Tracker Chisholm Bighorn Titus 696 Gross Operated Drilling Locations Acquired Across all six significant transactions, proved developed value of reserves has underpinned purchase price1 Undeveloped locations acquired "virtually" free as PD value of acquired properties is higher than cumulative total purchase price

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$1.59 $1.96 $4.03 YE20 YE21 YTD 9/30/22 Annualized Value Accretion to Shareholders 8 1. Based on 12/31/22 Total Debt divided by Annualized 4Q22 Consensus EBITDAX estimate sourced from FactSet as of 2/10/23. 2. Total debt-adjusted shares is calculated as share count as of year-end date plus net debt at year-end divided by closing share price as of year-end date. Share prices were $5.33, $10.94, $14.23 for YE20, YE21 and YE22, respectively. 3. Based on annualized Operating Cash Flow before working capital changes for each respective period. 4. Proved reserves value based on SEC pricing for each respective year. Last-Quarter-Annualized Production per Debt-Adjusted Share (Mboe per Share)² Accretion to shareholders while maintaining low leverage (0.8x Debt/Last-Quarter-Annualized EBITDAX at YE22)¹ Cash Flow per Debt-Adjusted Share²,³ Proved Reserves Value per Debt-Adjusted Share²,⁴ 63.0 93.8 180.3 YE20 YE21 YE22 $5.47 $17.00 $21.33 YE20 YE21 YE22

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$0.5 B 79 MMBoe $2.0 B 148 MMBoe $7.8 B 368 MMBoe $4.6 B 352 MMBoe¹ $3.0 B YE20 SEC Pricing YE21 SEC Pricing YE22 SEC Pricing 1/1/23 Reserves 12/30/22 Strip¹ Enterprise Value PUD PD Shareholder Value Accretion Reflected in Enormous Proved Reserves Growth 9 Proved Strip PV-10 Uplift from YE20 With estimated PD reserves composing ~71% of the total proved reserves value In Proved Reserves Value at Strip Based on common shares outstanding and net debt2 >9x ~$25 per share Estimated Proved Developed Value at Strip Current PD reserves value is significantly higher than current enterprise value1 ~$3.6B Robust Value Growth in Proved Reserves With Majority Coming from Proved Developed Reserves Additions 1. Estimated PD reserves value of $3.6 billion as of 1/01/23 at NYMEX strip pricing as of 12/30/22. See appendix for additional details. 2. Calculated as 1/1/23 estimated proved reserves value at NYMEX strip pricing as of 12/30/22 less net debt and divided by share count of ~139.8 million as of 12/31/22; net debt as of 12/31/22.

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Robust Proved Developed and Inventory Profile 1P Reserves PV-10 Value as of 1/1/23¹ PV-10 Value ($MM) Proved Developed $3,615 Proved Undeveloped $947 Total Proved $4,562 • Total Proved Developed Reserves PV-10 value of ~$3.6 billion exceeds current enterprise value¹ • Over 850 high-quality gross operated drilling locations provide significant runway for future development Lea Eddy Midland/Ector Upton Reagan/Irion 1P Reserves as of 1/1/23¹ Reserves and Inventory 10 1. Represents management's estimates for reserves as of 1/1/23 utilizing NYMEX strip pricing as of 12/30/22. 2. Includes all locations across reserve categories. 71% 29% PD PUD 352 MMBoe Gross Operated Locations² ~850 Gross Operated Locations

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MIDLAND New Mexico Earthstone Acreage Texas Deep Inventory of High-Return Drilling Locations 11 Select Recent Well Results # Pad Peak IP- 30 (Boepd) Oil (%) Lateral Length (ft) WI (%) 1 Stetson 13-24 Fed Com (2 Wells) 1,042 92% ~10,325' 63% 2 Jade 34-3 Fed (2 Wells) 1,019 85% ~9,855' 52% 3 Squeeze 2 ST Com (3 Wells) 1,559 82% ~4,700' 49% 4 Whittenburg (3 Wells) 968 90% ~9,850' 100% 5 Whiskey River (3 Wells) 853 85% ~9,830' 100% 6 TSRH East 18-20 (4 Wells) 1,054 81% ~14,300' 65% 1 2 3 4 5 6 Note: The Jade 34-3 Fed – 2-Wells represents the first 35 days of production. The Squeeze 2 State Com – 3-Wells represents the first 27 days of production.

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Company Guidance 12 Note: Guidance is forward-looking information that is subject to considerable change and numerous risks and uncertainties, many of which are beyond Earthstone's control. See "Forward-Looking Statements". 1. Cash G&A is a non-GAAP financial measure defined as general and administrative expenses excluding stock-based compensation. Midland Basin Delaware Basin • 2 Rigs • Spud ~37 Gross Operated Wells • Average Well Lateral Length of ~9,600 Feet • ~84% Average Working Interest • ~$300 MM-$320 MM D&C Capex • 3 Rigs • Spud ~45 Gross Operated Wells • Average Well Lateral Length of ~8,900 Feet • ~69% Average Working Interest • ~$335 MM-$360 MM D&C Capex Earthstone continues five-rig drilling program to pursue the most capital efficient, oil-weighted projects to optimize free cash flow generation and project returns Guidance FY 2023 Production (Boe/d) 96,000 - 104,000 % Oil ~44% % Liquids ~69% Total Capital Expenditures ($MM) $725 - $775 Lease Operating Expense ($/Boe) $8.25 - $9.00 Production & Ad Valorem Taxes (% of Revenue) 7.25% - 7.75% Cash G&A ($MM)¹ $50 - $55 Current Income Taxes at $75/bbl $3/mmBtu ($MM) $15 - $25

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$10.82 $13.38 $13.97 $14.51 $15.39 $16.10 $16.29 $17.71 $17.71 $18.54 $19.35 $19.37 $20.98 $21.98 $22.33 $26.01 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 ESTE Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 Low-Cost Operator – Leader in Permian SMid-Cap Peer Group 13 SMid-Cap Peer Average: $18.43 3Q22YTD "All-in" Cash Costs1 Large-Cap Peers Permian SMid-Cap Peers 1. All-in cash costs are calculated as the sum of LOE, ad valorem & production taxes, transportation expense, cash G&A, and interest expense expressed on a per Boe basis. Large-Cap peers include FANG and PXD. SMid-Cap peers include CHRD, CIVI, CPE, CRGY, HPK, MGY, MTDR, NOG, PDCE, REI, ROCC, SM and VTLE. Cash G&A is a non-GAAP financial measure defined as general and administrative expenses excluding stock-based compensation. Earthstone provides low-cost operational excellence across existing and recently acquired assets Non-Permian SMid-Cap Peers

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2.5x 5.6x 4.9x 5.0x 3.6x 3.0x 2.7x 2.1x 4.9x 4.3x 3.3x 2.9x 2.8x 2.6x 2.6x ESTE Peer 1 Peer 3 Peer 2 Peer 6 Peer 8 Peer 11 Peer 14 Peer 4 Peer 5 Peer 7 Peer 9 Peer 10 Peer 12 Peer 13 24% 9% 13% 10% 14% 19% 16% 14% 17% 9% 10% 16% 18% 18% 16% ESTE Peer 1 Peer 3 Peer 2 Peer 6 Peer 8 Peer 11 Peer 14 Peer 4 Peer 5 Peer 7 Peer 9 Peer 10 Peer 12 Peer 13 Earthstone Offers an Attractive Value Opportunity 14 Source : Company filings, press releases, Wall Street research, analyst expectations sourced from FactSet and share prices as of 2/10/2023. Note: Free Cash Flow Yield is calculated by dividing Free Cash Flow by Market Capitalization. Future EBITDAX and Free Cash Flow for Earthstone are forward-looking information that is subject to considerable change and numerous risks and uncertainties, many of which are beyond Earthstone's control. See "Forward-Looking Statements". Permian Large-Cap includes FANG and PXD. Permian SMID-Cap includes CPE, MTDR, PR, SM and VTLE. Out-of-Basin Comps includes CHRD, CIVI, CRGY, MGY, NOG, PDCE and ROCC. Enterprise Value to 2023E EBITDAX 2023E Free Cash Flow Yield • ESTE has one of the lowest EV / EBITDAX multiples and the highest Free Cash Flow yield Permian SMid-CapPermian Large-Cap Non-Permian SMid-Cap Permian SMid-CapPermian Large-Cap Non-Permian SMid-Cap

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Liquidity and Capital Structure Benefitting from Expanded Scale and Bond Offering 15 Significant Liquidity Supports All Potential Capital Deployment Scenarios • Borrowing Base has grown from $240 MM at YE20 to $1.85 B driven primarily by high value reserves and production additions1 • $1.2 B of elected commitments under Credit Facility maturing in 2027 • YE22 facility utilization ~43% of current $1.2 B of elected commitments • Robust estimated PD reserves of ~$3.6 B with low corporate decline rate (~25%) support continued availability1 • $550 MM unsecured senior notes, 8% coupon, matures in 2027 1. Estimated PD reserves of ~$3.6 billion reflect proved developed reserves as of 1/1/23 utilizing NYMEX strip pricing as of 12/30/22. See appendix for additional details. $0 $500 $1,000 $1,500 $2,000 YE20 YE21 YE22 $ in m ill io ns Drawn RBL Debt Undrawn RBL Commitments Uncommitted Borrowing Base Availability

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Responsible Management of Fugitive Emissions and Flaring 16 "Do the Right Thing" approach and proactive plan driving reductions in GHG emissions and flaring 68% Reduction vs. 2020 Below peer average 2021 Flaring Intensity of 0.7% (operated gas flared / operated gas produced) 66% Note: Peers include CDEV, CPE, FANG, MTDR, PXD, SM, and VTLE. Data complied from company published data for most recent available year (2020 or 2021) and from publicly available EPA reports as of June 30, 2022. 2021 Greenhouse Gas Emissions Intensity of 7.9 (T CO2e / Mboe) 36% Reduction vs. 2020 Below peer average 44%

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Progressing Our Sustainability Initiatives While Leading the Pack 17 Key Environmental Priorities Focus on Responsible Operatorship Minimize fugitive emissions with the installation of emission reducing equipment in conjunction with new facility construction: – Vapor Recovery Units ("VRUs") – Air compression equipment for Pneumatic Actuators – Participation in fly over surveys Leak Detection and Repair ("LDAR") active since 2019 and complemented by FLIR imagery feedback program Target Zero Flaring: Connect natural gas pipelines ahead of flowback and first production negates need for flaring Vast majority of water disposal occurs on pipeline, reducing truck hauls and CO2 emissions 0.2% 0.2% 0.2% 0.4% 0.4% 0.4% 0.5% 0.5% 0.6% 0.6% 0.7% 0.8% 1.0% 1.0% 1.1% 1.2% 1.3% 1.5% 1.5% 1.6% 2.1% ESTE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 ESTE Among the Leaders in Permian Flaring Intensity Regardless of Market Cap1,2 Earthstone Mega-Cap Permian SMID-Cap Permian Large-Cap Permian 1. Data courtesy of Rystad Energy, "Permian Flaring Intensity Report from February 2022". 2. Mega-Cap peers include BP, COP, CVX, and XOM. Large-Cap peers include APA, CLR, DVN, EOG, FANG, MRO, OVV, OXY, and PXD. SMID-Cap peers include CDEV, CPE, CTRA, MTDR, PDCE, SM, and VTLE.

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Transformed Earthstone Provides Significant Shareholder Value Creation Opportunity 18 Earthstone Management has consistently shown fundamental conservatism in assessing and executing a broader corporate strategy of value driven investment in high quality assets, operating cost leadership, and management of its balance sheet offering investors a reliable and predictable opportunity to invest in a growing operator. Greater Efficiency Achieved from Increased Critical Mass Robust Inventory in the Premier Shale Basins of the US Significant Free Cash Flow Generation with Low Reinvestment Needs Historically Low Leverage and Expect to Remain Below 1.0x Improving the Opportunity to Implement Meaningful Shareholder Returns Committed to Delivering for Stakeholders, Employees, and the Environment

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Appendix 19

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Development Optionality Across A Larger Footprint 20 Scaled Development Plans Continuous multi-zone development program spread across both Midland and Delaware Basin positions with typical development spacing at 3-5 wells per section Delaware: ~45,000 net acres Midland: ~167,000 net acres 1st Bone Spring Carb / Avalon Shale 1st Bone Spring Sand 2nd Bone Spring Carb 2nd Bone Spring Sand 3rd Bone Spring Carb 3rd Bone Spring Sand Wolfcamp A / XY Wolfcamp B 2,575' -3,650' gross thickness 3, 20 0' g ro ss th ic kn es s Secondary Target Zones Primary Target Zones MIDLAND New Mexico Middle Spraberry Shale Lower Spraberry Sands Jo Mill Silt Lower Spraberry Shale Dean Wolfcamp A Upper Wolfcamp B Lower Wolfcamp B Wolfcamp C Wolfcamp D / Cline Shale Earthstone Acreage Texas DELAWARE

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Oil and Gas Hedge Summary 21 Oil Hedge Positions (WTI based, Bbls/d, and $/Bbl)¹ Natural Gas Hedge Positions (HH based, MMBtu/d, and $/MMBtu)² Focused on protecting cash flow while leaving upside for a stronger commodity outlook • Utilize a mix of collars, swaps and puts on oil and gas production • Oil is ~39% hedged for 2023³ • Gas is ~38% hedged for 2023³ • Waha basis is nearly 100% hedged for 2023 through financial swaps and volumes priced out-of-basin³ Note: Includes all WTI and Henry Hub hedges as of 2/15/23. Does not include basis swaps. 1. Reflects weighted average swap price, put price (net of deferred premiums) and weighted average collar floor / ceiling prices each quarter. 2. Reflects weighted average swap price and weighted average collar floor / ceiling prices each quarter. 3. Based on midpoint of FY23 guidance. $76.94 $76.94 $76.94 $76.94 $76.94 $63.83 $63.83 $64.54 $64.54 $64.12 $62.71 / $86.24 $62.47 / $87.56 $62.47 / $87.56 $62.47 / $87.56 $62.52 / $87.26 17,811 18,500 16,500 16,500 17,322 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 Swaps Puts Collars $3.400 $3.349 $3.349 $3.349 $3.352 $4.721 / $11.116 $3.381 / $5.748 $3.381 / $5.748 $3.334 / $5.253 $3.818 / $7.442 84,700 70,200 70,200 58,570 70,844 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 Swaps Collars

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WTI Oil Hedges - Swaps HH Gas Hedges - Swaps Period Volume (Bbls) Volume (Bbls/d) $/Bbl Period Volume (MMBtu) Volume (MMBtu/d) $/MMBtu 1Q 2023 405,000 4,500 $76.94 1Q 2023 232,500 2,583 $3.400 2Q 2023 409,500 4,500 $76.94 2Q 2023 1,137,500 12,500 $3.349 3Q 2023 414,000 4,500 $76.94 3Q 2023 1,150,000 12,500 $3.349 4Q 2023 414,000 4,500 $76.94 4Q 2023 1,150,000 12,500 $3.349 FY 2023 1,642,500 4,500 $76.94 FY 2023 3,670,000 10,055 $3.352 WTI Oil Hedges - Collars HH Gas Hedges - Collars Period Volume (Bbls) Volume (Bbls/d) $/Bbl (Floor) $/Bbl (Ceiling) Period Volume (MMBtu) Volume (MMBtu/d) $/MMBtu (Floor) $/MMBtu (Ceiling) 1Q 2023 631,000 7,011 $62.71 $86.24 1Q 2023 7,390,500 82,117 $4.721 $11.116 2Q 2023 700,700 7,700 $62.47 $87.56 2Q 2023 5,250,700 57,700 $3.381 $5.748 3Q 2023 708,400 7,700 $62.47 $87.56 3Q 2023 5,308,400 57,700 $3.381 $5.748 4Q 2023 708,400 7,700 $62.47 $87.56 4Q 2023 4,238,400 46,070 $3.334 $5.253 FY 2023 2,748,500 7,530 $62.52 $87.26 FY 2023 22,188,000 60,789 $3.818 $7.442 WTI Midland Argus Crude Basis Swaps WAHA Differential Basis Swaps Period Volume (Bbls) Volume (Bbls/d) $/Bbl (Differential) Period Volume (MMBtu) Volume (MMBtu/d) $/MMBtu 1Q 2023 2,385,000 26,500 $0.91 1Q 2023 12,600,000 140,000 ($1.674) 2Q 2023 2,411,500 26,500 $0.91 2Q 2023 12,740,000 140,000 ($1.674) 3Q 2023 2,346,000 25,500 $0.92 3Q 2023 12,880,000 140,000 ($1.674) 4Q 2023 2,346,000 25,500 $0.92 4Q 2023 12,880,000 140,000 ($1.674) FY 2023 9,488,500 25,996 $0.92 FY 2023 51,100,000 140,000 ($1.674) FY 2024 FY 2024 36,600,000 100,000 ($1.050) WTI Deferred Premium Puts Period Volume (Bbls) Volume (Bbls/d) $/Bbl (Put Price) $/Bbl (Net of Premium) 1Q 2023 567,000 6,300 $69.21 $63.83 2Q 2023 573,300 6,300 $69.21 $63.83 3Q 2023 395,600 4,300 $70.00 $64.54 4Q 2023 395,600 4,300 $70.00 $64.54 FY 2023 1,931,500 5,292 $69.53 $64.12 Oil and Gas Hedge Positions 22Note: Hedgebook as of 2/15/23.

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SEC Proved Reserves Summary & PV-10 – Year-End 2022 23 Year-End 2022 SEC Proved Reserves Reconciliation of PV-10 As shown in the table below, Earthstone's estimated proved reserves at year end 2022 were independently estimated by Cawley, Gillespie & Associates, Inc. ("CGA"), independent petroleum engineers, and which was prepared in accordance with Securities and Exchange Commission ("SEC") guidelines, were approximately 351.9 million barrels of oil equivalent ("MMBoe"). SEC rules require that calculations of economically recoverable reserves use the unweighted average price on the first day of the month for the prior twelve-month period. The resulting oil and natural gas prices used for Earthstone's 2022 year end reserve report, prior to adjusting for quality and basis differentials, were $93.67 per barrel and $6.358 per million British Thermal Units ("MMBtu"), respectively. SEC prices net of differentials were $95.82 per barrel, $39.24 per equivalent barrel of NGL and $5.51 per Mcf. PV-10 is a measure not prepared in accordance with accounting principles generally accepted in the United States ("GAAP") that differs from a measure under GAAP known as "standardized measure of discounted future net cash flows" in that PV-10 is calculated without including future income taxes. Management believes that the presentation of the PV-10 value of our oil and natural gas properties is relevant and useful to investors because it presents the estimated discounted future net cash flows attributable to our estimated proved reserves independent of our income tax attributes, thereby isolating the intrinsic value of the estimated future cash flows attributable to our reserves. We believe the use of a pre-tax measure provides greater comparability of assets when evaluating companies because the timing and quantification of future income taxes is dependent on company-specific factors, many of which are difficult to determine. For these reasons, management uses and believes that the industry generally uses the PV-10 measure in evaluating and comparing acquisition candidates and assessing the potential rate of return on investments in oil and natural gas properties. PV-10 does not necessarily represent the fair market value of oil and natural gas properties. PV-10 is not a measure of financial or operational performance under GAAP, nor should it be considered in isolation or as a substitute for the standardized measure of discounted future net cash flows as defined under GAAP. The table below provides a reconciliation of PV-10 to the standardized measure of discounted future net cash flows (in thousands): Oil Gas NGL Total PV-10 Reserves Category (Mbbls) (MMcf) (Mbbls) (Mboe) ($ in thousands) Proved Developed 88,760 574,761 80,168 264,721 5,840,674 Proved Undeveloped 49,641 167,404 25,673 103,214 1,948,945 Total 138,400 742,166 105,841 367,935 $7,789,619 Present value of estimated future net revenues $7,789,619 Future income taxes, discounted at 10% $1,065,118 Standardized measure of discounted future net cash flows $6,724,501

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Definition of Non-GAAP Financial Measure – Adjusted EBITDAX 24 Earthstone uses Adjusted EBITDAX, a financial measure that is not presented in accordance with GAAP. Adjusted EBITDAX is a supplemental non-GAAP financial measure that is used by Earthstone's management team and external users of its financial statements, such as industry analysts, investors, lenders and rating agencies. Earthstone's management team believes Adjusted EBITDAX is useful because it allows Earthstone to more effectively evaluate its operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. Earthstone defines Adjusted EBITDAX as net (loss) income plus, when applicable, (gain) on sale of oil and gas properties, net; accretion of asset retirement obligations; depletion, depreciation and amortization; transaction costs; interest expense, net; exploration expense; unrealized loss on derivative contracts; stock based compensation; and income tax (benefit) expense. Earthstone excludes the foregoing items from net (loss) income in arriving at Adjusted EBITDAX because these amounts can vary substantially from company to company within their industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net (loss) income as determined in accordance with GAAP or as an indicator of Earthstone's operating performance or liquidity. 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 costs of depreciable assets, none of which are components of Adjusted EBITDAX. Earthstone's computation of Adjusted EBITDAX may not be comparable to other similarly titled measures of other companies or to similar measures in Earthstone's revolving credit facility. Definition of Non-GAAP Financial Measure – Free Cash Flow Free Cash Flow is a non-GAAP financial measure that Earthstone uses as an indicator of our ability to fund our development activities and reduce our leverage. Earthstone defines Free Cash Flow as Net cash provided by operating activities; less (1) Settlement of asset retirement obligations, Gain on sale of office and other equipment, Amortization of deferred financing costs and Change in assets and liabilities from the Condensed Consolidated Statements of Cash Flows; plus (2) Transaction costs, Exploration expense and the current portion of Income tax (expense) benefit from the Condensed Consolidated Statements of Operations; plus (3) the liability portion of stock-based compensation which is included in General and administrative expense in the Condensed Consolidated Statements of Operations; less (4) Capital expenditures (accrual basis). Alternatively, Free Cash Flow could be defined as Adjusted EBITDAX (defined above), less interest expense, less the current portion of income tax expense, less accrual-based capital expenditures. Management believes that Free Cash Flow, which measures Earthstone's ability to generate additional cash from our business operations, is an important financial measure for use in evaluating the Company's financial performance. Free Cash Flow should be considered in addition to, rather than as a substitute for, consolidated net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Preliminary Financial and Operational Data The financial and operational data for the year and three months ended December 31, 2022 contained in this release are preliminary in nature. The Company's management has prepared the preliminary financial and operational data contained in this release based on the most current information available to management. The Company's normal closing and financial reporting processes with respect to its financial and operational data for the year and three months ended December 31, 2022 have not been fully completed. This preliminary financial and operational data has been prepared by, and is the responsibility of, the Company's management. Neither Moss Adams LLP, the Company's independent accountants, nor any other independent accounting firm is expressing an opinion or any other form of assurance with respect thereto. As a result, the Company's actual financial and operational results for the year and three months ended December 31, 2022 could be different from the preliminary financial and operational data contained herein, and any differences could be material. The Company has prepared these estimates on a basis materially consistent with its historical financial results and in good faith based upon its internal reporting as of and for the year and three months ended December 31, 2022. This release is not intended to be a comprehensive statement of financial results for this period. The results of operations for an interim period may not give a true indication of the results to be expected for a full year or any future period.

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Estimated Proved Reserves Summary as of 01/01/23 at NYMEX Strip Pricing as of 12/30/22 25 This summary of proved developed reserve volumes and values as shown in the table below are based on management estimates and has been prepared as of January 1, 2023, utilizing NYMEX strip benchmark prices and basis differentials as of December 30, 2022, and in regard to PV-10, discounting cash flows at a rate of 10%. PV-10 Value ($mm) Proved Developed $3,615,486 Proved Undeveloped $947,306 Total Proved $4,562,792 1P Reserves (MMBoe) Proved Developed 250.7 Proved Undeveloped 101.2 Total Proved 351.9

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Market Capitalization Table 26 ($ in millions, except share price) 12/31/2022 Class A Common Stock (MM) 105.5 Class B Common Stock (MM) 34.3 Total Common Stock Outstanding (MM) 139.8 Stock Price (as of 2/10/23) $13.72 Market Capitalization $1,918.1 Plus : Net Debt $1,053.9 Enterprise Value $2,972.0

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1. Total estimated proved reserves as of 01/1/23 using NYMEX strip pricing as of 12/30/22. 2. Based on 12/31/22 Total Debt divided by Annualized 4Q22 Consensus EBITDAX estimate sourced from FactSet as of 2/10/23. 3. Defined as locations that generate at least a 10% rate of return at $70/Bbl and $3.00/mmBtu. Notes and Supplemental Information 27 • Management has provided forwarding looking charts and figures on various slides that utilize a "maintenance capital" scenario. These figures are for example purposes only and do not constitute specific guidance beyond 2023. In addition, the assumptions utilized for these scenario are as follows; – Future production levels beyond 2022 are roughly flat with the projected guidance provided by management – Capital costs for development and operating field costs on a unit basis are held roughly flat to guidance – The corporate PDP decline rate is estimated at ~25% for 2023 and continues to decline at slightly lower rates in the following years Supplementary Footnotes (Page 4) Year WTI HH 2023 $79.07 $4.30 2024 $73.89 $4.28 2025 $69.77 $4.40 2026 $66.55 $4.47 2027 $63.87 $4.43 Supplementary Footnotes (Page 6) 1. IRM Acquisition price of $186MM based on $50.8MM of equity consideration (approximately 12.7MM Class A shares and ESTE share price of $3.99 on 12/16/20) and cash consideration of $135.2MM. Tracker Acquisition price of $126MM based on $44.2MM of equity consideration (approximately 6.2MM Class A shares and ESTE share price of $7.24 on 3/30/21) and cash consideration of $81.6MM. Includes assets from Tracker Resource Development III, LLC and from affiliates of Sequel Energy. Foreland Acquisition price of $73.2MM consisting of $49.2MM cash consideration and 2.6 MM Class A shares and ESTE share price of $9.20 on 9/30/21. Chisholm Acquisition price of $604MM based on $194MM of equity consideration (approximately 19.4MM Class A shares and ESTE share price of $9.98 on 12/15/21) and cash consideration of $410MM. Bighorn Acquisition price of $860MM based on equity consideration of $90MM (approximately 6.8MM Class A shares and ESTE share price of $13.25 on 1/28/22) and $770MM in cash ($280MM of cash raised via PIPE that was converted into 25.2MM shares of Class A Common Stock). Titus Acquisition price of $627MM based on equity consideration of $52MM (approximately 3.9MM Class A shares and ESTE share price of $13.51 on 6/24/22) and $575MM in cash. Cash consideration for all acquisitions as described above is prior to purchase price adjustments. 2. Based on ESTE estimates; PV-10 as of 12/1/20 based on NYMEX strip pricing as of 11/30/20 for IRM, as of 3/1/21 based on NYMEX strip pricing as of 3/29/21 for Tracker, as of 7/1/21 based on NYMEX strip pricing as of 9/30/21 for Foreland, as of 11/1/21 based on NYMEX strip pricing as of 12/8/21 for Chisholm, as of 1/1/22 based on NYMEX strip pricing as of 1/18/22 for Bighorn, and as of 8/1/22 based on NYMEX strip prices as of 6/17/22 for Titus. 3. ESTE estimated gross operated drilling locations exceeding ESTE rate of return threshold based on 11/30/20 NYMEX strip pricing for IRM, $50/bbl flat oil pricing for Tracker, 12/8/21 NYMEX strip pricing for Chisholm, 1/18/22 NYMEX strip pricing for Bighorn and on NYMEX strip pricing as of 6/17/22 for Titus. 4. Midpoint of FY 2023 Production Guidance. Recent Strip Pricing (12/30/2022)

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