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Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp

EV Energy Partners Lp · Aug 24, 2011 · 24 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 1
    EV Energy Partners 2011 Citi Citigroup MLP / Mid Midstream t IInfrastructure f t t Conference August g 24,, 2011
  2. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 2
    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…
  3. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 3
    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 2.6 billion enterprise value Strong balance sheet…
  4. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 4
    Best in Class Returns Compound Annual Return Last 3 Years Note: Closing prices as of August 19, 2011 - Upstream MLPs* does not include EVEP 5
  5. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 5
    Diverse Asset Base Total Proved Reserves: 817.3 Bcfe Percent Developed: 71% Percent Gas: 70% 2010PF Avg Avg. Production: 114.2 114 2 MMcfe/d Michigan Reserve-Life Index: 20 years Proved Reserves: 47.9 Bcfe (5.9% of total) Gross…
  6. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 6
    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…
  7. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 7
    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
  8. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 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…
  9. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 9
    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…
  10. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 10
    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…
  11. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 11
    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…
  12. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 12
    Recent Utica Activity Drilling/Drilled Wells Permits De-risking the Play EVEP JV Acreage 17 wells drilled or drilling EVEP Non Non-JV JV Acreage EnerVest Acreage 37 additional wells permitted Numerous wells in planning stage…
  13. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 13
    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…
  14. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 14
    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%…
  15. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 15
    Barnett Shale Operational Overview Primarily in the Core Area Wichita Clay Oil 254 gross productive wells (99% Archer Cooke operated) Montague 20,000 gross acres Young Jack 295 identified Proved Undeveloped on Acquisition…
  16. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 16
    Disciplined Acquirer EVEP Upstream MLPs Number of Deals 18 76 Total (b): 1.3 12.0 R/P Ratio: 20 19 Note: 1/1/07 to 5/20/2011 Source: Wells Fargo Securities, LLC. Excludes EVEP Source: Raymond James and Associates onshore US…
  17. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 17
    Capital Structure ( millions) Bank Debt - Net 161 Senior Notes Due 2019 300 Equity Market Capitalization 2,149 Enterprise Value 2,610 Note: Bank Debt - Net is current debt outstanding under our revolving credit facility less…
  18. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 18
    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…
  19. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 19
    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…
  20. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 20
    Active Hedging Program Production is well hedged to protect cash flows Note: Production is based on Q4 2010 PF average production of 116.5 MMcfe/d. 21
  21. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 21
    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)…
  22. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 22
    Commodity Hedging: Oil Oil Volume Hedged (Bbl/d) Oil Prices Hedged (/Bbl) 23
  23. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 23
    Commodity Hedging: NGLs Ethane Volume Hedged (Bbl/d) Ethane Prices Hedged (/Bbl) Propane Volume Hedged (Bbl/d) Propane Prices Hedged (/Bbl) 24
  24. Citigroup MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 24
    EV Energy Partners 2011 Citi Citigroup MLP / Mid Midstream t IInfrastructure f t t Conference August g 24,, 2011

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