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Wells Fargo Energy Symposium – EV Energy Partners Lp

EV Energy Partners Lp · Dec 11, 2013 · 24 slides

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Slides

  1. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 1
    Wells Fargo Energy Symposium December 11, 2013
  2. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 2
    EVEP Overview Upstream MLP created in September 2006 Experienced GP Ownership EnerVest & Management (76.25%) EnerVest established in 1992 EnCap (23.75%) EnCap established in 1988 48.35 million outstanding units Includes recent…
  3. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 3
    Why Invest in EVEP Synergistic relationship with EnerVest Solid, long-lived asset base Strong long-term performance and growth Significant Utica Shale upside Utica acreage Midstream investments Overriding royalty interests…
  4. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 4
    Relationship with EnerVest EnerVest Private Equity Funds Total SEC Proved Reserves: 3.7 Tcfe (1) Daily Production: 635 Mmcfe (2) Advantages for EVEP Dropdown capability Along-side acquisitions Asset concentration (1) Total…
  5. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 5
    Reserves & Capital Spending Estimated Proved Reserves 2013 E&P Capital = 90 - 110 Million 6
  6. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 6
    Austin Chalk (EVEP 14% Ownership) HALCON EVEP Production: ANADARKO 13 MMcfe/d Ongoing horizontal CLAYTON drilling program WILLIAMS Multi-stage and conventional Drill 10 wells per year APACHE Potential Eagle Ford upside…
  7. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 7
    Barnett Shale (EVEP 31% Ownership) Top 5 producer with EnerVest Institutional Partnerships EVEP production: 91 MMcfe/d Add-on acquisition recently completed Drilling 70 wells per year Recent initial production rates over 14%…
  8. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 8
    Utica Industry Activity Utica Well Activity * 995 wells permitted 609 wells drilled 185 wells producing 44 rigs running Utica Midstream Activity * Planned midstream investment in Ohio estimated at 12 billion Midstream…
  9. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 9
    EVEP Utica Shale Position Black Oil Black Oil Volatile Oil Acreage Position Volatile Oil Wet Gas Wet Gas 173,000 net working interest Dry Gas Dry Gas acres EVEP WI Acreage CHK/EV/Total JV Overriding Royalty Interests…
  10. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 10
    Utica Working Interest Acreage Black Oil Black Oil Volatile Oil EVEP Net Acres Volatile Oil Wet Gas (In thousands) Wet Gas Dry Gas Wet Gas Vol. Oil Other Total Dry Gas EVEP WI Acreage Total OH 41 78 38 157 CHK/EV/Total JV…
  11. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 11
    Utica Working Interest Acreage Black Oil Black Oil EVEP Net Acres Volatile Oil Volatile Oil (In thousands) Wet Gas Wet Gas County Wet Gas Vol. Oil Other Total Dry Gas Dry Gas ASHTABULA 21 21 EVEP WI Acreage CARROLL 11 11…
  12. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 12
    Utica Volatile Oil Window Activity EnerVest technical work Recent participation in oil wells through non-op position Reservoir simulation modeling Hydraulic fracture studies Generating recommendations on how to significantly improve…
  13. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 13
    Utica Acreage Overriding Royalty Interest Overriding Royalty Interest (ORRI) acreage is mostly in wet gas and oil windows 880,000 gross acres Average 2.7% ORRI on 415,000 operated gross acres Average 1.3% ORRI on 465,000…
  14. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 14
    Utica East Ohio (EVEP 21% Ownership) Gather, process and fractionate wet gas from CHK/EV/Total JV production 800 MMcf/d of processing & 135 MBbls/d of fractionation capacity when completed Onsite working storage of 870 MBbls of…
  15. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 15
    UEO Midstream Capacity Expect processing constraints for CHK JV wells to end in 2Q 2014 UEO de-ethanizer & ATEX pipeline online Processing Fractionation 16
  16. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 16
    UEO Kensington Oct. 2013 Processing Processing Train 2 Train 3 Future Processing Control Room Train 4 Processing Train 1 Condensate Stabilizer Inlet Compressors Residue Compressors Facility Sub-station…
  17. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 17
    UEO Harrison Hub Oct. 2013 Fire water tank Fractionation trains 2 & 3 site work Flare (2) 60,000 barrel floating roof natural gasoline tanks (2) 200,000 barrel refrigerated C3 tanks Fractionation train 1 (2) 125,000 barrel…
  18. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 18
    Cardinal Gas Services (EVEP 9% Ownership) Low-pressure gathering and compression of wet gas from JV production into Utica East Ohio infrastructure JV firm drilling schedule calls for 540 Compression Capacity wells by year end…
  19. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 19
    Midstream Constraints Relaxing Processing and fractionation constraints being addressed Gathering and compression constraints being addressed Ethane (high-BTU) constraints being addressed ATEX pipeline expected in service January…
  20. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 20
    Utica Midstream Capital and EBITDAX Capital investment of 335-395 million, net to EVEP, over 5 years Stable, long-term cash flow stream UEO has fee structure defined by contract Fees for gathering, compression, processing, NGL…
  21. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 21
    Capital Structure ( millions) Bank Debt 10/18 407 Senior Notes Due 2019 500 Equity Market Capitalization 1,639 Enterprise Value 2,546 Note: Equity market capitalization based on unit price at December 4, 2013. Bank Debt at…
  22. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 22
    Active Commodity Hedging Strategy Hedges used to reduce the effects of commodity price volatility and support initial acquisition economics Hedged approximately 90% for 2013, 80% for 2014 and 65% for 2015 Gas Volume Hedged…
  23. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 23
    Strategy Going Forward Continue to manage and enhance base business Further realize value of Utica acreage Continue to build out UEO midstream infrastructure Growth in production and EBITDA will increase strategic optionality…
  24. Wells Fargo Energy Symposium – EV Energy Partners Lp – slide 24
    Wells Fargo Energy Symposium December 11, 2013

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