Raymond James 36th Annual Institutional Investor Conference March 3, 2015
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 48.8 million outstanding units…
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…
Overview of Recent Activities Sold 9% interest in Cardinal Gas Services (Utica gathering partnership) and certain Eagle Ford formation rights for 194mm in October 2014 Proceeds from sales reduced bank debt and increased liquidity…
Overview of Recent Activities (Continued) Accelerated sale process for 21% interest in UEO (Utica processing and fractionation partnership) in 2015 Value at significant premium to 294mm net investment Plan to redeploy proceeds into…
2015 Guidance ( in Millions) (MM) Full Year 2015 Net Production: Natural Gas (MMcf) 39,900 - 43,700 Crude Oil (MBbls) 990 - 1,080 Natural Gas Liquids (MBbls) 2,250 - 2,460 Total Mmcfe 59,340 - 64,940 Average Daily Production…
Relationship with EnerVest EnerVest Private Equity Funds Proved Reserves: 5.2 Tcfe (1) Daily Production: Over 810 Mmcfe (2) Advantages for EVEP Dropdown capability Along-side acquisitions Asset concentration EnerVest P.E.…
Long-lived, Diverse Asset Base Total Proved Reserves: 1,001 Bcfe (1) Percent Developed: 84% Percent Gas: 71% Michigan 2014 Avg. Production: 174 Mmcfe/d Proved Reserves: 51 Bcfe Reserve-Life Index: 16 years 2014 Production: 6.4…
2014 Proved Reserves Permian 3% Michigan 5% San Juan 5% Central Texas 4% 2014 SEC Proved Reserves: 1,001 Bcfe Monroe 5% Barnett Shale 58% Mid-Continent 6% Appalachia 14% 2014 SEC proved reserves decreased compared to…
2015 Capital Spending Exploration & Production Capital: 55 65 Million Other 3% Mid-Continent 8% Central Texas 10% Barnett Shale 58% Appalachia 21% UEO Capital: 26 32 Million 11
Barnett Shale (EVEP 31% Ownership) Top 5 producer with EnerVest institutional funds EVEP production: 91 MMcfe/d 69% natural gas, 29% NGL, 2% crude oil 2015 Initiatives 3 rigs moving down to a 1 rig program in 2015 Expecting…
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 halted for the remainder of 2015 D Zone well Eagle Ford…
Eagle Ford Update 14 rigs running in area Eagle Ford Wells 2 in Lee and Fayette Counties Permitted Completed Sold Burleson, Brazos and Grimes Counties Eagle Ford formation rights to an undisclosed buyer in October 2014 33.8mm…
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…
EVEP Utica Shale Position Acreage position Black Oil Black Oil EnerVest Volatile Oil Lennington 1H - Producing Volatile Oil 173,000 net working interest acres Wet Gas Wet Gas Dry Gas Dry Gas EVEP WI Acreage Overriding royalty…
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 Processing trains can run 25% above nameplate capacity 135 MBbl/d…
Capital Structure ( millions) 12/31/14 Pro Forma* Bank Debt 531 497 Senior Notes Due 2019 500 500 Equity Market Capitalization 773 773 Enterprise Value 1,804 1,770 Note: Equity market capitalization based on unit price at…
Strategy Going Forward Continue to manage and enhance base business Focus on D&C and operating cost reductions Planning to monetize UEO in 2015 Throughput and EBITDA continue to grow Plan to redeploy sale proceeds in acquisition…
Raymond James 36th Annual Institutional Investor Conference March 3, 2015
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