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>We are updating our estimates to reflect the operating outlook Earthstone provided on February 16, 2023, and changes to certain assumptions around commodity prices and costs.</li><li>We expect detailed 4Q22 financial results in early March.</li><li>4Q22 production averaged ~104.8 MBOE/d, above the high end of management’s previous 98-102 MBOE/d guidance.</li></ul>

We are updating our estimates to reflect the operating outlook Earthstone provided on February 16, 2023, and changes to certain assumptions around commodity prices and costs.We expect detailed 4Q22 financial results in early March.4Q22 production averaged ~104.8 MBOE/d, above the high end of management’s previous 98-102 MBOE/d guidance.

FY23 Operating Outlook and Proved Reserve Update

Earthstone Energy

FY23 Operating Outlook and Proved Reserve Update