We have a portfolio of unconventional oil and gas assets located in the Midland Basin and the Eagle Ford Trend. We entered the Midland Basin through the acquisition of Lynden Energy in 2016 and increased our Midland Basin position with the acquisition of Bold Energy in 2017. Today, our Midland Basin position consists of operated and non-operated properties located in Reagan, Upton, Glasscock, Howard, Midland and Martin counties that total ~29,100 net acres. Our Eagle Ford portfolio consists of operated and non-operated properties located in Fayette, Gonzales and Karnes counties that total ~14,500 net acres.
1Q 2020 Highlights
(1) Earthstone uses Adjusted EBITDAX, a financial measure that is not presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Please refer to Earthstone’s investor presentation for details.
(2) Reflects 1Q 2020 total debt / LTM Adjusted EBITDAX at 1Q 2020.
(3) Liquidity defined as availability of borrowings under revolving credit facility plus cash as of 1Q 2020.