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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
REVENUES        
Total revenues $ 475,816 $ 531,495 $ 1,258,960 $ 1,200,196
OPERATING COSTS AND EXPENSES        
Lease operating expense 101,156 75,829 276,736 147,974
Production and ad valorem taxes 38,419 40,219 103,377 87,729
Depreciation, depletion and amortization 123,059 90,880 343,799 191,669
Impairment expense 0 0 854 0
General and administrative expense 26,508 14,188 64,079 40,571
Transaction costs 1,503 1,778 1,904 12,118
Accretion of asset retirement obligation 683 758 1,958 1,863
Exploration expense 488 2,248 7,036 2,340
Total operating costs and expenses 291,816 225,900 799,743 484,264
Gain on sale of oil and gas properties 1,290 14,803 47,404 14,803
Income from operations 185,290 320,398 506,621 730,735
OTHER INCOME (EXPENSE)        
Interest expense, net (34,232) (20,988) (79,180) (42,931)
Write-off of deferred financing costs 0 0 (5,109) 0
(Loss) gain on derivative contracts, net (45,047) 60,286 (111,820) (141,101)
Other income, net 70 134 882 430
Total other income (expense) (79,209) 39,432 (195,227) (183,602)
Income before income taxes 106,081 359,830 311,394 547,133
Income tax expense (18,930) (60,518) (55,584) (81,673)
Net income 87,151 299,312 255,810 465,460
Less: Net income attributable to noncontrolling interest 25,793 87,856 75,862 142,597
Net income attributable to Earthstone Energy, Inc. $ 61,358 $ 211,456 $ 179,948 $ 322,863
Net income per common share attributable to Earthstone Energy, Inc.:        
Basic (in dollars per share) $ 0.58 $ 2.01 $ 1.69 $ 3.91
Diluted (in dollars per share) $ 0.57 $ 1.94 $ 1.67 $ 3.61
Weighted average common shares outstanding:        
Basic (in shares) 106,332,278 105,254,778 106,172,873 82,483,635
Diluted (in shares) 108,285,229 109,278,661 107,741,704 92,844,854
Oil        
REVENUES        
Total revenues $ 366,574 $ 332,036 $ 978,949 $ 756,420
Natural gas        
REVENUES        
Total revenues 39,275 113,937 89,942 233,020
Natural gas liquids        
REVENUES        
Total revenues $ 69,967 $ 85,522 $ 190,069 $ 210,756