EV Energy Partners Citibank Citib kUU.S. S CCredit dit C Conference f November 15, 2011
Why EV Energy Partners EnerVest Provides Operating p g and A&D Leverage g and Scale Proven Track Record in Acquisitions Multiple Acquisition Sources Diverse Set of Properties with Organic Growth Potential Demonstrated…
EV Energy Partners, L.P. Upstream MLP Created in September 2006 (Nasdaq: EVEP) GP Ownership EnerVest & Management (76.25%) Encap (23.75%) 34.2 million outstanding units 2.9 billion enterprise value Strong balance sheet…
Best in Class Returns Compound Annual Return Last 3 Years Note: Closing prices as of November 11, 2011 - Upstream MLPs* does not include EVEP AMZX as of November 4, 2011. 5
EVEP: A Strong Strategic Partnership with EnerVest EnerVest is recognized as one of the largest and most successful managers of oil and gas assets for institutional investors Experienced and disciplined from 19 year track record of…
Benefits of the Strategic Partnership Drop-Down Joint Industry From Bid With EnCap EnerVest EnerVest Closed 1.5 billion of acquisitions at an average price of 1.48/Mcfe 7
Over Five Years of Growth and Asset Diversification September 2006 (at IPO) December 31, 2010 * 51 Bcfe 2 Basins 1,241 1 241 Bcfe B f 8 Basins * Based on SEC December 31, 2010 reserve report, pro forma for 2011 closed…
Disciplined Acquirer EVEP Upstream MLPs Number of Deals 22 89 Total (b): 1.8 14.7 R/P Ratio: 21 18 Note: 1/1/07 to 11/4/2011 Source: Wells Fargo Securities, LLC. (Excludes EVEP) and company press releases Source: Raymond James…
2011 Acquisitions EVEP has closed or announced 490 million of acquisitions at an average of 1.05 per Mcfe Acquisition Region Millions EnerVest Drop down EnerVest Dropdown Appalachia 31 Reversionary Working Interest Barnett 16…
Announced Barnett Shale Acquisitions Joint Purchase with EnerVest Institutional Combined Position Makes Partnerships T t l purchase Total h price: i 1 1.2 2 billi billion EnerVest / EVEP Top 6 Barnett 372 million net to EVEP (…
Recently Completed Acquisitions Recently completed 116 million of bolt on acquisitions 62 Bcfe* Estimated net proved reserves 56% Proved Developed 54% Natural Gas 46% Liquids Current production rate: 8 Mmcfe per day…
Dominant Ohio Position Largest Producer in Ohio Overall EnerVest Position Over 8,000 gross productive wells 85 MMcfe/d gross production (51 MMcfe/d net) Significant operating infrastructure in place 1.2 1 2 mm gross acres…
EVEP Utica Position EVEP JV Acreage EVEP Non-JV Acreage EnerVest Acreage EVEP Net Utica Leasehold 159,000 net WI acres 22,000 net acres in CHK JV 137,000 net acres associated with other acreage ORRI on 240,000 net acres…
Recent Utica Activity De-risking the Play Drilling/Drilled Wells 38 wells drilled or drilling Permits EVEP JV Acreage 90 additional wells permitted EVEP Non-JV Acreage Numerous wells in planning stage EnerVest Acreage Acreage prices…
Impact of Chesapeakes Recently Announced Utica Joint Venture 15,000 per acre, cash and carry on 650,000 acres mostly liquids rich area Includes 4,000 EVEP net acres Anticipate 50 wells drilled by Chesapeake in 2012 EnerVest and/or…
Capital Structure ( millions) Net Bank Debt 9/30 195 Senior Notes Due 2019 300 Equity Market Capitalization 2,448 Enterprise Value 2,943 Note: Net Bank Debt is debt outstanding under our revolving credit facility, less cash…
Disciplined Financing Strategy Since 2006, completed 1.3 billion of acquisitions, 64% of which were financed with equity q y and free cash flow Capital Activity (1) Acquisition Financing Since IPO Equity * 759 57% Free Cash…
Active Hedging Program Production is well hedged to protect cash flows Note: % hedged based on third quarter production plus recently closed acquisitions 20
Commodity Hedging: Natural Gas Gas Volume Hedged (MMbtu/d) Gas Prices Hedged (/MMbtu) Note: Estimated NYMEX Henry Hub equivalent with basis differentials of: Dominion Appalachia 0.18, MichCon Citygate 0.27, Houston Ship Channel…
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