EV Energy Partners IPAA Oil & Gas G Investment I t t Symposium S i April 12, 2011
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 2.3 billion enterprise value Strong balance sheet…
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…
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 Industry Drop-Down Joint EnCap Acquisitions From Bid With Acquisitions EnerVest EnerVest 5 5 4 2 1.3 billion of acquisitions at an average price of 1.50/Mcfe 7
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…
Dominant Ohio Position Largest Producer in Ohio Overall EnerVest Position Over 8,000 gross productive wells 87 MMcfe/d gross production (52 MMcfe/d net) Significant operating infrastructure in place 1.2 1 2 mm gross acres…
EVEP Utica Position EVEP Net Leasehold 150,000 net acres ORRI on 80,000 net acres Substantially all leases held by production Current Activity EnerVest has over 500 wellbore penetrations providing excellent subsurface…
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…
2011 Organic Growth Activity Appalachian Basin: Capital Program Utica, Marcellus and - 65-80 Million Knox - 6-8 Active Rigs - Liquids Focus - 20% IRR Hurdle Mid Continent: C Granite Wash, Cleveland and Cano/Woodford Barnett…
Capital Structure ( millions) Bank Debt - Net 164 Senior Notes Due 2019 300 Equity Market Capitalization 1,834 Enterprise Value 2,298 Note: Bank Debt - Net is current debt outstanding under our revolving credit facility less…
Disciplined Financing Strategy Since 2006, we have completed 1.3 billion of acquisitions, 64% of which were financed with equity q y and free cash flow Capital Activity (1) 800 569 Acquisition Financing Since IPO 600 473 43…
Active Hedging Program EVEPs total production (gas, oil and NGLs) is well hedged to protect cash flows Note: Production is based on Q4 2010 PF average production of 116.5 MMcfe/d. 17
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)…
2011 Guidance Full Year 2011 Net Production: Natural Gas (MMcf) 29,200 - 31,950 Crude Oil (MBbls) 785 - 870 Natural Gas Liquids (MBbls) 1,140 - 1,280 Total MMcfe 40,750 - 44,850 Average Daily Production (MMcfe/d) 111.6 - 122.9…
EV Energy Partners IPAA Oil & Gas G Investment I t t Symposium S i April 12, 2011
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