EV Energy Partners, L.P. (NASDAQ:EVEP) today announced results for
the first quarter of 2017 and the filing of its Form 10-Q with the
Securities and Exchange Commission. In addition, EVEP
announced its borrowing base has been reduced from $450 million to
$375 million during its semi-annual borrowing base review.
First Quarter 2017 Results
For the first quarter of 2017, EVEP reported a net loss of $50.8
million, or $ (1.01) per basic and diluted weighted average limited
partner unit outstanding compared to a net loss of $165.7 million,
or $(3.31) per basic and diluted weighted average limited partner
unit outstanding for the fourth quarter of 2016. Included in net
loss were the following items:
- $49.6 million of impairment charges primarily 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,
- $16.7 million of non-cash gains on commodity and interest rate
derivatives, and
- $1.2 million of non-cash costs contained in general and
administrative expenses.
For the first quarter of 2016, EVEP reported a net loss of $29.0
million, or $(0.58) per basic and diluted weighted average limited
partner unit outstanding.
Production for the first quarter of 2017 was 10.4 Bcf of natural
gas, 335 Mbbls of oil and 512 Mbbls of natural gas liquids, or
171.6 million cubic feet equivalent per day (Mmcfe/day). This
represents a 15 percent decrease from first quarter 2016 production
of 201.4 Mmcfe/d and a 1 percent decrease from fourth quarter 2016
production of 173.6 Mmcfe/day. The decreases were primarily
due to significantly lower drilling activity in 2016 and the
divestiture of producing properties completed on December 1, 2016,
partially offset by the addition of Karnes County, TX producing
properties acquired on January 31, 2017.
Adjusted EBITDAX for the first quarter of 2017 was $22.0
million, a 9 percent increase over the first quarter of 2016 and a
23 percent decrease from the fourth quarter of 2016.
Distributable Cash Flow for the first quarter of 2017 was $3.9
million, an increase over the first quarter of 2016 and a 50
percent decrease from the fourth quarter of 2016. The
increases in Adjusted EBITDAX and Distributable Cash Flow over the
first quarter of 2016 were primarily attributable to higher
realized oil, natural gas and natural gas liquids prices, lower
operating expenses, and lower cash general and administrative
expenses, primarily offset by realized hedge losses and lower
natural gas and natural gas liquids production. The decreases
in Adjusted EBITDAX and Distributable Cash Flow from the fourth
quarter of 2016 were primarily due to realized hedge losses,
partially offset by higher realized oil, natural gas and natural
gas liquids prices and lower cash general and administrative
expenses. Adjusted EBITDAX and Distributable Cash Flow are
Non-GAAP financial measures and are described in the attached table
under “Non-GAAP Measures.”
Credit Facility and Liquidity Update
As of March 31, 2017, EVEP had total debt of $612 million, which
includes $343 million in outstanding Senior Notes due 2019.
Effective May 8, 2017 the borrowing base under the credit facility
was reduced from $450 million to $375 million. Liquidity from
borrowing base capacity and cash on hand is currently over $100
million. EVEP’s next semi-annual borrowing base
redetermination is scheduled for October 2017. For more
information regarding EVEP’s debt and liquidity, please review
EVEP’s Quarterly Report on Form 10-Q filed today with the
Securities and Exchange Commission.
“First quarter results were in-line with guidance, and we expect
to maintain production levels for the remainder of the year as our
capital spending ramps up. We were happy to close the Karnes County
acquisition during the first quarter and are pleased with the
initial well results. Given the undeveloped nature of the
Karnes County properties relative to the Barnett properties we sold
in December and the reduction in bank lender future commodity price
assumptions, we expected our borrowing base to decline.
However, we still have over $100 million of liquidity, which we
believe is sufficient to meet our near-term capital needs," said
Michael Mercer, President and CEO.
Quarterly Report on Form 10-Q
EVEP’s financial statements and related footnotes are available
on our first quarter 2017 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 19, 2017, EV Energy Partners, L.P. will
host an investor conference call on May 10, 2017, at 9 a.m. Eastern
Time (8 a.m. Central). Investors interested in participating
in the call may dial 1-888-811-5421 (quote conference ID 1577305)
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://www.evenergypartners.com.
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)
Forward Looking Statements
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, liquidity, our reserve quantities and the present value of
our reserves, estimates of maintenance capital and production
amounts, 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 EVEP. These statements are
based on certain assumptions made by EVEP based on its experience
and perception of historical trends, current conditions, expected
future developments and other factors it believes are appropriate
in the circumstances. 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 EVEP
with the SEC. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date of this press release. 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.
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Operating
Statistics |
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|
|
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|
|
Three Months Ended March 31, |
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|
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2017 |
|
2016 |
|
|
|
|
|
Production data: |
|
|
|
|
|
|
|
|
|
Oil
(Mbbls) |
|
|
335 |
|
|
317 |
|
|
|
|
|
Natural
gas liquids (Mbbls) |
|
|
512 |
|
|
602 |
|
|
|
|
|
Natural
gas (Mmcf) |
|
|
10,366 |
|
|
12,818 |
|
|
|
|
|
Net
production (Mmcfe) |
|
|
15,447 |
|
|
18,331 |
|
|
|
|
|
Average sales price per
unit: (1) |
|
|
|
|
|
|
|
|
|
Oil
(Bbl) |
|
$ |
47.06 |
|
$ |
29.12 |
|
|
|
|
|
Natural
gas liquids (Bbl) |
|
|
20.93 |
|
|
12.22 |
|
|
|
|
|
Natural
gas (Mcf) |
|
|
2.88 |
|
|
1.65 |
|
|
|
|
|
Mcfe |
|
|
3.65 |
|
|
2.06 |
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|
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Average unit cost per
Mcfe: |
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Production costs: |
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|
|
|
|
|
|
|
Lease
operating expenses |
|
$ |
1.55 |
|
$ |
1.58 |
|
|
|
|
|
Production taxes |
|
|
0.18 |
|
|
0.09 |
|
|
|
|
|
Total |
|
|
1.73 |
|
|
1.67 |
|
|
|
|
|
Depreciation, depletion
and amortization |
|
|
1.75 |
|
|
1.54 |
|
|
|
|
|
General and
administrative expenses |
|
|
0.43 |
|
|
0.46 |
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|
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|
(1) Prior to $2.5 million on net hedge losses and $19.8
million of net hedge gains on settlements of commodity derivatives
for the three months ended March 31, 2017 and 2016,
respectively. |
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Condensed
Consolidated Balance Sheets |
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(In $
thousands, except number of units) |
|
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|
(Unaudited) |
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|
|
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|
March 31, 2017 |
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December 31, 2016 |
|
ASSETS |
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Current assets: |
|
|
|
|
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Cash and
cash equivalents |
|
$ |
8,785 |
|
|
$ |
5,557 |
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|
Accounts
receivable: |
|
|
|
|
|
Oil,
natural gas and natural gas liquids revenues |
|
|
47,125 |
|
|
|
39,629 |
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|
Related
party |
|
|
1,219 |
|
|
|
745 |
|
|
Other |
|
|
2,194 |
|
|
|
2,451 |
|
|
Derivative asset |
|
|
100 |
|
|
|
201 |
|
|
Other
current assets |
|
|
3,782 |
|
|
|
3,718 |
|
|
Total
current assets |
|
|
63,205 |
|
|
|
52,301 |
|
|
|
|
|
|
|
|
Oil and natural gas
properties, net of accumulated |
|
|
|
|
|
depreciation, depletion and amortization; March 31, |
|
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|
|
|
2017, $1,128,064; December 31, 2016, $1,051,600 |
|
|
1,456,144 |
|
|
|
1,497,211 |
|
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Other property, net of
accumulated depreciation |
|
|
|
|
|
and
amortization; March 31, 2017, $1,010; |
|
|
|
|
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December
31, 2016, $1,002 |
|
|
988 |
|
|
|
996 |
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Assets held for
sale |
|
|
25,094 |
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|
|
- |
|
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Restricted cash |
|
|
- |
|
|
|
52,076 |
|
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Long–term derivative
asset |
|
|
319 |
|
|
|
- |
|
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Other assets |
|
|
3,983 |
|
|
|
4,186 |
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Total assets |
|
$ |
1,549,733 |
|
|
$ |
1,606,770 |
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LIABILITIES AND OWNERS’ EQUITY |
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Current
liabilities: |
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|
|
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Accounts
payable and accrued liabilities: |
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Third
party |
|
$ |
40,123 |
|
|
$ |
31,700 |
|
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Related
party |
|
|
- |
|
|
|
5,797 |
|
|
Derivative liability |
|
|
6,107 |
|
|
|
21,679 |
|
|
Total
current liabilities |
|
|
46,230 |
|
|
|
59,176 |
|
|
|
|
|
|
|
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Asset retirement
obligations |
|
|
157,770 |
|
|
|
180,241 |
|
|
Long–term debt,
net |
|
|
612,095 |
|
|
|
606,948 |
|
|
Long–term derivative
liability |
|
|
- |
|
|
|
955 |
|
|
Liabilities related to
assets held for sale |
|
|
23,835 |
|
|
|
- |
|
|
Other long–term
liabilities |
|
|
1,042 |
|
|
|
1,043 |
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Commitments and
contingencies |
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Owners’ equity: |
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Common
unitholders - 49,368,869 units and |
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49,055,214 units issued and outstanding as of |
|
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|
March 31,
2017 and December 31, 2016, respectively |
|
|
727,505 |
|
|
|
776,158 |
|
|
General
partner interest |
|
|
(18,744 |
) |
|
|
(17,751 |
) |
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Total
owners' equity |
|
|
708,761 |
|
|
|
758,407 |
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Total liabilities and
owners' equity |
|
$ |
1,549,733 |
|
|
$ |
1,606,770 |
|
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Condensed
Consolidated Statements of Operations |
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(In $
thousands, except per unit data) |
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(Unaudited) |
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|
|
|
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|
Three Months
Ended March
31, |
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|
2017 |
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|
2016 |
|
|
Revenues: |
|
|
|
|
|
Oil,
natural gas and natural gas liquids revenues |
|
$ |
56,319 |
|
|
$ |
37,739 |
|
|
Transportation and marketing–related revenues |
|
|
668 |
|
|
|
511 |
|
|
Total
revenues |
|
|
56,987 |
|
|
|
38,250 |
|
|
|
|
|
|
|
|
Operating costs and
expenses: |
|
|
|
|
|
Lease
operating expenses |
|
|
23,939 |
|
|
|
28,915 |
|
|
Cost of
purchased natural gas |
|
|
480 |
|
|
|
336 |
|
|
Dry hole
and exploration costs |
|
|
(20 |
) |
|
|
130 |
|
|
Production taxes |
|
|
2,759 |
|
|
|
1,671 |
|
|
Accretion
expense on obligations |
|
|
1,999 |
|
|
|
2,040 |
|
|
Depreciation, depletion and amortization |
|
|
26,980 |
|
|
|
28,205 |
|
|
General
and administrative expenses |
|
|
6,696 |
|
|
|
8,378 |
|
|
Impairment of oil and natural gas properties |
|
|
49,587 |
|
|
|
687 |
|
|
Gain on
settlement of contract |
|
|
- |
|
|
|
(3,185 |
) |
|
Gain on
sales of oil and natural gas properties |
|
|
(26 |
) |
|
|
- |
|
|
Total
operating costs and expenses |
|
|
112,394 |
|
|
|
67,177 |
|
|
|
|
|
|
|
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Operating loss |
|
|
(55,407 |
) |
|
|
(28,927 |
) |
|
|
|
|
|
|
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Other income (expense),
net: |
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|
|
|
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Gain on
derivatives, net |
|
|
14,229 |
|
|
|
9,834 |
|
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Interest
expense |
|
|
(9,974 |
) |
|
|
(10,821 |
) |
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Other
income, net |
|
|
358 |
|
|
|
755 |
|
|
Total
other income (expense), net |
|
|
4,613 |
|
|
|
(232 |
) |
|
|
|
|
|
|
|
Loss before income
taxes |
|
|
(50,794 |
) |
|
|
(29,159 |
) |
|
Income taxes |
|
|
(37 |
) |
|
|
159 |
|
|
Net loss |
|
$ |
(50,831 |
) |
|
$ |
(29,000 |
) |
|
|
|
|
|
|
|
Basic and diluted
earnings per limited partner unit: |
|
|
|
|
|
Net
loss |
|
$ |
(1.01 |
) |
|
$ |
(0.58 |
) |
|
|
|
|
|
|
|
Weighted average
limited partner units outstanding (basic and diluted) |
|
|
49,320 |
|
|
|
49,027 |
|
|
Condensed
Consolidated Statements of Cash Flows |
|
|
|
|
(In $
thousands) |
|
|
|
|
(Unaudited) |
|
Three Months
Ended March
31, |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
Cash flows from
operating activities: |
|
|
|
|
Net
loss |
|
$ |
(50,831 |
) |
|
$ |
(29,000 |
) |
Adjustments to reconcile net loss to net cash flows provided by
operating activities: |
|
|
|
|
Amortization of volumetric production payment liability |
|
|
- |
|
|
|
(1,020 |
) |
Accretion
expense on obligations |
|
|
1,999 |
|
|
|
2,040 |
|
Depreciation, depletion and amortization |
|
|
26,980 |
|
|
|
28,205 |
|
Equity–based compensation cost |
|
|
1,185 |
|
|
|
1,600 |
|
Impairment of oil and natural gas properties |
|
|
49,587 |
|
|
|
687 |
|
Gain on
derivatives, net |
|
|
(14,229 |
) |
|
|
(9,834 |
) |
Cash
settlements of matured derivative contracts |
|
|
(2,517 |
) |
|
|
18,350 |
|
Other |
|
|
292 |
|
|
|
413 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
Accounts
receivable |
|
|
(5,437 |
) |
|
|
10,909 |
|
Other
current assets |
|
|
(64 |
) |
|
|
(178 |
) |
Accounts
payable and accrued liabilities |
|
|
(1,464 |
) |
|
|
3,520 |
|
Income
taxes |
|
|
- |
|
|
|
(11,318 |
) |
Other,
net |
|
|
29 |
|
|
|
(138 |
) |
Net cash flows provided
by operating activities |
|
|
5,530 |
|
|
|
14,236 |
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
Acquisition of oil and natural gas properties |
|
|
(58,651 |
) |
|
|
- |
|
Additions
to oil and natural gas properties |
|
|
(730 |
) |
|
|
(7,828 |
) |
Proceeds
from sale of oil and natural gas properties |
|
|
- |
|
|
|
2,420 |
|
Cash
settlements from acquired derivative contracts |
|
|
- |
|
|
|
1,475 |
|
Restricted cash |
|
|
52,076 |
|
|
|
- |
|
Other |
|
|
3 |
|
|
|
18 |
|
Net cash flows used in
investing activities |
|
|
(7,302 |
) |
|
|
(3,915 |
) |
|
|
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|
|
Cash flows from
financing activities: |
|
|
|
|
Repayment
of long-term debt borrowings |
|
|
(5,000 |
) |
|
|
(28,000 |
) |
Long-term
debt borrowings |
|
|
10,000 |
|
|
|
5,000 |
|
Distributions paid |
|
|
- |
|
|
|
(3,868 |
) |
Net cash flows provided
by (used in) financing activities |
|
|
5,000 |
|
|
|
(26,868 |
) |
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents |
|
|
3,228 |
|
|
|
(16,547 |
) |
Cash and cash
equivalents – beginning of period |
|
|
5,557 |
|
|
|
20,415 |
|
Cash and cash
equivalents – end of period |
|
$ |
8,785 |
|
|
$ |
3,868 |
|
|
|
|
|
|
Non GAAP Measures
We define Adjusted EBITDAX as net loss plus income taxes,
interest expense, net, depreciation, depletion and amortization,
accretion expense on obligations, amortization of volumetric
production payment (VPP), (gain) loss on derivatives, net, cash
settlements of matured commodity derivative contracts, non-cash
equity-based compensation, impairment of oil and natural gas
properties, non-cash inventory adjustment, dry hole and exploration
costs, gain on sales of oil and natural gas properties, gain on
settlement of contract, and Other income, net. Distributable
Cash Flow is defined as Adjusted EBITDAX less 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 quarterly
distributions. 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 |
|
|
Mar 31, 2017 |
|
Mar 31, 2016 |
|
Dec 31, 2016 |
|
|
|
|
|
|
|
Net loss |
|
$ |
(50,831 |
) |
|
$ |
(29,000 |
) |
|
$ |
(165,672 |
) |
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
Income taxes |
|
|
37 |
|
|
|
(159 |
) |
|
|
(596 |
) |
Interest expense,
net |
|
|
9,974 |
|
|
|
10,816 |
|
|
|
9,932 |
|
Depreciation, depletion
and amortization |
|
|
26,980 |
|
|
|
28,205 |
|
|
|
27,679 |
|
Accretion expense on
obligations |
|
|
1,999 |
|
|
|
2,040 |
|
|
|
2,079 |
|
Amortization of
VPP |
|
|
- |
|
|
|
(1,020 |
) |
|
|
(1,038 |
) |
(Gain) loss on
derivatives, net |
|
|
(14,229 |
) |
|
|
(9,834 |
) |
|
|
18,758 |
|
Cash settlements of
matured commodity derivative contracts |
|
|
(2,454 |
) |
|
|
19,825 |
|
|
|
8,765 |
|
Non-cash equity-based
compensation |
|
|
1,185 |
|
|
|
1,600 |
|
|
|
1,758 |
|
Impairment of oil and
natural gas properties |
|
|
49,587 |
|
|
|
687 |
|
|
|
127,889 |
|
Non-cash inventory
adjustment |
|
|
- |
|
|
|
123 |
|
|
|
(422 |
) |
Dry hole and
exploration costs |
|
|
(20 |
) |
|
|
130 |
|
|
|
(544 |
) |
Gain on sales of oil
and natural gas properties |
|
|
(26 |
) |
|
|
- |
|
|
|
(69 |
) |
Gain on settlement of
contract |
|
|
- |
|
|
|
(3,185 |
) |
|
|
- |
|
Other income, net |
|
|
(197 |
) |
|
|
- |
|
|
|
- |
|
Adjusted EBITDAX |
|
$ |
22,005 |
|
|
$ |
20,228 |
|
|
$ |
28,519 |
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
Cash interest expense,
net |
|
|
9,500 |
|
|
|
10,399 |
|
|
|
9,609 |
|
Realized losses on
interest rate swaps |
|
|
63 |
|
|
|
- |
|
|
|
- |
|
Estimated maintenance
capital expenditures (1) |
|
|
8,500 |
|
|
|
11,000 |
|
|
|
11,000 |
|
Distributable Cash
Flow |
|
$ |
3,942 |
|
|
$ |
(1,171 |
) |
|
$ |
7,910 |
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
Total Current Hedge Position |
|
|
|
|
|
|
|
|
|
|
|
Swap |
Swap |
Collar |
Collar |
Collar |
|
Period |
Index |
Volume |
Price |
Volume |
Floor |
Ceiling |
|
Natural Gas (Mmmbtus) |
|
|
|
|
|
|
|
Apr -
Dec 2017 |
NYMEX |
24,750 |
$ |
3.07 |
|
8,250 |
$ |
2.75 |
$ |
3.27 |
|
Jan -
Mar 2018 |
NYMEX |
4,500 |
$ |
3.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude (Mbbls) |
|
|
|
|
|
|
|
Apr -
Dec 2017 |
WTI |
275 |
$ |
52.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethane (Mbbls) |
|
|
|
|
|
|
|
Apr -
Dec 2017 |
Mt Belvieu |
385.0 |
$ |
11.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Propane (Mbbls) |
|
|
|
|
|
|
|
Apr -
Dec 2017 |
Mt Belvieu |
192.5 |
$ |
25.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional
Amount |
Fixed Rate |
|
|
|
|
Interest Rate Swap Agreements |
($
mill) |
|
|
|
|
|
Apr -
Dec 2017 |
|
100 |
|
1.039 |
% |
|
|
|
|
Jan 2018
- Sep 2020 |
|
100 |
|
1.795 |
% |
|
|
|
EV Energy Partners, L.P., Houston
Nicholas Bobrowski
713-651-1144
http://www.evenergypartners.com