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Citi MLP Conference – EV Energy Partners Lp

EV Energy Partners Lp · Aug 19, 2015 · 17 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. Citi MLP Conference – EV Energy Partners Lp – slide 1
    Citi MLP/Midstream Infrastructure Conference August 19, 2015
  2. Citi MLP Conference – 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. Citi MLP Conference – 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. Citi MLP Conference – 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. Citi MLP Conference – 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. Citi MLP Conference – 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. Citi MLP Conference – 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. Citi MLP Conference – 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. Citi MLP Conference – 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. Citi MLP Conference – 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. Citi MLP Conference – EV Energy Partners Lp – slide 11
    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…
  12. Citi MLP Conference – EV Energy Partners Lp – slide 12
    2015 Capital Spending Budget Exploration & Production Capital: 55 65 Million Other 3% Mid-Continent 8% Central Texas 10% Barnett Shale 58% Appalachia 21% 13
  13. Citi MLP Conference – EV Energy Partners Lp – slide 13
    Cost Savings Drilling and completion costs down over 15% versus original budget in 1H 2015 Working through existing contracts and anticipate further reductions during the remainder of 2015 Lease operating costs: 10% reduction…
  14. Citi MLP Conference – EV Energy Partners Lp – slide 14
    Capital Structure ( millions) 6/30/15 Cash & Cash Equivalents 59 Bank Debt 0 Senior Notes Due 2019 500 Equity Market Capitalization 459 Enterprise Value 959 Note: Equity market capitalization based on unit price at August…
  15. Citi MLP Conference – EV Energy Partners Lp – slide 15
    Commodity Hedging Gas Volume Hedged (MMcf/d) Oil Volume Hedged (Bbl/d) 4.86 90.28 3.67 3.31 90.14 Recently added natural gas hedges: 40 MMcfe/d at 3.18 for 2016 40 MMcfe/d at 3.31 for 2017 1,300 Bbl/d of propane at…
  16. Citi MLP Conference – EV Energy Partners Lp – slide 16
    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…
  17. Citi MLP Conference – EV Energy Partners Lp – slide 17
    Citi MLP/Midstream Infrastructure Conference August 19, 2015

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