Earthstone Energy (ESTE) Misses Q1 EPS by 77c, Revenues Beat

Earthstone Energy (NYSE: ESTE) reported Q1 EPS of ($0.60), $0.77 worse than the analyst estimate of $0.17. Revenue for the quarter came in at $40.7 million versus the consensus estimate of $39.23 million.

First Quarter 2019 Highlights

• Average daily production of 11,209 Boepd(1)
  • Increased by 7% from the fourth quarter of 2018
  • Increased by 16% from the first quarter of 2018
• Revenues of $40.7 million
  • Flat as compared to the fourth quarter of 2018, resulting from increased production, offset by decreased oil prices
  • Flat as compared to the first quarter of 2018, resulting from increased production, offset by decreased oil prices
• Adjusted EBITDAX(2) of $32.4 million
  • Increased by 35% from the fourth quarter of 2018, primarily resulting from increased cash hedge settlements in the current year period
  • Increased by 28% from the first quarter of 2018, primarily resulting from increased cash hedge settlements in the current year period
• Net loss of $38.4 million, which includes a net loss on derivative contracts of $47.9 million
  • Compared to net income of $81.0 million in the fourth quarter of 2018, which includes a net gain on derivative contracts of $94.6 million
  • Compared to net income of $12.2 million in the first quarter of 2018, which includes a net loss on derivative contracts of $5.3 million
• Net loss attributable to Earthstone Energy, Inc. of $17.2 million, or $0.60 per diluted share
  • Compared to net income attributable to Earthstone Energy, Inc. of $36.1 million, or $1.26 per combined diluted share, in the fourth quarter of 2018
  • Compared to net income attributable to Earthstone Energy, Inc. of $5.3 million, or $0.19 per combined diluted share, in the first quarter of 2018
• Capital expenditures of $42.7 million

“Our leverage continues to remain low with debt of less than one times annualized quarterly Adjusted EBITDAX, and we have significant liquidity to provide for our capital program or growth opportunities while maintaining our low leverage ratio. We remain focused on operational excellence as we evaluate opportunities to increase our scale through acreage additions and trades, as well as accretive acquisitions and merger opportunities.”

For earnings history and earnings-related data on Earthstone Energy (ESTE) click here.

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