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2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp

EV Energy Partners Lp · Dec 4, 2012 · 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. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 1
    2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline, MLP & Energy Symposium December 4, 2012
  2. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 2
    Why EV Energy Partners Proven Track Record in Acquisitions Multiple Acquisition Sources EnerVest Provides Operating Leverage and Scale in Multiple Basins Diverse Set of Properties with Organic Growth Potential Capital Structure,…
  3. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 3
    EVEP Performance IPO to Date Upstream MLP Created in September 2006 (Nasdaq: EVEP) GP Ownership EnerVest & Management (76.25%) Encap (23.75%) 42.3 million outstanding units 3.4 billion enterprise value Strong balance sheet…
  4. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 4
    Diverse Asset Base Total Proved Reserves: 1,144 Bcfe Percent Developed: 68% Percent Gas: 71% 3Q12 Avg. Production: 163.1 MMcfe/d Michigan Reserve-Life Index: 19 years Proved Reserves: 44.9 Bcfe Gross Productive Wells: Over 18,000…
  5. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 5
    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 3.8 Tcfe of Proved Reserves…
  6. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 6
    Disciplined Acquirer Since 2007 Since Since 2011 2007 Since 2011 Since 2007 Since 2011 (Since 1/1/2007) EVEP Upstream MLPs Number of Deals: 23 92 Total (b): 1.8 18.3 R/P Ratio: 21 18 Source: Wells Fargo Securities,…
  7. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 7
    Diversification, Growth and Resource Play Entry September 2006 (at IPO) December 31, 2011 Monroe 31% Appalachia Appalachia 11% 69% 51 Bcfe 2 Basins 1,144 Bcfe 8 Basins 8
  8. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 8
    2012 Organic Growth Activity Appalachian Basin: Ongoing CHK JV activity Initial EnerVest Utica Drilling Potential Utica Monetization/Swap Ongoing Knox Activity Mid Continent: Continuing Granite Wash, Cleveland and…
  9. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 9
    Resource Plays Creating Opportunities for MLPs Private Equity Private Equity Source: RBC Richardson Barr 10
  10. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 10
    Barnett Shale EVEP / EnerVest is a Top 6 Joint purchases with EnerVest Barnett Shale Producer Institutional Partnerships totaling over 2.2 billion since December 2010 Reserves 695 million net to EVEP Located primarily in core and…
  11. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 11
    EVEP Utica Shale Position EnerVest entities control 1.2 million Legend EVEP JV Acreage gross acres EVEP Non-JV Acreage EnerVest Fund Acreage Over 700,000 net acres 60% operated by EnerVest EVEP net Utica leasehold Over…
  12. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 12
    Utica Shale Activity & EVEP Strategy Overall Utica Activity 458 permitted wells 29 active rigs 186 spud wells 45 producing wells EVEP Strategy Current monetization process for part of Utica Shale working interest position…
  13. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 13
    Midstream Activity Ramping Up Mariner West Deliver Ethane from SUNOCO 2 BCF/d to SARNIA Design: 65 MBBL/d NiSource/Hilcorp proposed In Service: Mid 2013 Processing: 200 MMcf/d Residue: TETCO, REX, NiSource processing In…
  14. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 14
    EVEP Midstream Activities Cardinal Gas Services Gather low pressure wet gas from JV wells Deliver to UEO plants Partners with CHK (Access) & Total EVEP at 9% 1.2 billion investment over 3 years Utica East Ohio 600 Mmcfe/d…
  15. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 15
    Capital Structure ( millions) Bank Debt 9/30 320 Senior Notes Due 2019 500 Equity Market Capitalization 2,567 Enterprise Value 3,387 Note: Equity market capitalization based on unit price at November 28, 2012. Includes…
  16. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 16
    Disciplined 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 54% Free…
  17. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 17
    Commodity Hedging Hedges used to reduce the effects of commodity price volatility and support initial acquisition economics We are approximately hedged 91% for the remainder of 2012, 81% for 2013, 40% for 2014 and 27% for 2015…
  18. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 18
    Commodity Hedging: Natural Gas Gas Volume Hedged (MMbtu/d) Gas Prices Hedged (/MMbtu) Note: Estimated NYMEX Henry Hub equivalent with basis differentials of: Dominion Appalachia 0.18, MichCon Citygate 0.27, Houston Ship Channel…
  19. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 19
    Commodity Hedging: Oil Oil Volume Hedged (Bbl/d) Oil Prices Hedged (/Bbl) 20
  20. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 20
    Commodity Hedging: NGLs Ethane Volume Hedged (Bbl/d) Propane Volume Hedged (Bbl/d) 2,500 2,500 29.18 2,000 2,000 1,500 1,500 53.97 1,000 1,000 2,000 500 1,000 500 - - 4q12 4q12 Collar Volumes Collar…
  21. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 21
    Why EV Energy Partners Proven Track Record in Acquisitions Multiple Acquisition Sources EnerVest Provides Operating Leverage and Scale in Multiple Basins Diverse Set of Properties with Organic Growth Potential Capital Structure,…
  22. 2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline MLP & Energy Symposium – EV Energy Partners Lp – slide 22
    2012 Wells Fargo Securities Research & Economics 11th Annual Pipeline, MLP & Energy Symposium December 4, 2012

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