Earthstone Energy Inc (NYSE:ESTE) Q3 2019 Earnings Conference Call - Final Transcript

Nov 07, 2019 • 12:00 pm ET


Earthstone Energy Inc (NYSE:ESTE) Q3 2019 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the Earthstone Energy, Third Quarter 2019 Earnings Conference Call. [Operator Instructions]

I would now like, to turn the conference over to our host Mark Lumpkin, Executive Vice President and Chief Financial Officer. Thank you. You may begin.

Mark Lumpkin, Jr.

Thank you, and welcome to our third quarter, conference call. Before we get started, I would like to remind you that today's call will contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended in Section 21E of the Securities Exchange Act of 1934 as amended. Although management believes these statements are based on reasonable expectations they can give no assurance that they will prove to be correct. These statements are subject to certain risks uncertainties, and assumptions as described in the earnings announcement we released yesterday in our quarterly report on Form 10-Q for the third quarter of 2019. These documents can be found in the Investors section of our website Should one or more of these risks materialize or should underlying assumptions prove incorrect actual results may vary materially.

This conference call, also includes references to certain non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable measure under GAAP are contained in our earnings announcement released yesterday. Also, please note, information recorded on this call speaks only as of today November 7, 2019 thus any time-sensitive information may no longer be accurate at the time of any replay. A replay of today's call will be available via webcast by going to the Investors section of Earthstone's website and also by telephone replay. You can find information about how to access those on our earnings announcement released yesterday. Today's call, will begin with opening remarks from Frank Lodzinski; followed by an overview of our current and upcoming operations by Robert Anderson; followed by remarks from me regarding financial matters and performance; and concluding with remarks from Frank Lodzinski.

I'll now turn the call over to Frank.

Frank A. Lodzinski

Okay. Thank you Mark, and thank you to everybody, for joining this call. As Robert, and Mark, are going to explain in some detail we had a very solid third quarter and we are very well positioned for an excellent fourth quarter and moving into 2020. We are very pleased with our substantial progress strong production strong balance sheet and our continued progress to constantly improve our metrics. Our cost metrics and our operations. I believe that we are showing the market that a small company with good management and outstanding operations can be efficient and actually quite competitive with larger companies that have greater scale. We continue to focus both on operating cost and operating efficiencies in our efforts to drive stronger well returns and ultimately shareholder value.

The environment, for acquisition or mergers remain very challenging but we continue to chase transactions in the Permian and possibly the Eagle Ford that'll be accretive. In the absence of a significant transaction we continue to improve our inventory of locations