The Woodlands-based Earthstone Energy said last week its production guidance for 2021 is 19,500 to 21,000 boed after record volumes in 2020 of 15,382 boed (56 percent oil) to exceed guidance of 14,500 boed. Estimated proved reserves at yearend were 78.9 million boe. Earthstone’s 2021 capital budget of $90 million to $100 million assumes a one-rig program in Midland Basin starting in March. Robert J. Anderson, president and CEO, said Feb. 2, “We managed to achieve company record production levels in 2020 despite oil prices averaging over 30 percent less in 2020 vs. 2019 and reducing our capital expenditures by approximately 68 percent.”
After 2020 activity in Upton County, Earthstone said it will resume drilling operations in Midland County in late 2021Q1 at its Hamman project.