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EV Energy to Decrease Spending for Rest of Year; Reduce Debt
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EV Energy Partners, L.P. announced results for the first quarter of 2016. In addition, EVEP provided an update of its commodity hedge positions.
Key Points: Capital expenditures are projected to decline from first quarter levels. We plan to use free cash flow to further reduce debt. Production for the first quarter of 2016 was 12.8 Bcf of natural gas, 317 Mbbls of oil and 602 Mbbls of natural gas liquids, or 201.4 million cubic feet equivalent per day (Mmcfe/day). This represents a 4 percent decrease from fourth quarter 2016 production of 209.8 Mmcfe/day The decrease from the fourth quarter 2015 is primarily due to the reduction in drilling activity EVEP reported a net loss of $29.0 million First Quarter 2016 ResultsAdjusted EBITDAX for the first quarter of 2016 was $20.2 million…
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