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Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp

EV Energy Partners Lp · Jun 10, 2014 · 27 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. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 1
    Credit Suisse 2nd Annual MLP & Energy Logistics Conference June 10, 2014
  2. Credit Suisse 2nd Annual MLP & Energy Logistics 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. Credit Suisse 2nd Annual MLP & Energy Logistics 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. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 4
    Relationship with EnerVest EnerVest Private Equity Funds Total SEC Proved Reserves: 3.3 Tcfe (1) Daily Production: Over 500 Mmcfe (2) Advantages for EVEP Dropdown capability Along-side acquisitions Asset concentration EnerVest…
  5. Credit Suisse 2nd Annual MLP & Energy Logistics 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. Credit Suisse 2nd Annual MLP & Energy Logistics 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. Credit Suisse 2nd Annual MLP & Energy Logistics 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. Credit Suisse 2nd Annual MLP & Energy Logistics 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. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 9
    Barnett Shale (EVEP 31% Ownership) Top 5 producer with EnerVest institutional funds EVEP production: 89 MMcfe/d Ongoing two rig program 5-6 well pad sites Increasing lateral lengths Drilled 16 wells and brought 12 wells…
  10. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 10
    Austin Chalk (EVEP 14% Ownership) HALCON Austin Chalk horizon Ongoing horizontal multi-stage ANADARKO drilling program Horizontal multi-stage re-entry CLAYTON program WILLIAMS Eagle Ford Shale potential 400K gross acres 50/50…
  11. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 11
    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…
  12. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 12
    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 8 Drilled 338 Drilled 3 Producing 330 Producing 11 Total…
  13. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 13
    Utica Shale Activity Update Expect significant increase in wet gas window productivity in 2014 Should help clarify type curves and potentially enhance technical understanding EVEP/EnerVest continues to drill with CHK JV and other…
  14. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 14
    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…
  15. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 15
    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…
  16. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 16
    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 3rd quarter…
  17. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 17
    UEO Midstream Capacity Processing constraints for CHK JV wells being addressed Initial UEO de-ethanizer & ATEX pipeline online Processing Fractionation 18
  18. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 18
    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 area of mutual interest (AMI)…
  19. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 19
    UEO Kensington April 2014 Processing Processing Future Processing Train 2 Train 3 Train 4 Processing Train 1 Condensate Stabilizer Compression Facility Sub-station 20
  20. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 20
    UEO Harrison Hub April 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…
  21. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 21
    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 Note: Does not…
  22. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 22
    Capital Structure ( millions) Bank Debt 3/31 547 Senior Notes Due 2019 500 Equity Market Capitalization 1,828 Enterprise Value 2,875 Note: Equity market capitalization based on unit price at June 4, 2014. Bank debt at March…
  23. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 23
    Commodity Hedging Gas Volume Hedged (MMcf/d) Oil Volume Hedged (Bbl/d) 4.70 5,000 4.94 91.19 4,000 89.56 3,000 108.8 99.5 2,000 4,158 4.17 3,000 1,000 30.0 0 2014 2015 2016 24
  24. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 24
    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…
  25. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 25
    Credit Suisse 2nd Annual MLP & Energy Logistics Conference June 10, 2014
  26. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 26
    2014 Guidance 2014 Guidance ( in Millions) 1st Qtr 2014 2nd - 4th Qtr 2014 Full Year 2014 Net Production: Natural Gas (MMcf) 10,500 - 10,900 31,500 - 34,400 42,000 - 45,300 Crude Oil (MBbls) 250 - 260 770 - 840 1,020 - 1,100…
  27. Credit Suisse 2nd Annual MLP & Energy Logistics Conference – EV Energy Partners Lp – slide 27
    Utica Working Interest Acreage & Overriding Royalty Interest Net Working Interest Acres (In Thous) Wet Gas Vol. Oil Other Total Total OH 41 79 38 158 Total PA 7 2 6 15 Total 48 81 44 173 Overriding Royalty Interest Average…

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