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JP Morgan Global High Yield and Leveraged Finance Conference – EV Energy Partners Lp

EV Energy Partners Lp · Mar 1, 2016 · 15 slides

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Slides

  1. JP Morgan Global High Yield and Leveraged Finance Conference – EV Energy Partners Lp – slide 1
    EV Energy Partners, L.P. 2016 J.P. Morgan Global High Yield and Leveraged Finance Conference March 1, 2016
  2. JP Morgan Global High Yield and Leveraged Finance 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. JP Morgan Global High Yield and Leveraged Finance Conference – EV Energy Partners Lp – slide 3
    Relationship with EnerVest EnerVest Private Equity Funds Proved Reserves: 5.0 Tcfe (1) Daily Production: Over 700 Mmcfe (2) Advantages for EVEP Dropdown capability Asset concentration Along-side acquisitions EnerVest P.E.…
  4. JP Morgan Global High Yield and Leveraged Finance Conference – EV Energy Partners Lp – slide 4
    Long-lived, Diverse Asset Base Total Proved Reserves: 1,097 Bcfe* Percent Developed: 83% Michigan Proved Reserves: 88 Bcfe Percent Natural Gas: 68% 4Q15 Production: 16.9 Mmcfe/d 4Q15 Production: 209.8 Mmcfe/d Reserve-Life Index: 15…
  5. JP Morgan Global High Yield and Leveraged Finance Conference – EV Energy Partners Lp – slide 5
    2015 YE Reserves & 2016 Capital Budget 2015 Year-end Reserves: 2016 E&P Capital: 1,096.7 Bcfe 10 18 Million Monroe Permian 3% 2% Central Texas Barnett 6% 46% Other Michigan 20% 8% Barnett 53% Appalachia 18% San Juan/ San…
  6. JP Morgan Global High Yield and Leveraged Finance Conference – EV Energy Partners Lp – slide 6
    Barnett Shale (EVEP 31% Ownership) Top 5 producer (including EnerVest institutional fund ownership) 2015 YE reserves: 497 Bcfe 4Q15 EVEP production: 87 Mmcfe/d 72% natural gas, 27% NGL, 1% crude oil Plan to complete 10 wells…
  7. JP Morgan Global High Yield and Leveraged Finance Conference – EV Energy Partners Lp – slide 7
    Appalachian Basin & Michigan Appalachian Basin 2015 YE reserves: 200 Bcfe 53% natural gas, 45% crude oil, 2% NGL 4Q15 production: 46 Mmcfe/d Clinton horizontal drilling upside Utica acreage upside Michigan 2015 YE reserves: 88…
  8. JP Morgan Global High Yield and Leveraged Finance Conference – EV Energy Partners Lp – slide 8
    San Juan Basin 2015 YE reserves: 143 Bcfe 67% natural gas, 30% NGLs, 3% crude oil 4Q15 production: 19 Mmcfe/d Net of 5.1 Mmcf/d third party VPP* Mancos/ Gallup formation upside Pre-Acq. EVEP Properties Properties…
  9. JP Morgan Global High Yield and Leveraged Finance Conference – EV Energy Partners Lp – slide 9
    Austin Chalk EV Chalk Acreage Increased ownership in EV Chalk Wells EVEPs existing position in the Austin Chalk (10/1/15) 2015 YE Reserves: 69 Bcfe 40% natural gas, 30% NGLs, 30% crude oil 4Q15 Production: 18 Mmcfe/d Eagle…
  10. JP Morgan Global High Yield and Leveraged Finance Conference – EV Energy Partners Lp – slide 10
    Action Steps in Lower Commodity Price Environment Raised 769mm of capital by monetizing our Utica midstream investments and a portion of our Eagle Ford formation rights In June 2015, sold 21% interest in UEO (Utica processing and…
  11. JP Morgan Global High Yield and Leveraged Finance Conference – EV Energy Partners Lp – slide 11
    Action Steps in Lower Commodity Price Environment Repurchased 74mm of outstanding Senior Notes for 50mm (67.6% of par), reducing leverage by 24mm and annual interest expense by 4.8mm Converted Belden & Blake from a corporation to…
  12. JP Morgan Global High Yield and Leveraged Finance Conference – EV Energy Partners Lp – slide 12
    2016 Guidance ( in millions) Full Year 2016 Net Production Natural Gas (Mmcf) 47,670 - 52,685 Crude Oil (Mbbls) 1,220 - 1,345 Natural Gas Liquids (Mbbls) 2,230 - 2,465 Total Mmcfe 68,370 - 75,545 Average Daily Production…
  13. JP Morgan Global High Yield and Leveraged Finance Conference – EV Energy Partners Lp – slide 13
    Capital Structure ( millions) 12/31/16 Bank Debt 265 Senior Notes Due 2019 426 Equity Market Capitalization 89 Enterprise Value 780 Note: Equity market capitalization based on unit price at February 26, 2016. 14
  14. JP Morgan Global High Yield and Leveraged Finance Conference – EV Energy Partners Lp – slide 14
    Commodity Hedging Gas Volume Hedged (Mmcf/d) Oil Volume Hedged (Bbl/d) 3.57 90.14 3.24 109 1,000 60 10 Bbl/d of ethane at 9.14 for 2016 15
  15. JP Morgan Global High Yield and Leveraged Finance Conference – EV Energy Partners Lp – slide 15
    Strategy Going Forward Focus on managing and enhancing base business Operating and capital cost reductions Maintain strong liquidity position to manage through current environment Will be assessing appropriate distribution levels…

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