Earthstone Energy: Hedges Buy It Time To Wait For Better Oil Prices [Seeking Alpha]
Earthstone Energy, Inc. Class A (ESTE)
NASDAQ:AMEX Investor Relations:
investor.earthstoneenergy.com
Company Research
Source: Seeking Alpha
Summary Earthstone is well hedged in 2020 with 78% of its expected production hedged at a bit over $60. The hedges will allow it to minimize cash burn while delivering significant production growth if it chooses to stick to its original 2020 plan. Earthstone has fewer hedges in 2021, but I'd expect oil prices to at least partly rebound by then. $50 WTI oil should be okay for Earthstone in 2021. Earthstone's leverage should remain reasonable at 1.6x unhedged EBITDAX by the end of 2020 at $45 WTI oil. Earthstone Energy ( ESTE released its 2020 guidance For 2020, Earthstone's production is expected to be down from Q4 2019 levels, but up around 20% from average 2019 levels. It has some strong hedges in place, so that production growth should not result in tremendous cash burn at the current low strip prices, although 2020 production is also seeing some boost from 2019 capex spend. There is the potential for Earthstone to trim its production growth with WTI in the mid-$40s though. Although
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