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Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp

EV Energy Partners Lp · Aug 21, 2014 · 26 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 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 1
    Citi 2014 MLP/Midstream Infrastructure Conference August 20-21, 2014
  2. Citi 2014 MLP Midstream Infrastructure 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 48.6 million outstanding units…
  3. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 3
    Why Invest in EVEP Solid, long-lived asset base Potential upside in Barnett, Eagle Ford, and Mancos Shales Significant Utica Shale upside potential Utica acreage Midstream investments Overriding royalty interests Hedging…
  4. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 4
    Relationship with EnerVest EnerVest Private Equity Funds Proved Reserves: 3.7 Tcfe (1) Daily Production: Over 550 Mmcfe (2) Advantages for EVEP Dropdown capability Along-side acquisitions Asset concentration EnerVest P.E.…
  5. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 5
    Outlook for 2014 Utica Shale opportunities Midstream ramp-up and increase in EBITDAX Midstream expansion increases wet gas window productivity Continued opportunistic acreage sales Increased volatile oil window drilling Ongoing…
  6. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 6
    Long-lived, Diverse Asset Base Total Proved Reserves: 1,192 Bcfe (1) Percent Developed: 68% Percent Gas: 69% Michigan 2013 Avg. Production: 169 Mmcfe/d Proved Reserves: 40.7 Bcfe Reserve-Life Index: 19 years 2013 Production: 6.2…
  7. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 7
    2013 Proved Reserves & Metrics 2013 SEC Proved Reserves: 1,192 Bcfe (1) Reported Price Neutral Includes Acquisitions Reserves Replacement Ratio 565% 268% Reserves Replacement Cost (per Mcfe) 0.48 1.01 Excludes…
  8. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 8
    2014 Capital Spending Exploration & Production Capital CapEx Guidance (Midpoint) 95 - 115 Million 180 160 ( Millions) 140 120 100 80 60 40 20 0 1Q 2Q-4Q Midstream Exploration & Production Note: Does not include…
  9. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 9
    Barnett Shale (EVEP 31% Ownership) Top 5 producer with EnerVest institutional funds EVEP production: 89 MMcfe/d Three rig program in 2H 2014 5-6 well pad sites Increasing lateral lengths Drilled 34 wells and brought 18 wells…
  10. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 10
    Austin Chalk (EVEP 14% Ownership) EV Chalk Acreage Continue with A-zone EV Chalk Wells development Recent Dos Equis well best results to date IP 700 Bbl/d & 1 MMcf/d Offset wells identified Production currently above…
  11. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 11
    Eagle Ford Update EF Rights Under Agreement to sell Eagle Ford Sale Agreement formation rights to an Permitted EF Wells Completed EF Wells undisclosed buyer in Burleson, Brazos and Grimes Counties, Texas Approximately 30 million…
  12. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 12
    San Juan Basin Mancos Shale Over 20,000 EVEP net acres may be prospective for Mancos Shale Both oil and wet gas windows Nearby 2014 activity announced by other operators Over 500 million in capital Over 70 wells 700+ well…
  13. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 13
    Drilling in the Utica Shale Black Oil Black Oil Volatile Oil Volatile Oil Wet Gas Wet Gas Dry Gas Dry Gas EVEP WI Acreage Black Oil Wells CHK/Total/EV JV Wet Gas Wells 9 Drilled 408 Drilled 3 Producing 422 Producing 12 Total…
  14. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 14
    Utica Shale Activity Update Increase in volatile oil window drilling CHK operated Parker well (superfrac) completed in oil window Best volatile oil window well that EV has participated in to date All partners are encouraged by the…
  15. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 15
    EVEP Utica Shale Position Acreage Position Black Oil Black Oil 173,000 net working interest Volatile Oil Volatile Oil Wet Gas acres Wet Gas Dry Gas Dry Gas 48,000 wet gas window EVEP WI Acreage 81,000 volatile oil window…
  16. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 16
    Cardinal Gas Services (EVEP 9% Ownership) Production & Capacity 700 Low-pressure gathering and compression of wet gas from 600 JV production into Utica East Ohio infrastructure 500 JV firm drilling schedule calls for 540 wells…
  17. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 17
    Utica East Ohio (EVEP 21% Ownership) Gather, process and fractionate wet gas from CHK/Total/EV JV production 800 MMcf/d of processing at Kensington and Leesville 600 MMcf/d in service 200 MMcf/d expected to start-up 4th quarter…
  18. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 18
    UEO Midstream Capacity Processing constraints for CHK JV wells being addressed Initial UEO de-ethanizer & ATEX pipeline online Processing Fractionation 19
  19. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 19
    UEO Expansion Base Proc & Frac AMI Additional acreage commitment from Expansion Proc & Frac AMI CHK JV (CHK/Total/EV) AEP - Utica AMI American Energy Partners Utica acreage commitment 145,000 acre area of mutual interest (AMI)…
  20. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 20
    UEO Kensington August 2014 Processing Train 3 Future Processing Train 4 Processing Train 2 Condensate Stabilizer Processing Train 1 Compression Facility Sub-station 21
  21. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 21
    UEO Harrison Hub August 2014 (2) 200,000 bbl (2) 60,000 barrel refrigerated C3 tanks (4) 750 bbl C5+ floating roof C5+ tanks (2) 125,000 bbl tanks refrigerated C4 tanks Fractionation train 1 (20) 90,000 gallon C3 & C4 bullet…
  22. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 22
    Midstream Capital & EBITDAX Stable, long-term cash flow stream UEO has fee structure defined by contract CGS has cost-of-services arrangement with fixed IRR Midstream Capital Range Midstream EBITDAX Range 250 90 80 200…
  23. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 23
    Capital Structure ( millions) Bank Debt 6/30 625 Senior Notes Due 2019 500 Equity Market Capitalization 1,826 Enterprise Value 2,951 Note: Equity market capitalization based on unit price at August 14, 2014. Bank debt at June…
  24. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 24
    Commodity Hedging Gas Volume Hedged (MMcf/d) Oil Volume Hedged (Bbl/d) 4.70 5,000 4.94 91.19 4,000 90.28 3,000 108.8 99.5 2,000 4,158 3,500 4.17 90.14 1,000 30.0 1,000 0 2014 2015 2016 25
  25. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 25
    Strategy Going Forward Continue to manage and enhance base business Continue to build out UEO midstream infrastructure Growth in production and EBITDAX will increase strategic optionality Further realize value of Utica acreage…
  26. Citi 2014 MLP Midstream Infrastructure Conference – EV Energy Partners Lp – slide 26
    Citi 2014 MLP/Midstream Infrastructure Conference August 20-21, 2014

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