Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

<ul><li>Earthstone generated $272 million of adjusted EBITDA in 1Q23 on average production of 104.4 MBOE/d.</li><li>Production was slightly below the 104.8 MBOE/d produced in 4Q22 and 194% higher than 1Q22.</li><li>1Q22 adjusted EBITDA was $123 million. Y/Y gains in both production and adjusted EBITDA demonstrate the impact of three major Permian Basin asset acquisitions that closed in 2022.</li></ul>

Earthstone generated $272 million of adjusted EBITDA in 1Q23 on average production of 104.4 MBOE/d.Production was slightly below the 104.8 MBOE/d produced in 4Q22 and 194% higher than 1Q22.1Q22 adjusted EBITDA was $123 million. Y/Y gains in both production and adjusted EBITDA demonstrate the impact of three major Permian Basin asset acquisitions that closed in 2022.

Earthstone Energy, INC. - Gaining Permian Efficiency