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EV Energy Partners Announces First Quarter 2015 Results


News provided by

EV Energy Partners, L.P.

May 11, 2015, 06:16 ET

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HOUSTON, May 11, 2015 /PRNewswire/ -- EV Energy Partners, L.P. (NASDAQ: EVEP) today announced results for the first quarter of 2015 and the filing of its Form 10-Q with the Securities and Exchange Commission.

First Quarter 2015 Results

Adjusted EBITDAX for the first quarter of 2015 was $53.9 million, a 4 percent decrease from the first quarter of 2014, and a 3 percent decrease from the fourth quarter of 2014.  Distributable Cash Flow for the first quarter of 2015 was $26.1 million, a 9 percent decrease from the first quarter of 2014 and a 3 percent increase over the fourth quarter of 2014.  The decreases in Adjusted EBITDAX and Distributable Cash Flow are primarily due to lower realized commodity prices, partially offset by lower expenses and increased EBITDAX from midstream investments.  Adjusted EBITDAX and Distributable Cash Flow are Non-GAAP financial measures and are described in the attached table under "Non-GAAP Measures."

Production for the first quarter of 2015 was 10.6 Bcf of natural gas, 241 MBbls of oil and 582 MBbls of natural gas liquids, or 172.5 MMcfe/day. This represents a 1 percent decrease from first quarter 2014 production of 174.7 MMcfe/d and a 1 percent increase over fourth quarter 2014 production of 170.9 MMcfe/day.   

EVEP reported a net loss of $61.7 million, or $(1.25) per basic and diluted weighted average limited partner unit outstanding, for the first quarter of 2015. Included in net loss were the following items:

  • $58.2 million of impairment charges related to the write down of certain oil and natural gas properties due to the effects of commodity prices on expected future net cash flows;
  • $6.9 million of non-cash losses on commodity and interest rate derivatives;
  • $5.0 million of non-cash costs contained in general and administrative expenses;
  • $0.9 million of payroll tax related cash costs contained in general and administrative expenses associated with the annual vesting of phantom units during the first quarter which will not be incurred during the second through fourth quarters;
  • $0.5 million gain on the sale of oil and natural gas properties;
  • $0.4 million of dry hole and exploration costs; and
  • $0.4 million loss on the sale of investment in unconsolidated affiliates, contained in other (expense) income, net.

For the fourth quarter of 2014, EVEP reported net income of $102.4 million, or $2.03 per basic and diluted weighted average limited partner unit outstanding.  For the first quarter of 2014, EVEP reported a net loss of $6.3 million, or $(0.14) per basic and diluted weighted average limited partner unit outstanding.

"For the first quarter, our production was in line with expectations, and we are making progress in working to reduce our operating and capital cost levels in this challenging commodity price environment.  We look forward to closing on the $575 million sale of our interest in UEO and are aggressively pursuing future opportunities to redeploy proceeds from this sale into our core business of acquiring and developing long lived, producing oil and gas assets," said Michael Mercer, President and CEO.

Quarterly Report on Form 10-Q

EVEP's financial statements and related footnotes are available in the first quarter 2015 Form 10-Q, which was filed today and is available through the Investor Relations/SEC Filings section of the EVEP website at http://www.evenergypartners.com.

Conference Call

As announced on April 30, 2015, EV Energy Partners, L.P. will host an investor conference call on May 11, 2015, at 9 a.m. Eastern Time (8 a.m. Central).  Investors interested in participating in the call may dial 1-877-704-5378 (quote conference ID 2270993) at least 5 minutes prior to the start time, or may listen live over the Internet through the Investor Relations section of the EVEP website at http://ir.evenergypartners.com/events.cfm. 

EV Energy Partners, L.P. is a master limited partnership engaged in acquiring, producing and developing oil and natural gas properties.  More information about EVEP is available on the Internet at http://www.evenergypartners.com.

(code #: EVEP/G)

Logo - http://photos.prnewswire.com/prnh/20130415/DA94198LOGO

This press release may include statements that are not historical facts which are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements include information about, future plans, our reserve quantities and the present value of our reserves, estimates of maintenance capital and other statements which include words such as "anticipates," "plans," "projects," "expects," "intends," "believes," "should," and similar expressions of forward-looking information. Forward-looking statements are inherently uncertain and necessarily involve risks that may affect the business prospects and performance of EV Energy Partners, L.P. Actual results may differ materially from those contained in the press release. Such risks and uncertainties include, but are not limited to, changes in commodity prices, changes in reserve estimates, requirements and actions of purchasers of properties, exploration and development activities, the availability and cost of financing, the returns on our capital investments and acquisition strategies, the availability of sufficient cash flow to pay distributions and execute our business plan and general economic conditions. Additional information on risks and uncertainties that could affect our business prospects and performance are provided in the most recent reports of EV Energy Partners with the Securities and Exchange Commission. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements.

Any forward-looking statement speaks only as of the date on which such statement is made and EVEP undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

Operating Statistics












Three Months Ended March 31,



2015


2014

Production data:





Oil (MBbls)


241


265

Natural gas liquids (MBbls)


582


550

Natural gas (MMcf)


10,588


10,836

Net production (MMcfe)


15,525


15,725

Average sales price per unit: (1)





Oil (Bbl)


$ 44.02


$ 94.21

Natural gas liquids (Bbl)


15.12


33.49

Natural gas (Mcf)


2.55


4.68

Mcfe


2.99


5.98

Average unit cost per Mcfe:





Production costs:





Lease operating expenses


$ 1.52


$ 1.61

Production taxes


0.11


0.22

Total


1.63


1.83

Depreciation, depletion and amortization


1.67


1.67

General and administrative expenses


0.80


0.78



(1)

Prior to $31.4 million and $(5.3) million of net hedge gains (losses) on settlements of commodity derivatives for the three months ended March 31, 2015 and March 31, 2014, respectively.

Condensed Consolidated Balance Sheets





(In $ thousands, except number of units)





(Unaudited)







March 31, 2015


December 31, 2014

ASSETS





Current assets:





Cash and cash equivalents


$ 10,268


$ 8,255

Accounts receivable:





Oil, natural gas and natural gas liquids revenues


24,500


32,758

Related party


63


1,043

Other


4,657


4,570

Derivative asset


105,046


113,044

Other current assets


1,917


2,000

Assets held for sale


320,244


315,173

Total current assets


466,695


476,843






Oil and natural gas properties, net of accumulated 





depreciation, depletion and amortization; March 31,





 2015, $862,738; December 31, 2014, $778,679


1,650,410


1,710,925

Other property, net of accumulated depreciation 





and amortization; March 31, 2015, $908; 





December 31, 2014, $898


1,119


1,141

Restricted cash


33,768


33,768

Long–term derivative asset


21,722


20,647

Other assets


8,568


5,879

Total assets


$ 2,182,282


$ 2,249,203











LIABILITIES AND OWNERS' EQUITY















Current Liabilities - Accounts payable and accrued liabilities


$ 51,611


$ 47,878






Asset retirement obligations


105,201


103,832

Long–term debt


1,040,417


1,030,391

Other long–term liabilities


838


989






Commitments and contingencies










Owners' equity:





Common unitholders - 48,871,399 units and 





48,572,019 units issued and outstanding as of 





March 31, 2015 and December 31, 2014, 





respectively


997,468


1,077,826

General partner interest


(13,253)


(11,713)

Total owners' equity


984,215


1,066,113

Total liabilities and owners' equity


$ 2,182,282


$ 2,249,203

Condensed Consolidated Statements of Operations





(In $ thousands, except per unit data)





(Unaudited)







Three Months Ended March 31,





2015


2014

Revenues:





Oil, natural gas and natural gas liquids revenues


$ 46,425


$ 94,074

Transportation and marketing–related revenues


817


1,265

Total revenues


47,242


95,339






Operating costs and expenses: 





Lease operating expenses


23,524


25,395

Cost of purchased natural gas


574


970

Dry hole and exploration costs


414


318

Production taxes


1,748


3,523

Asset retirement obligations accretion expense 


1,201


1,187

Depreciation, depletion and amortization


25,896


26,212

General and administrative expenses


12,415


12,298

Impairment of oil and natural gas properties


58,173


252

Gain on sales of oil and natural gas properties


(537)


(1,484)

Total operating costs and expenses


123,408


68,671






Operating (loss) income


(76,166)


26,668






Other income (expense), net:





Gain (loss) on derivatives, net


23,610


(22,995)

Interest expense


(14,135)


(12,072)

Other (expense) income, net


(196)


174

Total other income (expense), net 


9,279


(34,893)






Loss from continuing operations before income taxes


(66,887)


(8,225)

Income taxes


150


255

Loss from continuing operations


(66,737)


(7,970)

Income from discontinued operations


5,070


1,717

Net loss


($ 61,667)


($ 6,253)






Basic and diluted earnings per limited partner unit:





Loss from continuing operations


($ 1.35)


($ 0.17)

Income from discontinued operations


$ 0.10


$ 0.03

Net loss


($ 1.25)


($ 0.14)






Weighted average limited partner units outstanding (basic and diluted)


48,795


48,537






Distributions declared per unit


$ 0.500


$ 0.772

Condensed Consolidated Statements of Cash Flows





(In $ thousands)





(Unaudited)


Three Months Ended March 31,





2015


2014

Cash flows from operating activities:





Net loss


($ 61,667)


($ 6,253)

Adjustments to reconcile net loss to net cash flows provided by operating activities:





Income from discontinued operations


(5,070)


(1,717)

Asset retirement obligations accretion expense


1,201


1,187

Depreciation, depletion and amortization


25,896


26,212

Equity–based compensation cost


4,952


4,503

Impairment of oil and natural gas properties


58,173


252

Gain on sales of oil and natural gas properties


(537)


(1,484)

(Gain) loss on derivatives, net


(23,610)


22,995

Cash settlements of matured derivative contracts


30,533


(6,158)






Other


355


56

Changes in operating assets and liabilities:





Accounts receivable


9,151


(15,064)

Other current assets


82


(931)

Accounts payable and accrued liabilities


5,799


9,154

Other, net


-


(120)

Net cash flows provided by operating activities


45,258


32,632






Cash flows from investing activities:





Additions to oil and natural gas properties 


(25,577)


(23,145)

Prepaid drilling costs


-


(2,032)

Proceeds from sale of oil and natural gas properties


774


7,315

Other


18


18

Net cash flows used in investing activities from continuing operations


(24,785)


(17,844)

Net cash flows used in investing activities from discontinued operations


-


(44,424)

Net cash flows used in investing activities


(24,785)


(62,268)






Cash flows from financing activities:





Long-term debt borrowings


10,000


66,000

Loan costs incurred


(3,277)


-

Contributions from general partner


91


154

Distributions paid


(25,274)


(38,696)

Other


-


(5)

Net cash flows (used in) provided by financing activities


(18,460)


27,453






Increase (decrease) in cash and cash equivalents


2,013


(2,183)

Cash and cash equivalents – beginning of period


8,255


11,698

Cash and cash equivalents – end of period


$ 10,268


$ 9,515

Non-GAAP Measures

We define Adjusted EBITDAX as net loss plus income from discontinued operations, EBITDAX from discontinued operations, income taxes, interest expense, net, cash settlements of matured interest rate swaps, depreciation, depletion and amortization, asset retirement obligations accretion expense, (gain) loss on derivatives, net, cash settlements of matured derivative contracts, non-cash equity compensation expense, impairment of oil and natural gas properties, non-cash inventory write down expense, dry hole and exploration costs, gain on sales of oil and natural gas properties, and loss on sale of investment in unconsolidated affiliates, contained in other (expense) income, net. Distributable Cash Flow is defined as Adjusted EBITDAX less cash income taxes, cash interest expense, net, realized losses on interest rate swaps, and estimated maintenance capital expenditures.

Adjusted EBITDAX and Distributable Cash Flow are used by our management to provide additional information and statistics relative to the performance of our business, including (prior to the creation of any reserves) the cash available to pay distributions to our unitholders. We believe these financial measures may indicate to investors whether or not we are generating cash flow at a level that can sustain or support an increase in our quarterly distribution rates. Adjusted EBITDAX and Distributable Cash Flow are also quantitative standards used throughout the investment community with respect to performance of publicly-traded partnerships. Adjusted EBITDAX and Distributable Cash Flow should not be considered as alternatives to net income, operating income, cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDAX and Distributable Cash Flow exclude some, but not all, items that affect net income and operating income and these measures may vary among companies. Therefore, our Adjusted EBITDAX and Distributable Cash Flow may not be comparable to similarly titled measures of other companies.

Reconciliation of Net Loss to Adjusted EBITDAX and Distributable Cash Flow

(In $ thousands)





(Unaudited)







Three Months Ended March 31,





2015


2014






Net loss


($ 61,667)


($ 6,253)






Add:





Income from discontinued operations


(5,070)


(1,717)

EBITDAX from discontinued operations


8,297


3,513

Income taxes


(150)


(255)

Interest expense, net


14,135


12,072

Cash settlements of matured interest rate swaps


864


877

Depreciation, depletion and amortization


25,896


26,212

Asset retirement obligations accretion expense


1,201


1,187

(Gain) loss on derivatives, net


(23,610)


22,995

Cash settlements of matured derivative contracts


30,533


(6,158)

Non-cash equity compensation expense


4,952


4,503

Impairment of oil and natural gas properties


58,173


252

Non-cash inventory write down expense


149


54

Dry hole and exploration costs


414


318

Gain on sales of oil and natural gas properties


(537)


(1,484)

Loss on sale of investment in unconsolidated affiliates, contained in Other (expense) income, net







358


-

Adjusted EBITDAX


$ 53,938


$ 56,116






Less:





Cash income taxes


-


27

Cash interest expense, net


13,577


11,467

Realized losses on interest rate swaps


864


877

Estimated maintenance capital expenditures (1)


13,415


15,176

Distributable Cash Flow


$ 26,082


$ 28,569



(1)

Estimated maintenance capital expenditures are those expenditures estimated to be necessary to maintain the production levels of our oil and gas properties over the long term and the operating capacity of our other assets over the long term.

Summary of New Hedge Positions (since March 2, 2015)





Period

Index

Swap Volume

Swap Price

Propane (Mbbls)




2Q-4Q 2015

Mt Belvieu

357.5

$24.98









Hedge Summary Table (as of May 11, 2015)



 Swap 

 Swap 

Period

Index

 Volume 

 Price 

Natural Gas (Mmmbtus)




2Q-4Q 2015

NYMEX

29,837.5

$4.86

2016

NYMEX

18,300.0

$4.07





Crude (Mbbls)




2Q-4Q 2015

WTI

962.5

$90.28

2016

WTI

366.0

$90.14





Propane (Mbbls)




2Q-4Q 2015

Mt Belvieu

357.5

$24.98









Interest Rate Swap Agreements


 Notional Amount 

Fixed Rate



 (in $ mill) 


April 2015 - July 2015


110.0

3.315%

EV Energy Partners, L.P., Houston
Nicholas Bobrowski
713-651-1144
http://www.evenergypartners.com 

SOURCE EV Energy Partners, L.P.

Related Links

http://www.evenergypartners.com

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