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        <filerInfo>
            <filer>
                <filerCredentials>
                    <cik>0001397150</cik>
                    <ccc>XXXXXXXX</ccc>
                </filerCredentials>
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            <liveTestFlag>LIVE</liveTestFlag>



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    <formData>
        <issuerInfo>
            <issuerCik>0000010254</issuerCik>
            <issuerName>EARTHSTONE ENERGY, INC.</issuerName>
            <secFileNumber>001-35049</secFileNumber>
            <issuerAddress>
                <ns2:street1>1400 Woodlock Forest Drive</ns2:street1>
                <ns2:city>The Woodlands</ns2:city>
                <ns2:stateOrCountry>TX</ns2:stateOrCountry>
                <ns2:zipCode>77380</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>281-298-4246</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>AZURE ENERGY, LLC</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Director</relationshipToIssuer>
            </relationshipsToIssuer>
        </issuerInfo>
        <securitiesInformation>
            <securitiesClassTitle>Class A Common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC Executive Financial Services</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>38th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>51968</noOfUnitsSold>
            <aggregateMarketValue>1047657.75</aggregateMarketValue>
            <noOfUnitsOutstanding>106331055</noOfUnitsOutstanding>
            <approxSaleDate>09/27/2023</approxSaleDate>
            <securitiesExchangeName>NYSE</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>Class A Common</securitiesClassTitle>
            <acquiredDate>05/17/2018</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted stock vesting under a registered plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>37825</amountOfSecuritiesAcquired>
            <paymentDate>05/17/2018</paymentDate>
            <natureOfPayment>Not Applicable</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Class A Common</securitiesClassTitle>
            <acquiredDate>07/02/2018</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted stock vesting under a registered plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>14143</amountOfSecuritiesAcquired>
            <paymentDate>07/02/2018</paymentDate>
            <natureOfPayment>Not Applicable</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>09/27/2023</noticeDate>
            <planAdoptionDates/>
            <signature>/s/ Frank Alan Lodzinski</signature>
        </noticeSignature>
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144
0001397150
XXXXXXXX
LIVE
0000010254
EARTHSTONE ENERGY, INC.
001-35049
1400 Woodlock Forest Drive
The Woodlands
TX
77380
281-298-4246
AZURE ENERGY, LLC
Director
Class A Common
Morgan Stanley Smith Barney LLC Executive Financial Services
1 New York Plaza
38th Floor
New York
NY
10004
51968
1047657.75
106331055
09/27/2023
NYSE
Class A Common
05/17/2018
Restricted stock vesting under a registered plan
Issuer
N
37825
05/17/2018
Not Applicable
Class A Common
07/02/2018
Restricted stock vesting under a registered plan
Issuer
N
14143
07/02/2018
Not Applicable
Y
09/27/2023
/s/ Frank Alan Lodzinski