FANG - Earthstone Energy Revisited: Independence Resources Management Acquired
- Earthstone Energy has proved its resilience throughout the COVID-19 pandemic, delivering a 3-bagger for us so far.
- On December 18, 2020, it acquired Independence Resources Management, boosting its landholdings, production, and PDP reserves for a dirt cheap price.
- The acquisition de-risks the medium-term growth runway without committing much capex, perfect in the current macro environment.
- On a pro-forma basis, Earthstone is deeply undervalued. Discerning investors may buy this hidden gem for its high-quality assets and superb management.
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Earthstone Energy Revisited: Independence Resources Management Acquired