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CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp

EV Energy Partners Lp · Jun 23, 2015 · 18 slides

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Slides

  1. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 1
    Credit Suisse 3rd Annual MLP & Energy Logistics Conference June 23, 2015
  2. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 2
    EVEP Overview Upstream MLP created in September 2006 Experienced General Partner (GP) Ownership EnerVest & Management (76.25%) EnerVest established in 1992 EnCap (23.75%) EnCap established in 1988 48.9 million outstanding units…
  3. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 3
    Relationship with EnerVest EnerVest Private Equity Funds Proved Reserves: 5.2 Tcfe (1) Daily Production: Over 810 Mmcfe (2) Advantages for EVEP Dropdown capability Asset concentration Along-side acquisitions EnerVest P.E.…
  4. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 4
    Long-lived, Diverse Asset Base Total Proved Reserves: 1,001 Bcfe (1) Percent Developed: 84% Michigan Proved Reserves: 51 Bcfe Percent Gas: 71% 2014 Production: 6.4 Mmcfe/d 2014 Avg. Production: 174 Mmcfe/d Reserve-Life Index: 16…
  5. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 5
    2014 Proved Reserves Permian 3% Michigan 5% San Juan 5% Central Texas 4% 2014 SEC Proved Reserves: 1,001 Bcfe Monroe 5% Barnett Shale 58% Mid-Continent 6% Appalachia 14% 2014 SEC proved reserves decreased compared to…
  6. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 6
    Midstream Sales Closed, Focus on Upstream Acquisitions Sold entire 21% interest in Utica East Ohio (Utica processing and fractionation partnership) for 575mm Purchase price represents 2.0x invested capital and 15.3x 2015E EBITDA(1)…
  7. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 7
    Other Action Steps in Lower Commodity Price Environment Announced 40% reduction in E&P capital budget for 2015 Significant focus on operating and capital cost reductions Reevaluated common unit distribution policy in light of current…
  8. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 8
    Barnett Shale (EVEP 31% Ownership) Top 5 producer (including EnerVest institutional fund ownership) EVEP production: 90 MMcfe/d 69% natural gas, 29% NGL, 2% crude oil 2015 Initiatives 3 rigs moving down to a 1 rig program in…
  9. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 9
    Austin Chalk (EVEP 14% Ownership) EV Chalk Acreage EV Chalk Wells Along with EnerVest Largest Chalk producer 800,000 gross acres HBP Horizontal Chalk drilling temporarily suspended for the remainder of 2015 Participating in 3D…
  10. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 10
    Eagle Ford Update Sold Burleson, Brazos and Eagle Ford Wells Grimes Counties Eagle Ford Permitted Completed formation rights in October 2014 33.8mm net proceeds EVEP retains Eagle Ford rights in Fayette, Lee and Venado Oil and…
  11. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 11
    Drilling in the Utica Shale 95% of wells in the Utica have been drilled in the Wet Gas & Dry Gas Windows Black Black Oil VolatileOil Oil Volatile Oil Wet Gas Wet Gas Dry Gas Dry Gas EVEP WI Acreage Black Oil Wells CHK/Total/EV…
  12. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 12
    EVEP Utica Shale Position Acreage position Black Oil Black Oil EnerVest Volatile Oil Lennington 1H - Producing Volatile Oil 173,000 net working interest acres Wet Gas Wet Gas Dry Gas Dry Gas EVEP WI Acreage Overriding royalty…
  13. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 13
    2015 Capital Spending Budget Exploration & Production Capital: 55 65 Million Other 3% Mid-Continent 8% Central Texas 10% Barnett Shale 58% Appalachia 21% 14
  14. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 14
    Cost Savings Drilling and completion costs down over 15% versus original budget in 1Q 2015 Working through existing contracts and anticipate further reductions during the remainder of 2015 Lease operating costs: 10% reduction…
  15. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 15
    Capital Structure ( millions) 3/31/14 Pro Forma* Cash & Cash Equivalents 10 75 Bank Debt 541 0 Senior Notes Due 2019 500 500 Equity Market Capitalization 639 639 Enterprise Value 1,680 1,139 Note: Equity market…
  16. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 16
    Commodity Hedging Gas Volume Hedged (MMcf/d) Oil Volume Hedged (Bbl/d) 120,000 4.86 4,000 90.28 100,000 3,000 80,000 60,000 108.8 4.07 2,000 3,500 40,000 90.14 50.0 1,000 20,000 1,000 0 0 2015 2016 2017 2015 2016 201…
  17. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 17
    Strategy Going Forward Redeploy UEO sale proceeds in acquisition of long-life, producing properties Continue to manage and enhance base business Focus on D&C and operating cost reductions Further realize value of Utica acreage…
  18. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – EV Energy Partners Lp – slide 18
    Credit Suisse 3rd Annual MLP & Energy Logistics Conference June 23, 2015

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