EV Energy Partners IPAA Oil & Gas G Investment I t t Symposium S i September 27, 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 September 22, 2011 and AMZX as of September 16, 2011 - Upstream MLPs* does not include EVEP 5
Diverse Asset Base Total Proved Reserves: 817.3 Bcfe Percent Developed: 71% Percent Gas: 70% Avg. Production: 114.2 2010PF Avg 114 2 MMcfe/d Michigan Reserve-Life Index: 20 years Proved Reserves: 47.9 Bcfe (5.9% of total) Gross…
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 1.3 billion of acquisitions at an average price of 1.50/Mcfe 8
Over Four Years of Growth and Asset Diversification September 2006 (at IPO) December 31, 2010 (1) Michigan MidCon. 6% Appalachia 10% Monroe 15% 31% Central Texas 7% Permian P i Barnett Shale Appalachia 38% 8% 69% San…
2011 Organic Growth Activity Appalachian Basin: Capital Program Utica, Marcellus and - 65-83 Million Knox - 6-8 Active Rigs - Liquids Focus - 20% IRR Hurdle Mid Continent: C Granite Wash, Cleveland and Cano/Woodford Barnett…
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 Net Utica Leasehold EVEP JV Acreage 159,000 net WI acres EVEP Non-JV Acreage 22,000 net acres in CHK JV EnerVest Acreage 137,000 net acres associated with other acreage ORRI on 240,000 net acres 80,000…
Recent Utica Activity Drilling/Drilled Wells De-risking the Play Permits 18 wells drilled or drilling EVEP JV Acreage EVEP Non-JV Acreage 53 additional wells permitted EnerVest Acreage Numerous wells in planning stage Acreage prices…
Dominant Chalk Position Largest Producer in the Chalk College Over 1,600 gross productive wells Station Gross Production: 155 MMcfe/d EVEP Net Production: 16 MMcfe/d EnerVest Net Production: 116 MMcfe/d Gross Acres: 1.0…
Barnett Shale Acquisition One of North Americas most prolific natural gas basins with high NGL content Joint purchase with EnerVest Institutional Partnerships Total purchase price: 954 million 296 million net to EVEP (31%…
Barnett Shale Operational Overview Primarily in the Core Area Wichita Clay 254 gross productive wells (99% Archer Oil Cooke operated) Montague 20,000 gross acres Young Jack 295 identified Proved Undeveloped on Acquisition…
Disciplined Acquirer EVEP Upstream MLPs Number of Deals 20 84 Total (b): 1.3 13.0 R/P Ratio: 20 19 Note: 1/1/07 to 9/23/2011 Source: Wells Fargo Securities, LLC. Excludes EVEP Source: Raymond James and Associates onshore US…
Capital Structure ( millions) Bank Debt - Net 161 Senior Notes Due 2019 300 Equity Market Capitalization 2,428 Enterprise Value 2,889 Note: Bank Debt - Net is debt outstanding under our revolving credit facility less cash at…
Updated Credit Facility EVEP recently entered into a Second Amended and Restated Credit Agreement. 1 billion facility Initial 600 million borrowing base 187.5 million debt outstanding Five year maturity LIBOR margins…
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 (1) 759 57% Free Cash…
Active Hedging Program Production is well hedged to protect cash flows 90% 82% 80% 74% 70% 67% % Production Hedged d 60% 54% 50% 40% 30% 20% 10% 0% FY2011R FY2012E FY2013E FY2014E Note: Production is based on Q2…
Commodity Hedging: Natural Gas Gas Volume Hedged (MMbtu/d) Gas Prices Hedged (/MMbtu) Estimated NYMEX Henry Hub equivalent with basis differentials of: Dominion Appalachia 0.17, MichCon Citygate 0.20, Houston Ship Channel (0.05)…
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