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EP Energy Production In Free Fall; Debt Service Up 163%
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EP Energy reported its third quarter results and the company tried its best to "spin" the story into a positive. The actual data below tells a different story.
Quick Takes : Eagle Ford completion activity down -58% Eagle ford oil production down -40% YOY Equivalent Production down 30% (Haynesville sale) Operating Revenues down -66% Debt Service up 163%From the chart above you can see the percentage declines in production. You could argue that the decline in equivalent production is as a result of the Haynesville sale. But overall, oil production is also down some 27%, which would not have been affected by the gassy Haynesville asset.
What is even more alarming is the fact that revenues are down -61% YOY as a result of changes in the company's hedge book.
The company now spend…
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