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WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp

EV Energy Partners Lp · Dec 9, 2014 · 22 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. WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp – slide 1
    EV Energy Partners, L.P. Wells Fargo Energy Symposium December 9-10, 2014
  2. WELLS FARGO ENERGY SYMPOSIUM – 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. WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp – slide 3
    Why Invest in EVEP Solid, long-lived asset base Significant Utica Shale midstream and acreage upside High quality potential upside in other plays Hedging strategy reduces cash flow volatility Strong long-term performance and…
  4. WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp – slide 4
    A Unique Portfolio of Opportunities Utica Shale opportunities maturing Midstream ramp-up and increase in EBITDAX Midstream expansion increases wet gas window productivity Opportunistic acreage sales Increased volatile oil window…
  5. WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp – slide 5
    Relationship with EnerVest EnerVest Private Equity Funds Proved Reserves: 4.6 Tcfe (1) Daily Production: Over 675 Mmcfe (2) Advantages for EVEP Dropdown capability Along-side acquisitions Asset concentration EnerVest P.E.…
  6. WELLS FARGO ENERGY SYMPOSIUM – 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. WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp – slide 7
    2013 Proved Reserves 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 Acquisitions Reserves…
  8. WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp – slide 8
    2014 Capital Spending Exploration & Production Capital CapEx Guidance (Midpoint) 95 - 115 Million ( Millions) Midstream Exploration & Production Note: Does not include incremental capital for recently announced UEO…
  9. WELLS FARGO ENERGY SYMPOSIUM – 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 Avg. 5-6 well pad sites Increasing lateral lengths Drilled 19 wells in 3Q Brought 13…
  10. WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp – slide 10
    Austin Chalk (EVEP 14% Ownership) EV Chalk Acreage EV Chalk Wells Along with EnerVest Largest Chalk producer 800,000 acres HBP Horizontal Chalk drilling D Zone well Ongoing 1 rig program Recent A Zone well D Zone well IP 900…
  11. WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp – slide 11
    Eagle Ford Update 28 rigs running in area Eagle Ford Wells 7 in Lee and Fayette Counties Permitted Completed Sold Burleson, Brazos and Grimes Counties Eagle Ford formation rights to an undisclosed buyer 30.6MM net proceeds…
  12. WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp – slide 12
    San Juan Basin Mancos Shale Over 20,000 EVEP net acres may be prospective for Mancos/Gallup Shale Both oil and wet gas windows Nearby 2014 activity announced by other operators Over 500 million in capital Over 70 wells 700+…
  13. WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp – slide 13
    Clinton Horizontal Opportunity History of East Canton Oil Field 4,000 wells drilled since 1947 Est. 1.5 billion barrels oil in place in Clinton reservoir 7% recovered to date Drilling test results compelling 5 of 6 drilled wells…
  14. WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp – slide 14
    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…
  15. WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp – slide 15
    Utica Shale Activity Update Increase in volatile oil window drilling CHK operated Parker well (superfrac) completed in oil window Best volatile oil window well EV has participated in to date All partners encouraged by results CHK…
  16. WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp – slide 16
    EVEP Utica Shale Position Acreage position Black Oil Black Oil EnerVest Volatile Oil Lennington 1H - Producing Volatile Oil 173,000 net working interest Wet Gas Wet Gas Dry Gas acres Dry Gas EVEP WI Acreage CHK/Total/EV JV…
  17. WELLS FARGO ENERGY SYMPOSIUM – 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 currently starting up 135 MBbl/d…
  18. WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp – slide 18
    UEO Midstream - Significant Utica Growth Current processing level over 650 MMcf/d Fractionation (Mbbl/d) Processing (Mmcf/d) Nameplate Processing Capacity Actual Processing Capacity Fractionation Processing Level 19
  19. WELLS FARGO ENERGY SYMPOSIUM – 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. WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp – slide 20
    Capital Structure ( millions) Bank Debt 9/30 * 652 Senior Notes Due 2019 500 Equity Market Capitalization 1,264 Enterprise Value 2,416 Note: Equity market capitalization based on unit price at December 5, 2014. Bank debt at…
  21. WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp – slide 21
    Commodity Hedging Gas Volume Hedged (MMcf/d) Oil Volume Hedged (Bbl/d) 120,000 4.46 4.86 5,000 100,000 93.73 4,000 90.28 80,000 3,000 60,000 108.8 108.5 4.07 2,000 4,100 3,500 40,000 50.0 90.14 20,000 1,000 1,000 0 0…
  22. WELLS FARGO ENERGY SYMPOSIUM – EV Energy Partners Lp – slide 22
    Strategy Going Forward Continue to manage and enhance base business Planning to monetize UEO in 2015 Throughput and EBITDA will continue to grow Further realize value of Utica acreage Pursuing acquisition opportunities to…

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