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NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp

EV Energy Partners Lp · May 23, 2013 · 32 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. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 1
    NAPTP MLP Investor Conference May 23, 2013
  2. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 2
    EVEP Overview Upstream MLP delivering solid returns since IPO September 2006 GP Ownership EnerVest & Management (76.25%) Encap (23.75%) 42.6 million outstanding units 2.7 billion enterprise value 1.7 billion equity market cap…
  3. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 3
    Why Invest in EVEP Strong long term performance and growth Solid, long-lived, diverse asset base Active hedging strategy designed to reduce cash flow volatility Synergistic relationship with EnerVest Diverse Utica Shale upside…
  4. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 4
    Long-term Performance & Growth Average Daily Production (Mmcfe/d) Capital ( million) Adjusted EBITDAX ( million) Distribution Coverage Note: 2013E based on 1Q13 actuals and midpoints of 2Q-4Q13 guidance. 5
  5. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 5
    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 70% for 2015 Note: Percentage hedged…
  6. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 6
    Long-lived, Diverse Asset Base Total Proved Reserves: 905 Bcfe Percent Developed: 76% Percent Gas: 67% Michigan 2012 Avg. Production: 163 MMcfe/d Proved Reserves: 24.4 Bcfe Reserve-Life Index: 15 years 2012 Production: 6.5 Mmcfe/d…
  7. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 7
    Over Six Years of Growth and Diversification September 2006 (at IPO) December 31, 2012 Monroe 31% Appalachia 69% 51 Bcfe 2 Basins 905 Bcfe 8 Basins Note: Proved reserves of 1,097 Bcfe at Dec. 31, 2012 five year strip…
  8. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 8
    2013 Planned Upstream Capex 90 - 110 Million Mid-Continent 12% Other 12% Austin Chalk 7% Barnett Shale 60% Appalachia 9% 9
  9. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 9
    Barnett Shale - Excellent Results Joint purchases with EnerVest 31% net to EVEP EVEP / EnerVest is a Top 5 Barnett Shale Producer Reserves Located primarily in core and combo areas 532 Bcfe Proved Reserves (69% natural gas) EVEP…
  10. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 10
    Our Position in the Utica Shale Black Oil Black Oil EVEP and EnerVest combined Volatile Oil Volatile Oil have one of the largest Wet Gas Wet Gas positions in Ohio Dry Gas Dry Gas 8,000 wells operated EVEP WI Acreage 900,000…
  11. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 11
    Recent Developments in the Utica Overall Utica Activity* 550 wells permitted 326 wells drilled 97 wells producing CHK/EV/Total Joint Venture Up to 16 rigs running 67 producing wells 75 wells waiting on pipeline capacity…
  12. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 12
    Wet Gas and Volatile Oil Windows Black Oil Wet Gas Window Black Oil Volatile Oil Volatile Oil Wet Gas Wet Gas Dry Gas Dry Gas Majority of drilling has EVEP WI Acreage helped to de-risk play Play expanding northeasterly into…
  13. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 13
    What Happened to Our Utica Sale EnerVest and EVEP initiated a marketing process for 335,000 operated acres last year (104,000 net to EVEP) Split acreage into four geographic packages Targeted one to four ultimate purchasers…
  14. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 14
    Utica Acreage Strategy Provide opportunities to acquire acreage in smaller packages to attract broader group of potential buyers Wet Gas Window Repackaged with current technical data Data room open Volatile Oil Window De-risk…
  15. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 15
    Utica Working Interest Acreage EVEP Net Acres Black Oil Black Oil (In thousands) Volatile Oil Volatile Oil Wet Gas County Wet Gas Vol. Oil Other Total Wet Gas ASHTABULA 21 21 Dry Gas Dry Gas CARROLL 11 11 EVEP WI Acreage…
  16. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 16
    Utica Overriding Royalty Interest Acreage 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…
  17. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 17
    Midstream Activity Ramping Up 2.6 BCF/d proposed processing projects 4Q12-YE14 Mariner West Deliver Ethane from SUNOCO to SARNIA NiSource/Hilcorp Design: 65 MBbl/d Processing: 200 MMcf/d Residue: TETCO, REX, NiSource In Service:…
  18. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 18
    Utica Midstream Investments Utica East Ohio Midstream EVEP owns 21% Gather, process and fractionate wet gas from CHK/EV/Total JV production 800 MMcf/d of processing & 135 MBbls/d of fractionation capacity Onsite working storage of…
  19. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 19
    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…
  20. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 20
    Why Invest in EVEP Strong performance and growth Solid, long-lived, diverse asset base Active hedging strategy designed to reduce cash flow volatility Synergistic relationship with EnerVest Diverse Utica Shale upside Acreage,…
  21. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 21
    NAPTP MLP Investor Conference May 23, 2013
  22. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 22
    APPENDIX
  23. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 23
    EnerVest & EVEP EnerVest, Ltd. 100% Membership Interest EV Management, LLC EnerVest (General Partner) EV Investors EnCap (Limited Partners) Directors & Officers of Public Unitholders EV Management EV Energy GP,…
  24. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 24
    A Strong Strategic Partnership with EnerVest EnerVest is recognized as one of the largest and most successful managers of oil and gas assets for institutional investors Sizeable EnerVest operating base 3.1 Tcfe of Proved Reserves…
  25. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 25
    Source: Ohio Department of Natural Resources 2012 Shale Production
  26. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 26
    Key Observations on State of Play Return expectations are strong: CHK rate of return averaging in excess of 40%. Gulfport rate of return of 100% for Boy Scout and Wagner wells. Midstream infrastructure has constrained production.…
  27. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 27
    Pipeline & Midstream Projects Ohio Utica Shale Company Location Operations Estimated Investments MarkWest Harrison & Noble G, P, & F 1.5 Billion counties M3 Columbiana & Harrison G, P, & F 1.2 Billion Midstream counties Partnership…
  28. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 28
    Reported Utica Test Results (45 Total Wells) Stark Co., OH Crawford Co., PA EnerVest (1) Range (1) Carroll Co., OH Forest County, PA Chesapeake (10) Seneca (1) EnerVest (1) Rex (1) Butler Co., PA Tuscarawas Co, OH Rex (1)…
  29. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 29
    Capital Structure ( millions) Bank Debt 3/31 445 Senior Notes Due 2019 500 Equity Market Capitalization 1,708 Enterprise Value 2,653 Note: Equity market capitalization based on unit price at May 16, 2013. 30
  30. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 30
    Historical Financing Strategy Since 2006, completed 1.9 billion of acquisitions, approximately 60% of which were financed with equity and free cash flow Capital Activity (1) Acquisition Financing Since IPO Equity 1,027 53% Free…
  31. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 31
    Commodity Hedging: Natural Gas Gas Volume Hedged (MMbtu/d) Gas Prices Hedged (/MMbtu) 100,000 6.00 5.00 80,000 4.00 60,000 100,311 101,300 3.00 40,000 86,600 86,500 4.94 4.93 4.88 5.07 2.00 20,000 1.00 - 0.00 2q13 2h13…
  32. NAPTP MLP INVESTOR CONFERENCE – EV Energy Partners Lp – slide 32
    Commodity Hedging: Oil Oil Volume Hedged (Bbl/d) Oil Prices Hedged (/Bbl) 100.00 4,500 - - - 90.00 4,000 80.00 3,500 70.00 3,000 60.00 2,500 50.00 4,225 4,150 4,158 89.11 88.99 91.19 90.09 2,000 - 40.00 1,500 30.00 1,000 2,000…

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