ESTE - Earnings call transcript Q4 2017

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Operator

Thank you for calling in for the replay for the Earthstone Energy Full-Year and Fourth Quarter 2017 Financial Results Conference Call, which originally took place March 15, 2018, at 11:00 A.M. Eastern Time. Good morning, and welcome to Earthstone Energy's conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. reminder, is a recorded. As Instructions] this being conference [Operator

Lumpkin, Lodzinski, Earthstone CEO; Corporate Joining of and Finance. Mark now Thelander, from you and Frank Financial Development Vice President Officer; Chief Engineering; Mr. President, us today Director Vice are and Scott President Executive Robert and may Thelander, Executive begin. Anderson,

Scott Thelander

you, welcome our to and conference Thank call.

Act disclose within Before we of of forward-looking call statements the today section the of conference as XXE the get amended. started, of Securities XXXX Securities that I and amended Exchange will the need XXXX XXA meaning to Section of contain as Act

For that disclaimer, was a please this release yesterday. press our complete issued of refer description to

Form our listeners ended information a full-year to its XX-Q December detailed XXst, For XXXX on are for company, more in the read about encouraged entirety. report our annual

release an with other the Our website, posted as updated and corporate be SEC. documents earnings our all as filed with well reports to along will presentation,

of financial The content under Our GAAP release. in earnings earnings call matters from measure release our growth, measures turn Reconciliations are from comparable activities for performance, profitable non-GAAP we regarding over and to remarks call includes the Robert remarks and contained financial from measures. are Frank of a and the regarding these directly financial certain include most operations. remarks Mark now will to today's positioned how our regarding I'll non-GAAP Frank.

Frank Lodzinski

that's a to and that's Okay, on One a XX-K, going correction, thanks, minor Scott. XX-Q. not be file,

information to urging everybody that we're look also. through of all So

to morning everybody. good So,

with our company XXXX Bakken a pleased also form the cannot we've of as and this transformational employees, in their off our review, year-end into Basin-focused transformation for employees year. to accomplished get our another all and want was Midland be a both XXXX Midland operating properties, of our to more Earthstone. I year Houston we what sold during Denver-based want more At in detailed and we great for I I company. Before our support for recognize to making thank

that. XXXX, entered show addition numbers we activities multiple virtually divestiture base including the XXXX the operated in small with We Bakken mentioned, our think we Midland all Basin net just streamlined of the the and XX,XXX asset in Further initially and acres. of I of our legacy properties. with high-graded significantly expanded which the our assets, and I properties,

the some year-end, Ford. the XX,XXX of includes about in to portfolio XX,XXX detail, acres the acres going core our a net in I'm I As Eagle our Midland do out but in Basin XXXX net results facts. go into want not core to and few point

our Our XX% from per sales We lowered volumes XX%. 'XX increased by LOE 'XX. in Boe

XXXX Our to have the proved grown our XXX% and to times balances, over XXXX. over compared grew EBITDAX reserves adjusted six-and-a-half

was And income. $X generating we net million. net our addition, are debt In only year-end, at

day to Finally, a years, in year-end I we XX,XXX maintained just per we Further, barrels increased lower emphasize materially million Earthstone Boe we a capital sales over milestone we expenditures. a generating corporate strong with to while day. team revenues. this a taken of words, guidance three reported with other liquidity. profitable want growth that but sheet generated In volumes In balance a within less has than rate of from management $XXX thousand over achieved

in we to efficiency further order to of Basin. the our forward, and high-quality in base in and achieve human majority expansion Looking devote resources scale will Midland and financial develop greater our the asset to Texas West

to will our production be our I'll point acreage XXXX in efficiently devoted projected out expenditures that Specifically, position capital XX% West increasing and of Texas.

Eagle important not over of Ford asset about per Ford footprint. While not volumes do our intent ignore year-end. we our is that has assets, still is expand the contributed our but XX% at Basis, sales our day Midland to We Eagle focus in Boe clear X,XXX do an the intent or to

our that and management our this you new of is significant intent team, this that company. Earthstone may shareholders. for those again. to The to public positive do prior fourth It's returns For our be three realized

continue our balance production things the efficient benefit and and hard increase and past, work things in two that can two to a will focus We profitably on we those to control, the us had in operations that strong being sheet.

A&D excesses shareholder acquisitions, turn full-year. do through and to now provide foreseeable the our I to occurred be transformative in intend leverage in and about focused footprint we on Mark, enhance avoid reiterate mergers, summary of to operations, expanding financial the Mark we're use to here, therefore call continue our transaction I before returns, the While to industry. Texas West finance intently want the our brief for debt another deliver to and acquisitions acreage that to a able will the for fourth finish other future. over that we results have have I'll will trades, quarter efforts. we Hopefully, and it. in

Mark Lumpkin

Frank. you, Thank

I of the would fourth highlight our and XXXX. during quarter to First, some of the execution like accomplishments operational

average average per volumes the versus fourth day, XX% doubled X,XXX quarter in quarter of of oil, XX% gas, our and approximately natural consisted gas fourth reported XX% And Boe mentioned, Frank As of XXXX. the sales liquids. to that an

divested XX,XXX from you Basin assets are was we That to in closed in been our The comprised continuous be Midland have between the know, was which, average that the to comprised May, was XXXX XX%, production million non-cash year-over-year per from From charge drivers quarter Midland balance key incremental we non-op Boe XX,XXX one increase Basin perspective about with financial Midland a about quarter, or XX% day, last sales Ford assets, of a our daily Eagle we are combined of related XXX% operated production where we comparison and production XXXX. Ford in Currently estimating Bakken and we fourth [technical to we Basin late-December. third of year-over-year weighted. the XX% the our in acquisition expenditures. fourth quarter the of volumes per difficulty] companywide XXXX. running as One will the net approximately capital the the front-end in quarter. largely versus non-op $X.X the share weighted Adjusted backend represented This more of a than was grew million, which impairment Eagle EBITDAX income of and $X.X which increase released limiting our quarter, the of to be in and $XX.X a million $X.XX which after rig. fourth fourth

million. That quarter to fourth optimize $X.XX, X% the trend LOE the one-third Further, LOE per $X.XX, fourth per per about compared was improvement facility. $X.XX quarter. will turn $XXX full-year and million throughout mentioned. a a that, we to Robert. borrowing to cost budgeted balance to reduction $X.XX in reserve million we the total Capital over our as a streamline our And we operating of quarter year. full-year to We for Boe we been which a which and $XX reduce Boe, in our $XXX continues and per base basis. LOE and to significantly million in the on is With year-end, have totaled continued our During it efficiently structure, able to only of sheet of have for running expenses Frank to capital also was low continue And down outstanding, and I approximately do liquidity, XXXX. toward respect debt expenditure are base continue prior to for XXXX, compared our was $X CapEx. for leverage, Boe expect XXXX have down and the unit XXXX. net structure conservative as guiding with a under With

Robert Anderson

everybody. XXXX located XXXX, the XX% Texaco HM Earthstone Parish morning company began #X In a to in base of The to as in our the wells this completion Upper was Mark, the we interest of the X,XXX in Hi. the completion respectively results around highlighted Wolfcamp are sure feet important B those and strengthened and of length financial began Midland prior year. lateral operations in stages Texaco final in January. XX and a year were average these working four asset next the producing Earthstone good The operations of take with completed County. A Thanks, in were wells Reagan year-end for positioned previously #X five-well the growth in three we two The and X, wells the producing wells level. structure as each. an to late program our fourth program, X, HU, Central our January two Parish that in each has and quarter update of which and frac of Basin. that initiated

rates B Wolfcamp or its with more we starts discussed A a days Such the it's been peak you before, with As with everyday. in can the XX can lower recent it well, base still achieve take Wolfcamp and reach as to rate so. days whereas case days, peak out the rate, first initial for XX online the rate within has increasing and this have over XX or

We rig are exceed County of continue type our in one results pad our meet drilling running. of wells to the to with our program pleased West we initial two-well be as Currently Hartgrove Reagan performance with our the or continue drilling curves. the

We have first working our the B C interest Wolfcamp wells XX% well. drilling in and are and these Wolfcamp Upper

little wells the discussed complete this they last and We of will waiting that today April, fourth in in six January in on have wells completion package. we quarter Five eight Gonzales A Eagle online December. wells in we update in wells County. started bit in late were on in came Ford, online program the our completion to in Southern as The and this drilled total year. fracing January five XX-well came start have should

our year. A on that to focus as the position are us without for rig interest drilling million XX-day pattern new of per of drilling operated pad. of in in Ford wells to a Basin the C. XX,XXX and Midland a estimated With are in at Cross wells with the capital by the our B for daily online our had flowing XX% XXXX PSI calls Gonzales earmarked XXX we spending have focus our length being provided XXXX, XX% bring to the our Boe the update, all This around XXX Wolfcamp is Eagle this Eagle on wells Eagle those these Ford XX% completion pad. also currently maintained million In current but budget, Basin, Ford set a production have average majority lateral to in in and the March, Midland being have these B this pointed based working to Eagle in on We XX.X over acreage net million but $XXX to Basin held the a XX restricted Ford, operate in wells. start late and we In as ability wells gross XXX our in of is Boe Eagle rates pad With is day County of this still at primarily out. The Six and which Because our on day a pressure It is our during spend Midland right Cross and formations. X.X at the online February. plan in B five-well online. working and operations our artificial and second-half we to plan Southern bring month a we Midland show plan the have of already Boe new our is we of net one-rig $XX on activity oil, for January where drilling are Mark wells online the XX approximately of and Ford wells XXXX will gross developing program. approximately plan and our acreage the Basin area, reduce XXXX we flowing produce XXX lift, program can a average interest throughout be continue XXXX assets. add the of day, aid so significantly working in six-well our per peak We production, are

cash developed. our a Now of about XXXX about This year-end proved SEC is equivalent, oil our proved discounted over increased the XXX% to comment The nearly of increase reserves; XX of proved XX% XXXX. to PVXX, future at present million SEC compared year-end year-end $XXX of to million XX% XXX% comprised increased approximately XX% a oil value total short priced barrels reserves or 'XX. pre-tax flows reserves and

we see will using you when our PVXX corporate $XXX prices, updated posted million. approximately presentation, year-end As when strip is

position. gross and XXX well with We and Midland B the also operated inventory have This Wolfcamp Lower our highly a the A Basin deep operated about includes Spraberry. benches economic locations drilling C the as as of on locations in

along potential we other We Spraberry count. in included our Wolfcamp identified our in not have additional well targets which Middle and yet upside Mill, have Jo with

activity our of updated we We wells. posted from are operators completing C seeing included And we County quite Web will you a drilling as on it bit locations. in and of Wolfcamp other corporate number our Reagan on know a when site, presentation C have

We but layout development past much trying lateral year to have scenarios, to In that caused us have we spent considerable additional some this cases, maximize time we can this non-operated economics. better locations, where length. realize would

that into we know, are we you operated acreage focus on trades these acquire so can non-op working locations. As create or locations so operations, to we turn

the location count to-date we based to include non-operated In of will highlighted success expanded when build identifying plan execution the After on operating and and XXXX, our do and Finally, our the completions presentation, drilling zones our Midland work potential drilling improved, XXX post months, completion in I've you will all our optimize the today. to-date. build on has XX to you locations, total this our on on when has to program. in that continue we our learnings Basin pace we now for and see

Our that foot achieve relative program, the our Improved will curves for by to bar that rigs efficiency pad from release drilling upcoming about just has rig for corporate allow economics the in to operations provide single drilling well completion our X,XXX to finished established approximately our lateral will we drilling days million. us well along XX.X in big team $X.X presentation. type prior and performance with a

Midland the be drilling the intent continue with Southern completing We laterals longer will our to active increasing of executing inventory. in operated in trades acreage and Basin and

and accretive divested of producing non-core also have acreage now that that from all contain inventory, We actively the our portfolio. are assets bolt-on pursuing acquisitions we properties

in company assets year M&A execution exceptional turn as of Texas, employees solid are towards and are continue with of stewards and exclusively focused We it we should XXXX capital. excited growth organically to while the With our to back another will plan. our Frank. be now being proud a responsible profitable we that, and through financial of work to both be I

Frank Lodzinski

Okay.

acreage, on profitable production all Midland Just to and just are up I locations, our keeping footprint, the our reserves, wrap remarks, drilling and to on we expanding want growing our the focused Basin, prepared reiterate company profitably. our our that this in

a continue to sheet, largely will of in our some way go a core competitors to We same un-leveraged that develop position don't acreage sheet, so largely say a -- leveraged balance I but have. want we balance reasonably the don't

an and 'XX profitably prudently. expect achieve our good with goals to to We year be and growing opportunities exciting

Operator, audience So, take are any now the we questions ready that has. to

Operator

question. SunTrust first question Thank your Please line Instructions] Our you Robinson comes [Operator Neal proceed with Dingmann the from with of Humphrey.

Neal Dingmann

you but quarterly that, of throughout haven't out think [Ph] you and along of know, how I think guys. first the spreads the needed? you morning, year, do Good you; be sure probably how maybe getting My sort year, put about entire do guys timing know to Robert, cadence -- you or you when how question, can about frac the for with a

Robert Anderson

same them up wells. by to frac five-well Well, got August fracked do December lined we we frac time are crew are that we confident we get work in in group, them, April. will need with timeframe, then going and the got start wells we the frac pretty the And spreads through in to eight We several we them. we to when back that

and will June somewhere April-May, take the them them the let for maybe plus to bit, and crew, taken little then break then eight a keep go on frac little we and equipment, with get year done last of back, quarter the go, bit for will a their be So cadence work we will a else busy. the hopefully come

Neal Dingmann

like that, sounds your do year? peers assuming Wolfcamp by agreed I lot of -- of like of you [indiscernible] what there. now, that in plans, And C for part a thinking about when the it that, how the sounds been with account of has Okay. success you you -- forget, certainly I much then latter it lot you or the are know, are there

Robert Anderson

or becomes of rigs. plans drilling drilling are two-well inventory and one we on wells more in just more a produce. kind that 'XX, It's will these It's right data than us it's That will a Over that now. whether give we a of B up based little Well, information keep to we pad. figure current time, see C. our until two out own ramp we bit to our of how

Neal Dingmann

right. All any cost, last, change very just on service recently? Then quick, just

Robert Anderson

No, I we market, always creep August is minor basically mean, but move especially little are spot from our in we and happens are what as to there a frac hope relatively not you April. prices the provider on from really. to December of around, bit seeing increases

We help whatever things we alleviate may increases cost have. some to are considering other

the design. at number in to We we XXX proppant the a we our mesh stages improve in-basin of of we are do day. cost. Therefore, trying use our looking are [Ph] total dropping are And

the we are those everyday. working on things So, are

Neal Dingmann

guys. Very Nice update. Thanks, good.

Operator

Thank you.

Gordon Our with proceed next with from Fargo. Douthat your the of Please question. Wells comes line

Gordon Douthat

everybody. morning good Excuse Hi, me.

Frank Lodzinski

morning. Good

Gordon Douthat

to might be? get need on what rig to second and get to the that and rig thoughts the your happen what wanted Just you on, there see timing

Frank Lodzinski

Gordon, a are out we because Well, we be been we little -- prices trying doing. the are that, what are meddle to on to figure non-market know, have you [Ph] to going

second now, we start if you so disagree Board And to a July-August as on meeting committing to that at works of we do infrastructure personnel, appropriate for going rig, is the I You searching the are we an be that timeframe. might for accommodate we second second about you to and with all to a planning have the locations accommodate or talk the bring second are that? to, the so rig acquisitions in And well, recently of and that balance with that, to But we the with upcoming, the to working have at have then looked here to connection know, to in committing really But one might on. got are rig have. proper the rig, second level We that acquisition. you it leaning Board we work here. I'm earlier, have that of some more could if timing go to rig, right you process. you Robert, which a rig the than kind little the have and

Robert Anderson

the what we in all that are get can targeting row a need to. That's other if we things we

Gordon Douthat

And acquisition is ago, to where pipeline a months Okay. you'd or market looking couple the the of a versus -- standpoint the acquisition looking outlook Midland? then, the how in how is previously talked from trade

Frank Lodzinski

anything have number we do a swaps, know, ready you and on PSA? to acreage to conversations of go smaller Yes. No. acquisitions? pipeline, Do The have going we and our trades,

the yet, can't our of you we to acreage, down. talked that that acreage XXXX this trading things acquired is the so that some beat in acreage, operated about, continue we put into of One bank we are non-operated

of But, very acres our here or that So flow to am meaningful things might the things - say the when deal pretty adjust size what say small company. the that I Robert, are less XXXX that up could done. I potentially from am you double would a saying ranging is I good would I

together. buyers can deal little whether successful we But, past in and overall good. the the Whether So, is A&D flow to is we future. in can in terms hope of successful capitalize been get our pretty [indiscernible] be sellers have the and we on the market

Robert? got to market, any add color to you the A&D You want

Robert Anderson

busy are enough. plenty We

at day utilizing are Our we hopefully, in the resources And every because our A&D here making working full and term. pipeline. things challenge end. Can we've the it? near to on could we sure right is limited the employee got other But, drop a add accomplished Yes, on we get some something those we out projects transactions.

Gordon Douthat

very thanks guys. much Okay,

Robert Anderson

you. Thank

Operator

Thank you.

Please Securities. line question next with with Our Global John Aschenbeck your comes Seaport proceed questions. from of

John Aschenbeck

questions. touched type range in Was the I XX% this everyone the Basin which and the My was I range IORs curves are curious question your the morning, the how at first Good curves of legacy on in you briefly to prepared underlying legacy to the regards new think oil those remarks. Basin. the my to of you on is economics believe in But in compared for in thanks taking Midland asset as XX% just economics. looking to type from and Midland the $XX new metrics? depending Robert,

Robert Anderson

have we to those. big that screen show going we are Well,

bit We soon little to a pretty drop had curtain continue a are bit. what teasing going we've economics show am have and John, be little to here I previously. the you, The than just better

has are changed, on we moving returns an Just of like. we because look does but what have the our type adjusting And are those not our curve impact it profile. EURs rate

So, seen $XX the our at And have pleased oil, keep up we with what we we results just economics. are and together put we to have bumping really date.

our of we have more to stick more move wells drilled and curves is But, we get in these may type internally, a our data this with. what bit. little all areas going are we As own

Frank Lodzinski

PowerPoint based some it until no little later get and XX prior. PowerPoint So, out out there on the occurred you'll activity general see done it's for we like public or altering we looks I the get are that tomorrow, there so. the said, of positive. throwing presentation profile I But presentation. guess today the new if than looking all it can hesitant in some activity the get John, filings we there it Robert that am out and as And, the data

John Aschenbeck

hit regard types hoping you just but this you end I was leverage plan is of may us of the test Seems year. could think kind have share optimization. intensity, during of what [Ph] pull. new completion is just clearly to Okay, concepts in no to stage upper proppant can maybe all you with was you very My the next followup of is helpful. great, That what understood. here actually like

Robert Anderson

wells not where size probably again change off whole back existing we are to There fracking diverters reviewing infill are idea we bit. lot we but optimum in than probably for make we then, to that a frac. data, get point. might That's are a We look production, sure existing these it. the call we some and understand close intensity the little to the Other get happening that very are other we a you'll when wells close better and And what's will that to incorporate people going to actually big at next to them these lack of if sure is the doing word, change make with frac of diverters. we want see that we we

John Aschenbeck

the That's that. for it Appreciate time. you me. great. from Okay, Thank

Robert Anderson

Thanks, John.

Operator

Thank you.

comes question. question of with your & the Company. Johnson proceed Mills Rice with next Our Ron line Please from

Ron Mills

type Maybe quick on on the recent just a curves. Robert. the Hey, follow-up question

is If EUR forecasting are wells type are the before or same, just bit least trying you and implication of figure little the you the or revisit shifting and type that but at potentially what out am a you I rates response are earlier? -- the steepening have little the better as to that bit that, curves a your now keeping come the curves just until for shape a decline of on of

Robert Anderson

time throughout we our got cure. XXXX, it, look Ron. performing at early you No, type Yes. results was had our better than you the production When

I see in in it certain adjusted wasn't I post guys and this could so EUR then, we to at steeper that you same left yet type rate yes, that. ready call areas. so, certain certain is is formations although a just our probably We or revisit up we areas you'll curve first And the needed move little year. time. certain don't after up think that sandbaggers, the targets presentation. And us the And early and when the or impact And that to climb

Ron Mills

And you for second great. to potentially when think months three place add a have -- in or everything Okay, rig. now about two talked you getting

impact? think activity. trying of you'll time is about production some out to am see adding to that more do you 'XX? you XXXX -- of think what lead rig, a figure think that on Do I you impact just the that a If start second

Robert Anderson

to could production the our four question. on and from maybe obligation like per Even getting in three accelerate. a some seeing pad, production was And we we lot machine before and to would pads bigger wells where that's of and Sure. a to July think of than consistently probably early whole fair in once start plan we the got rig frac sooner go And rig are are moving other or But XXXX. brought to wouldn't if I extra putting or second wells that you've backend later, get you we online weighted things we the 'XX these committed it. bring

Ron Mills

as said, a with a the Midland? year costs least when pretty you line, drilling now And think you think to rig since rig guesstimate Okay. then per plan that a are you in rig you think good one is what about at that's the line $XXX I million

Robert Anderson

high range. things footers. average going we it our to XX%, you lateral million kind million footer mean or a -- length of if internal I end up with on that varies are But X is If if of million $X the XXXX $X.X in drilling is Yes, a XXXX footer XX,XXX to you that lot depending averaged review we you drill laterals one But probably we averaging pretty And XX we've interest. XXXX probably for the wells north and a order That on based this you up about schedule are XX what average got to rig. complete magnitude working end XXXX of on going to to XX% closer of foot XX% will are year year. close. foot

that's rig program, a XXX So, - about target there. little one of a it's moving XX year. a But bit million

Ron Mills

includes XX clarify X.X little a than that to the to bit XXX it's just laterals, well higher that And longer cast? million so

Robert Anderson

Yes, we a blended If this it's foot lateral, that's money. a year, that's enough were not number XX,XXX right. blended that's -- -- to you for all are drill Correct. but

Ron Mills

about then that. later Got especially you think time, next and you you. kudos your probably access last And think year, one, just when on two successful you this is Thank you seemingly frac so been dedicated when frac to that's But rigs isn't when have you getting going? the a about And to have you. how crew on and potentially year you tackling still But, think spreads thinking necessitate it. enough spread. I are frac two of rigs -- to

Robert Anderson

does a growing of out now think maybe it two development, that's X months a pretty we because mean crew utilize I more you under challenge a become inventory pad rapidly. more have or and little an bit got we XX rigs year. But can frac of Yes. the

liked great we've alongside the have operations guys keeping team service our got happy with them keeping good job of happy. of done relationship knock companies has a us So wood, going those And us. and a far, working on them. And

So, relationships just to little use to our we going these money. good are vendors. make bit all and of a we will use And continue

Operator

Instructions] you. Please Partners. of the next Thank comes from [Operator proceed Our Capital with your White questions. line ROTH question John with

John White

gentlemen. morning, for call. Good Thanks my taking

Robert Anderson

Hey, good John. morning,

John White

doing a job updated Yes, least good at you you Jo are this on Mill… mentioned PowerPoint that

Frank Lodzinski

are at tonight, so put it it are John, XX:XX work out going to to you going got okay? hey, put -- pm, You we to

John White

okay, said, pm, I You got it.

Frank Lodzinski

Yes, pm. Yes, right.

to tonight. got You work have

John White

to like That's what do. you

Frank Lodzinski

So nap. and a go home take

John White

to like do, you Frank. That's what

Frank Lodzinski

There you go.

John White

Mill time you you the Jo I So first to Jo you want some operator there call. talk think Mill on recent Jo and that about? talked offset mentioned Have been Mill it's about completions would

Robert Anderson

other a own certain Midland activity Mill Jo We counties. lot places. It expert. very don't and the Mill are County the is We of there in all in -- Jo not rights in is even

a think it very It's is without will one XXX add few can't benches in that about doing mean we No, to are going Midland a other work that very at additive block. position that there in some good it. the And up those in talking very much County to add places. Mill we And or economic. but planned in point of targets look greater one some Jo But, access operators So, it's I I economics. it is is way. our certain locations?

John White

Okay.

probably not Mill likely? So, test XXXX Jo

Robert Anderson

XXXX. But, appropriately scenario. it likely then it's in could in not rig Probably If second we under not is be rig somewhere acreage the one where brought in in the a located, a it likely plan.

John White

Frank, my for calendar And have got I o'clock XX thanks. set Okay, tonight.

Frank Lodzinski

sounds Okay, good.

to We will meet John. goal, try that

John White

right, you. All thank

Operator

this there time. Lodzinski, back no are Mr. for you the floor further thoughts. you. any turn to I'll at questions Thank

Frank Lodzinski

fact all that gentlemen, disinterest us fact questions call. our on will later. are what joining update, not to result very for the We said, rather of and and with ladies numbers a hope is there for haven't With out Thank we much or we been a put of doing you ops huge forth. so the We Well, our we that you. that thank that you number be in it's you a hope transparent I just communicative markets. we try out our thank will joining us and put the that

Operator

you. concludes teleconference. today's Thank This

your disconnect may Thank for your time. You you this participation. at lines

Earthstone Energy (ESTE) 16 Mar 182017 Q4 Earnings call transcript