ESTE - Earnings call transcript Q2 2020

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Operator

Good morning, and welcome to Earthstone Energy's Second Quarter 2020 Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

Joining us today from Earthstone are Robert Anderson, President and Chief Executive Officer; Mark Lumpkin, Executive Vice President and Chief Financial Officer; and Scott Thelander, Vice President of Finance. Mr. Thelander, you may begin.

Scott Thelander

to quarter welcome call. and you, our conference second Thank

Section to I that statements Before XXE Securities of of of and started, Exchange as as like of within of remind XXXX Act meaning the forward-looking we get Section contain amended. would you amended, the will today's the Act Securities XXA XXXX call

and transcript telephone any be or any of by may will adjusted GAAP website also longer diluted no our announcement these income, more quarterly statements certain will to webcast to Although give replay no at section can uncertainties management conference materialize on information non-GAAP or of expectations, A prove adjusted in released filings. only be as most subsequent today's incorrect, financial can measures the reasonable documents speaks information Also, non-GAAP EBITDAX, time to XXXX. they described replay. believes measure time-sensitive Reconciliations to G&A should the underlying on and net cash in these released assumptions earnings Investors on in of which statements of adjusted shares, cash XXXX are financial be going correct. all-in today, assumptions results August cash and This of www.earthstoneenergy.com. comparable directly announcement please Investors note, Form website, of Thus, to These that by materially. prove the section may annual vary found report references risks, via certain yesterday are are X, measures, as they and free subject or contained include these under our costs, XX-K be our flow. based accurate replay Earthstone's actual yesterday. available in the call assurance risks and These the earnings one call includes reading. also this of call Should we

how Anderson, from about announcement call Mark Robert. information performance over comments financial turn our some I'll Robert You to remarks Today's can access CEO, measures regarding Lumpkin, begin from -- the CFO, released and our by earnings find closing then yesterday. and from on Robert. matters and will now followed comments call financial those with our to

Robert Anderson

have environment adjust personnel of Scott, we morning, we you, resiliency to everyone's well our and conference good quarter costs attendance for and with efficiently the our Achieving to as results times, difficult our to maintain evidence people. of appreciate continuing us strengths. manage price preserve of collapse for Throughout Thank solid our operating changing today. second continue our business keeping for and making to the these and appropriate and take our Thanks as in call. the and trying our while everyone, to strong face rapidly the caution business is oil of unprecedented plan activity this commitment quickly conditions of worked midst our align current focus safe In join pandemic, our quarter operations. the second the call time on our

several the the million we As had we and for free free have way, the quarter, by flow flow we significant cash in reduced volume driven in any quarter last of cash per or price from on our XXXX, XX% volumes daily impact second net stating This oil would group discussed of along quarter position, updates sales of hedge completed this per the in our a very EBITDAX. positive quarter-over-quarter May that. $XX of Even we and was allowed quarter. and limited quarter, was be in to us costs, who significantly result hedge the peers in I XX,XXX drop management adjusted of program factors, and strong efforts, program, generate of average $XX million capital with day. position equivalent, as that adjusted including: our our say our higher in lower year; a the strong one second but income partially also and BOE curtailment small realized our sustainable reductions. of delivered second average for shut-in BOE, can the with suspect drilling expenditures completion program, and combined barrels the cost realizations; a Including operating over we quarter are as shut-in

substantial debt-to-EBITDAX free Xx in decreasing the of generate which We of year. balance expect being our the debt target year, a should throughout us for and achieve cash the result to balance below flow help

on With successful were prices, in discussed, quarter. focusing in volumes previously double more in we May decision expense, operating or late XX% XX% majority of lease reductions, decline the to continued to sharp forecasted oil This Despite how full per of in the April total April returned us little during decrease our LOE realizations, in cost large me debt. achieved We reductions ultimately cost, reduce the costs a in a June. low very quarter May, June to the the we our includes the a April in a into during approximately first in BOE interest quarter saw basis, the May. This our LOE, decrease of for cash reduction. key in improved May in which went of the the per in reduced some second shut-in As by first On XX% major cash $XX the costs, in than near on second had our costs $X.XX total significantly the XX% our shut made which BOE let operated XX% of forecast from program costs reduction all-in is to G&A May, on all all-in costs and cash all-in factors. oil quarter month in outline for in very cost the quarter. driver quarter prices $X.XX shut quarter response due in per-unit resulted in the and prices, price a our per production from in of our the to being net LOE, we $XX which our to production corporate versus oil overall BOE quarter. in production a of dive To folks, resulted focus oil was total we XX% operating prior near and second teams the in production deeper which

of First, disposal costs. contracts peers from expenses compression our were rigs, have successful we reductions the lease range to maintenance negotiating and saltwater broad operating price done, of as in across with vendors much our chemicals

which benefiting spending repairing resulting as continued little associated are wells, of practice our frequency we nonroutine more from long-term reduce and in Second, decrease money LOE a of needs. maintenance, facilities a to in repair we is equipment go

lift the workover newer have improvements Third, successful frac time. than optimization the companies allowed Fourth, upgrades getting and our fixing of general in chemical hit-related also limited usage workover repairs electrical The eliminate some sooner to utility first we of program scheduled, from expenses. resulting on generator approach things offset have locations. of perform method, been has our us reduced trended to which down, right activity frac

activity, refocus lease employees completion us contractor and our we reduce has allowed towards which able maintenance, have field drilling labor. to limited with also Lastly, been to

history operating progress All other of of as these down a costs. driving items team were has of continually in and our subtleties many

profitable to across XXXX, reduce business stresses a continuing achieving across we a much environment shutting to as I'd on lower range. which our have price online really in job late did fantastic need structure of persist both also back observed oil fully focused commend remain the cost May production to that reductions. only will board bringing increased volatility, to in like these while oil team, We June costs the price be and operations to the in we expect since our including which production

team's no history, first personnel expense produce time guys a on day. For returning tell possible had field We job shut-in effects little we producers. our this our wells with and to as and operations, great in of to production and little career single incremental adverse did no to efficiently my every our the to as executed our

well are in during and the XXXX wells in were our the for time. increased now type performing online May, concluded Our the I Midland returned that contracted brought to we back were released May their versus at operating to curve. Basin. online mentioned, of in are rates and producing wells County period rig shut up prior late Plus, cleaned volumes in the curtailments have and have Reagan our with April, wells some Southeast in X previous program and a fully drilling

are planned balance So the for of the our year. capital expenditures minimal

flat production have timing return our optionality XX wells drilled expectations but drilling we depending our market this completed, full We XXXX. conditions. entered on With program compared production year liquidity, or completion with that of ample have capacity, maintain to and completion half further this on second we with Given approximately in no ended to year-over-year activity XXXX with the not year. for can

intend the XX,XXX As early next completion XX,XXX turn on a per day, XXXX modest review the those to year. service monitor estimate only to Upton commodity Mark? million. to XX With enable now bring makes drilled if determine availability XX but production per average our year XX,XXX year to I'll wells XXXX carefully BOE which appropriate from pricing, completions, we full to program we this to the in for financials. that wells until crew conditions service with County, us it Have of XXXX $XX reminder, with year-over-year to full around the overview, over a later our compares ranging at uncompleted maintain timing, call day. recently in anticipate a completion guidance BOE and or would it, year we at Mark which updated to Depending Further, production capital sense of for the similar currently wait we cost

Mark Lumpkin

Robert. you, Thank

in quarters, have consecutive our two As like our sheet. the and balance we cash discuss past first position to I'd

goal cash we $XX.X As flow. generating in Robert our the of of free pleased free total a of are flow with have cash substantial achieved million quarter mentioned, to

our we're and we first March, our call, a senior deficit, to regularly able which should referenced until first million over our do million little derivatives. begin borrowing revolving to which we in working was unchanged scheduled The our to As base remain at this debt. our $XX under quarter excluding quarter process. to down revolver And calculate fall secured there the late pay and plan then $XXX capital by second set our in remains was redetermination facility, during reduce

under borrowings at to about had to that our credit quarter as totaled million, of do of quarter July pay the at end. XXst, reducing of approximately flow million us cash $XXX.X outstanding remainder million debt quarter $XXX.X down million Our liquidity and down the now we $XXX unused we $XXX.X gave free the had With compared we that note cash. apply revolver. end would borrowing paid and capacity, million in the $X.X to by I facility $XX.X balance to end, primarily our expect of year revolver million,

expenditures XXXX capital we $XX the capital quarter, million, During totaled budget of million. to second and annual million $XX have our spent our million year-to-date, of $X.X $XX

drilling As Robert our concluded we in XXXX program mentioned, May.

So end minimal low the during guidance the we likely the toward year of remainder and anticipate range. expenditures of will our end up

looking natural revenues statement. revenues The by the $XX.X fell oil quarter NGL made $XX.X quarter which first to revenues, million, Starting up the revenues line, Now revenues by XX% of our total a second while about at driven the were second decrease XX% to quarter. in rose for income slightly. million million XX% in and of decline $XX.X gas compared was top XXXX with

$X.XX comprised Mcf, natural oil natural of XX% per and averaged per a price price barrel half oil crude of in of nearly liquids. average second barrel which of $XX.XX of the oil average in $X.XX averaged By was XX% equivalent. oil, equivalent, realized equivalent From volumes XX,XXX by day, our X per gas average price commodity, Our oil Natural averaged which during XX% $XX.XX production was barrel. quarter NGLs per was the all for quarter the quarter. commodities first per second gas our standpoint, quarter was barrels second gas down our sales per and

highlighted, in curtailed May. As having this total include about XX% does of production

quarter. cash BOE for costs per expense the all-in our lease side, per in the expense our $XX.XX $X second as nearly also We $X.XX this BOE On highlighted, first achieved BOE in per in quarter. per did BOE through the Robert we to to reduction operating from $XX.XX quarter drive the down

reduced absolute and by resulted the of On G&A expense the cash per-unit first X% per cash general BOE. administrative about side, our $X.XX quarter, versus G&A we expense in which

is $XX.X G&A versus million somewhere end, the which $XX.X year at cash million initial May our full XX% expect reduced reduction full the we our to that be and for bottom guidance to plan. know, to you As a in in range, year

costs to reducing on, last everywhere, addition articulated rates any had and reduced focus some have we expenses vendor to net GAAP million managing statements In a quarter and party $X.XX derivative really an tightly. loss our $XX and on third From we standpoint, in usage our of which of of $XX.X quarter, or included loss of the contracts. continue second including share, unrealized per reported consultants, the income we million success, in pretax reducing

diluted million is income of $XX.X We in second the actually an the share, Our was per reported adjusted adjusted for diluted $XX.X or second as net quarter-over-quarter. increase quarter, share mentioned, Robert quarter. EBITDAX million $X.XX adjusted which

hedge our on Now a let results second me in take you the update quarter. to minute commodity

we quarter. decision $XX.X position our locking hedge on quarter and when million million include gain nice largely realized when from realizations basis and the This NYMEX the gain really oil day a also production a place of the the is our a quarter second did curtail made that we unwind were barrels swapped to of per well balance price really an highlighted, hedged half hedges stepping about in point. for entering XXXX the of X,XXX lowest down on with are $X.X gains XXXX. of The of of commodity year on at reflective hedges full second the NYMEX oil for of of remain about hedges As some prices X,XXX of for in of X,XXX day per year price day similar average $XX.XX barrels at a barrels $XX.XX, for an barrel with volumes. the NYMEX at We to a hedge

expect gas a remains year, price at Hub same have in a On a this financial MMBtu stepping XXXX of Hedge natural MMBtus the X,XXX guidance and $X.XX with per Henry as full at for we've drilling component up production July, of reinstated around resumption release on looking forward. our ad hedges and LOE we year to second day we back of hedges the we full going completion valorem more to expectations of strategy, with visibility yesterday. basis XXXX, our our of our activity per the continue and $X.XX and at earnings and critical get for the production side, on half of price Stepping year we layering swaps reinstated for in and X,XXX guidance place tax volumes. our day

Our to of as reinstated guidance in production XXXX to LOE tax of BOE. $X, is is the of onset ad our per valorem $X.XX was X.XX% case provided of to for it X.XX% what the reinstated our guidance guidance identical $X January, at

well the With of online. new we LOE the in back Although our we over it Robert. we at I'll turn to XX reductions in below wells on the guidance quarter, year have that, beginning wells, it the anticipated sustainable new and have range bringing without this where second recent came of bringing kept when had was range advantage

Robert Anderson

you, Thank Mark.

with We are and Earthstone. the bright future confident in really pleased a results for

are see in we such distress, than is quite seen sorry some M&A industry it time. have to creating While opportunities more in we our

the as and now a questions. consolidator of floor continue to We value successful distressed remain the we'll the believe shareholders. of increase. have more throughout strong our to are balance prices the low expect scale to that, sheet operator, as that and situations to situations track record number actively evaluating of our With year and for well our us add rest and positions to increase consider company We open a

Operator

Capital Heffern with RBC from Instructions] comes Our the first line of [Operator Markets. Brad question

Brad Heffern

flat is I about how about on instructive? you color here actually XXXX we the XX keep Or being as be that able to more gave production to the with meant guess you're DUCs, that today? XXXX plan the just thinking sit that is

Robert Anderson

towards where not. little up bit depend a commodity rig on to prices the A the head does of Yes. want year, pick end whether both, It Brad. we or of

to consistent think year-over-year. of to of us to we've allow back early year, point, end large that about need But will some vocal I completing production those wells capital dollars. flat to or to next that, oil want pretty been mid-$XX this or at main we go $XX outside message year our spending

Brad Heffern

Okay. M&A. about them? fund you inability it. the Got on also comment Can you're obviously, made have little And then sort go into you of a any you what detail thoughts And about opportunities to more seeing?

Robert Anderson

size and small from bankrupt are is and as The variable to quite companies. seen opportunities increasing, you've distressed large,

in for opportunities It of like markets one all Maybe of healthy no parties interested we're we'll history, at financial and further where bring assets. or we on and, a are public will to and no in had with is from larger right time in I with matter, open us selling leverage the with think to amount buying difficult discussions terms cycle. companies very very a assets, participating But in debt much going only we've of we're open our result maintain this who look distress we've those that in acquisitions. few. ourselves few. keep equity at the are to matter into And parties done getting in

see we how and finance So opportunities, we'll out keep we're sheet and more clean. make going we I just figure think sure more our those can to balance and

Bradley Heffern

for Thanks Okay. the color.

Operator

Dingmann from question comes of proceed with line Securities. Truist your with Our Neal Please the next question.

Neal Dingmann

already what's that just think, just all club ask this all about recall, if CapEx what had the assumes low Frank this is, driving cancel out, 'XX line you wondering low? -- no wells. maintenance why you you same I those country least expectations. plan wondering I I on First new just and given know ones Really, was I laid is so I maybe Because I'm think cost? memberships. to just also I at Or initial other how realized on And question thought else there. just really, another what's way

Robert Anderson

Yes. memberships production good up no really areas, I help country at club in will million. us and keep we XX mean relatively are wells There's here. $XX have the they flat

Absolutely Now might wait hard very these brought to it going today, wells we relatively decline high If this have have 'XX, the is have flush the when that and of brought because from we does we relatively on We all not. problem online. them production end we still until a we're depend those keeping rate, flat. new a wells. same on we time production get If sustainable?

length at will like that. capital. drilling any working lateral to -- million of stays maintenance a So low is a going just don't -- we're and to longer to preliminary X-rig rig million interest program, $XXX we're know speaking, world running. XX-ish same is if things XX maintain spending But BOE exactly on These flat. level cost $XXX help day kind This production not keep I we're XX,XXX environment, $XX what it would us a today. generally the And and depending -- us and maybe have the term, very a DUCs

Neal Dingmann

Okay. you of kind And then last hit on my one.

mean of about kind been way mean, wells kind able of a down? guess, would to on, thinking you a too offset I broader how how go give it on is I go-forward give you're look I terms. how are that us do that you that? can slowing you've in Just about 'XX way, color bit, is us decline now any many it to a -- on -- another you Or of that PDP it think to on at sort is going

Robert Anderson

Yes.

first everyone it, sort then think call starting XX% the base and maybe or it in teens year mid, year in our low gets XX% been the that. telling I is decline into about and or high then we'll that of today, XX% we've the XXs next consistent after

all you forward those on XX think like don't that's And do didn't help then flat. our those I price. going look forecast to 'XX with if going of didn't if can beyond, it's would blowdown even we in any. so And But and keep And then will changed we any spend kind wells, production depend XX again, wells. what it 'XX capital,

Operator

comes line question next Our Grampp Northland Jeff of from Markets. the with Capital

Jeff Grampp

DUCs were time? if Robert free would helps, the you maybe that rig will? guys as would you do Would comfort I of it medium-term any you or jump outspend returns guys are it of was kind after you context help to flow at growth? some wondering, Mark, in start with level cash a and if you point to saying view kind the go of drilling and return then whether for evaluating good the positive must, any potentially how in have of Or near-, if the important

Mark Lumpkin

I down in lot make complete then. completing for nice could can economics because day, We the DUCs good to like that is Sure. put now? of sense we And cost add whole complete at make pretty wants he to. economically, the decisions one, wellhead. feel simple. didn't to IRRs were and and mean Maybe to answer on March Robert things and April definitely now individual that's I'll them. if right to DUCs At the pretty the go quick the our have right a why start is try of you responsibility incremental Do the and keep we end rig make the the sense

irrespective period wells a a matter, the At taking anything next that focused year-to-year In do if we on the in obviously, doing we're there's of, flow. and won't be the course bit versus is there outspend? expend of between we're up. quarter-to-quarter, Does cash just we're a not. the terms over mean that cost And the else of prices, cash the so DUCs. And No, all you to fixated because cash the picture. at at by as keep flow have the the on will think And is as the to economic good not free wellhead. for ones not having checking bigger the same some drilling we're year quarter. wellhead make reasons. and We positive? decisions complete At positive year, that we're we free cash want we're some back that into flow we every rig just anticipate with from lag the making No, of, not outspend completing so smart drill happens point, can supported But kind some completing free still of flow of time, that just going trying are we not box we of year to place in flow other we time, economics. or for be and the practical decisions to hedges this individual to go We're we're necessarily.

Robert Anderson

only and run flow Yes. have thing jump-starting Obviously, flow Jeff, production cash with program, is. I basis. longer annualized the what is period The add, program X-rig a I'll we on flow term, on think level negative today cash the we be can again, a cash neutral be of going depending an of time year time, I price frame, there's think we're the a for but over a, to and

Jeff Grampp

Permian. amount of the the follow a there? decent that And have exposure any is guys there? know exposure I the traction And levels you swapping increase to guys non-op you on in any out there operated or side, my still for on of conversations Are activity any more land up, seeing

Robert Anderson

bunker March. on working but quite least for down hunkered been trades, have in since now time some Still people the at the

there. nothing's moving so And very quickly

terms from near the partners of this of heard We anything have our in activity kind term year. no, have being the not remainder in different we of

to closer might in get be So for their what view we'll as year-end we to activity see XXXX. have

Operator

Johnson from of comes McIntosh with question the Duncan line Rice. next Our

Duncan McIntosh

question the quick balance on over a had I sheet.

in free back then, You and in like? like and things free as But have doing them to as give fall, it job the any great, redetermination? fall on bank were look are Back bad particularly kind looked looks with you down. in done of Wondering to line we of here. the into conversations you'll again getting great cash a how, could the cash, outlook the the it in and have with March, sight the spring. as been conversations early you with any pretty would dire paying it the redetermination the indication And what fall be you it's not head

Mark Lumpkin

too to Sure. are pretty anything of early mean, roll a for banks I'd normal say, to us, obviously, we're off. I around we in completing and environment. course, decrease probably and talk wells but thing the not irrespective and do new we the really that hedges numbers, one we I borrowing The and base, mean do drilling expecting circle

to Fortunately, really, we enough concerning debt are in think we ability would scenarios And we've that that like decrease. down see regard. to pay outpace be got don't realistic we feel that any that

or a gone that teens. lot there's $XX banks, still somewhere certainly little it's like, lot the I some maybe because at the Now of But a now day, $XX end have companies have And obviously, versus of minus say issues and months of bankrupt, deal April will X companies of of to it environment better through, a feel and maybe E&P ago? very of did At And with. will. than price in Absolutely. the we're better the months deal for they oil more general. been shock that's And realizations does teen there's the on the seeing still May. $XX feel a the in and good to environment they that for

yes, still banks letting full, all trepidation their see of the So through working And have they're Yes, is I there in general. whole banks' lot hands and frankly in a fall. bunch the a these the don't up still part I situations. in think them

liquidity early a the supportive done is going as Now and been a to right group assets having and viewed We historically, that's from be and bank statement. leverage case, We've a generally got being are standpoint, probably number. that fair. that's said, like we've financial the thing reasonable a that And circle are many. to pretty got onetime our general feel but and better too than

Duncan McIntosh

good more follow come a Robert, going for LOE of back range. really creep? here talked year it's up about of think know some historical Mark. back I you you forward Do creative any second pretty my that can color the little to carry to you the you Thanks, things and quarter. you on, And I noted bit to some just guess that how up, then gave those get kind down a mitigate that half could, initiatives LOE in towards of the took? But help in

Robert Anderson

what to that cases, There's, expensive a artificial methods. so progression A other pump. gas well's of lift constant have changed life out plunger a on our Dun. it's other relatively wells cases, to lot compressors. time, rod lift, cycle Over lift, In In lift. Definitely, just some adjust you. are gets of

meters definitely then of we So things that or set with some got our get we're help getting the the payroll, quarter, were some in continuing generators to company fortunate And to utility LOE. those expensive. reduce getting schedule work moved from we of in up very, in that and off good through the are working up will of that, get the the and done ended very relationships, schedule ahead there and

So didn't up a but we have as show a they big still lot, whole expense.

we these So business things doing and quarter way we'll a costs in continue of some our hawk. continue watch right sustainable, second the like in things operate and we are did the to the

Duncan McIntosh

the much. congrats All strong And right. Thank on quarter. you very

Operator

proceed line the [Operator Palmer. & Instructions] comes with Parks Noel Our question. from Please with question Coker of next your

Noel Parks

just rails everything flexibility to have sort year? sort plan was cash Russia? COVID emphasis the OPEC about thinking as a to flow result of a into you continue was that part that was keep that next I morning. of pivot of the you falling out That's the Or help year of next free and where of just just completing trying inventory I the lot with you were it of And that, to heading really off there. kind timing on having flat. works DUC those good mean, Hey, production great can of

Robert Anderson

that had of oil love various we production sub-XX world, that with flat tell this you, I'd to or amounts happened Noel, great matter in capital. what years X we could plan to keep no for the running XX that going

X-rig would related go fourth and and darn wells And you the call I We think but year, been year know had have of If had average close. the flow. by of free pretty to a and full the beginning I remember, a can't about the the back entire bit to for completed, we earnings were going program. quarter XX we cash year tiny don't those now,

sure since fallout come continue very So this in it cycle. and with our a of and capital it's down -- recent through We've other consolidate near-term and being of least down ways this making that happened this and been cycle I'd here grow. can out a and cash XXXX, out just what's to of and to down come conservative say we find side expenditures we it the but nicely that at survive piece

Noel Parks

just And Thanks. housekeeping a Great. question.

And sorry earlier I on you touched and it. if missed this

pretty model calculation, of if periods a CapEx delta at the we that? CapEx I which was looked in was just try looked the cash this is quarter. just sort incurred and For kind important us right, between, flow free to those one there of where of calculation to is I the big of And those guess, cash the say, flow numbers wondering, it like just free as going I'd I one use cash for forward, for more

Robert Anderson

use bills we all but always necessarily a have what the cash standpoint know because hit, are. from We calculation not generally accrued they

the So like it's last or that. on the something in presentation page

Noel Parks

the would that include impact Or the, is include as don't the you and And other I, have routinely release and change something you and exclude of far in well, So, in of I cash working just that? would capital, as one that free me. front calculation? thing you, also

Mark Lumpkin

Yes.

best at and expense, and for is back don't of expenditures during interest there's I sort that. capital adjusted then activity recognize it for look include we mean We back the period. out way multiple we to we've is, cash So that, approaching the okay, that the proxy really flow out I EBITDAX period. for ways different been

or stopping a we calculating there you're when be a cash between way the Now do starting, is free using cash flow CapEx if number. to going you're versus delta bigger

payments. And and quarter capital of the second We our course, that the of by to the for flow, the tied of is $XX was during CapEx. the time yet million the working reason negative, the very of standpoint cash reduced the It's atypical because, is deficit about this quarter. we're just went $XX million up. from reporting The debt free here, balance cash

back but one deficit pretty bunch where working pick working to a way get that activity we're probably deficit, drilling start whole a is completions the you you and bills won't At and as fluctuate up. other the activity expect Now capital some low start and you'd point, again, point between the bills, when them. you lag which there's pay getting or and until when we you

quarter. typical very So

the about quarter. paid the mean, in July, any month $XX this some As quarter million million. not end. status. without little $XXX every mentioned working of the debt down timing, because of capital That's by a the not at expect, we than more I It's a was million rate, do but in we way. of we run year paying In had changes debt release, that the big $XX high down we're we That really press month

Operator

concludes Anderson the final question-and-answer for turn back that session. our Mr. gentlemen, any and I'll floor comments. Ladies to

Robert Anderson

need update Well, and us, joining to, as everybody quarter. we we'll Thanks. you appreciate next to and we see continue we'll

Operator

conference. Thank you. today's This concludes

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

Earthstone Energy (ESTE) 9 Aug 202020 Q2 Earnings call transcript