EV Energy Partners, L.P. (NASDAQ:EVEP) today announced results for
the second quarter of 2017 and the filing of its Form 10-Q with the
Securities and Exchange Commission.
Second Quarter 2017 Results
For the second quarter of 2017, EVEP reported a net loss of
$25.2 million, or $(0.50) per basic and diluted weighted average
limited partner unit outstanding, compared to a net loss of $50.8
million, or $(1.01) per basic and diluted weighted average limited
partner unit outstanding, for the first quarter of 2017.
Included in the second quarter of 2017 net loss were the
following items:
- $18.4 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,
- $6.9 million of non-cash gains on commodity and interest rate
derivatives, and
- $1.0 million of non-cash costs contained in general and
administrative expenses.
For the second 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 second quarter of 2017 was 10.2 Bcf of
natural gas, 372 Mbbls of oil and 528 Mbbls of natural gas liquids,
or 171.9 million cubic feet equivalent per day (Mmcfe/day). This
represents a 15 percent decrease from the second quarter of 2016
production of 201.5 Mmcfe/d and is flat to the first quarter of
2017 production of 171.6 Mmcfe/day. The decrease from the
second quarter of 2016 was 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 second quarter of 2017 was $21.6
million, a 19 percent decrease from the second quarter of 2016 and
a 2 percent decrease from the first quarter of 2017.
Distributable Cash Flow for the second quarter of 2017 was $3.4
million, a 38 percent decrease from the second quarter of 2016 and
a 13 percent decrease from the first quarter of 2017. The
decreases in Adjusted EBITDAX and Distributable Cash Flow from the
second quarter of 2016 were primarily attributable to realized
hedge losses compared to prior year period hedge gains and
decreased natural gas and natural gas liquids production, partially
offset by higher realized oil, natural gas and natural gas liquids
prices and increased oil production. The decreases in
Adjusted EBITDAX and Distributable Cash Flow from the first quarter
of 2017 were primarily attributable to lower realized oil and
natural gas liquids prices and higher lease operating and cash
general and administrative expenses, partially offset by lower
realized hedge losses. 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 August 7, 2017, EVEP had total debt of $597 million, which
included $254 million outstanding under the credit facility and
$343 million in outstanding Senior Notes due 2019. The
current borrowing base under the credit facility is $375
million. Liquidity from borrowing base capacity and cash on
hand is currently over $120 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.
“Second quarter results were in-line with guidance. There
are two rigs running on our Karnes County, TX properties (5.8
percent interest), one rig running in the Barnett (31 percent
interest) and one rig running in the Austin Chalk (15 to 25 percent
interest). While wells are currently being turned inline, the
full production impact is not expected to be realized until the
fourth quarter. Given current commodity pricing and our
previously provided guidance, we expect to fully fund our 2017
capital budget out of cash flow from operations," said Michael
Mercer, President and CEO.
Quarterly Report on Form 10-Q
EVEP’s financial statements and related footnotes are available
in the second 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 July 20, 2017, EV Energy Partners, L.P. will
host an investor conference call on August 9, 2017, at 9 a.m.
Eastern Time (8 a.m. Central). Investors interested in
participating in the call may dial 1-877-723-9521 (quote conference
ID 1160639) 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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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2017 |
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2016 |
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2017 |
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|
2016 |
|
|
Production data: |
|
|
|
|
|
|
|
|
|
|
Oil
(Mbbls) |
|
|
372 |
|
|
313 |
|
|
707 |
|
|
630 |
|
|
Natural
gas liquids (Mbbls) |
|
|
528 |
|
|
585 |
|
|
1,039 |
|
|
1,187 |
|
|
Natural
gas (Mmcf) |
|
|
10,241 |
|
|
12,951 |
|
|
20,607 |
|
|
25,769 |
|
|
Net
production (Mmcfe) |
|
|
15,640 |
|
|
18,341 |
|
|
31,087 |
|
|
36,672 |
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Average sales price per
unit: (1) |
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Oil
(Bbl) |
|
$44.06 |
|
$41.08 |
|
$45.48 |
|
$35.06 |
|
|
Natural
gas liquids (Bbl) |
|
|
18.26 |
|
|
15.89 |
|
|
19.57 |
|
|
14.03 |
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Natural
gas (Mcf) |
|
|
2.87 |
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|
1.56 |
|
|
2.87 |
|
|
1.60 |
|
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Mcfe |
|
|
3.54 |
|
|
2.31 |
|
|
3.59 |
|
|
2.18 |
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Average unit cost per
Mcfe: |
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Production costs: |
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Lease
operating expenses |
|
$1.68 |
|
$1.42 |
|
$1.61 |
|
$1.50 |
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Production taxes |
|
|
0.16 |
|
|
0.09 |
|
|
0.17 |
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|
0.09 |
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Total |
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|
1.84 |
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|
1.51 |
|
|
1.78 |
|
|
1.59 |
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Depreciation, depletion
and amortization |
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1.38 |
|
|
1.73 |
|
|
1.56 |
|
|
1.63 |
|
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General and
administrative expenses |
|
|
0.45 |
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|
0.43 |
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|
0.44 |
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|
0.45 |
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(1) Prior
to $0.4 million of net hedge losses and $19.2 million of net hedge
gains on settlements of commodity derivatives for the three months
ended June 30, 2017 and 2016, respectively, and $2.9 million of net
hedge losses and $39.0 million of net hedge gains on settlements of
commodity derivatives for the six months ended June 30, 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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June 30, 2017 |
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December 31, 2016 |
ASSETS |
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Current assets: |
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Cash and
cash equivalents |
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$3,552 |
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|
$5,557 |
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Accounts
receivable: |
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Oil,
natural gas and natural gas liquids revenues |
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44,762 |
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39,629 |
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Related
party |
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|
7,152 |
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|
|
745 |
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Other |
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|
1,046 |
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|
2,451 |
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Derivative asset |
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|
1,993 |
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|
|
201 |
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Other
current assets |
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|
3,295 |
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|
|
3,718 |
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Total
current assets |
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|
61,800 |
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|
52,301 |
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Oil and natural gas
properties, net of accumulated |
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depreciation, depletion and amortization; June 30, |
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2017,
$1,140,993; December 31, 2016, $1,051,600 |
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1,422,425 |
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1,497,211 |
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Other property, net of
accumulated depreciation |
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and
amortization; June 30, 2017, $1,024; |
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December
31, 2016, $1,002 |
|
|
984 |
|
|
|
996 |
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Restricted cash |
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- |
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|
52,076 |
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Other assets |
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|
4,134 |
|
|
|
4,186 |
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Total assets |
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$1,489,343 |
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$1,606,770 |
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LIABILITIES AND OWNERS’ EQUITY |
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Current
liabilities: |
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Accounts
payable and accrued liabilities: |
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Third
party |
|
$39,709 |
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|
$31,700 |
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Related
party |
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|
- |
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|
|
5,797 |
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Derivative liability |
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|
754 |
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|
|
21,679 |
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Total
current liabilities |
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|
40,463 |
|
|
|
59,176 |
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|
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|
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Asset retirement
obligations |
|
|
159,641 |
|
|
|
180,241 |
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Long–term debt,
net |
|
|
603,245 |
|
|
|
606,948 |
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Long–term derivative
liability |
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|
3 |
|
|
|
955 |
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Other long–term
liabilities |
|
|
1,372 |
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|
|
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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June 30,
2017 and December 31, 2016, respectively |
|
|
703,846 |
|
|
|
776,158 |
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General
partner interest |
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|
(19,227) |
|
|
|
(17,751) |
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Total
owners' equity |
|
|
684,619 |
|
|
|
758,407 |
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Total liabilities and
owners' equity |
|
$1,489,343 |
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|
$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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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2017 |
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2016 |
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2017 |
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|
2016 |
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Revenues: |
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Oil,
natural gas and natural gas liquids revenues |
|
$55,404 |
|
|
$42,365 |
|
|
$111,723 |
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|
$80,104 |
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Transportation and marketing–related revenues |
|
|
648 |
|
|
|
466 |
|
|
|
1,316 |
|
|
|
977 |
|
Total
revenues |
|
|
56,052 |
|
|
|
42,831 |
|
|
|
113,039 |
|
|
|
81,081 |
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|
|
|
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Operating costs and
expenses: |
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|
|
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|
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Lease
operating expenses |
|
|
26,235 |
|
|
|
26,046 |
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|
50,174 |
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|
|
54,961 |
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Cost of
purchased natural gas |
|
|
460 |
|
|
|
305 |
|
|
|
940 |
|
|
|
641 |
|
Dry hole
and exploration costs |
|
|
75 |
|
|
|
771 |
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|
|
55 |
|
|
|
901 |
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Production taxes |
|
|
2,496 |
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|
|
1,704 |
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|
|
5,255 |
|
|
|
3,375 |
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Accretion
expense on obligations |
|
|
1,870 |
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|
|
2,049 |
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|
|
3,869 |
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|
|
4,089 |
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Depreciation, depletion and amortization |
|
|
21,531 |
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|
|
31,648 |
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|
|
48,511 |
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|
|
59,853 |
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General
and administrative expenses |
|
|
7,023 |
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|
|
7,970 |
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|
13,719 |
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|
|
16,348 |
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Impairment of oil and natural gas properties |
|
|
18,397 |
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|
1,997 |
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|
|
67,984 |
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|
|
2,684 |
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Gain on
settlement of contract |
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- |
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|
|
- |
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|
|
- |
|
|
|
(3,185) |
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Gain on
sales of oil and natural gas properties |
|
|
(9) |
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|
- |
|
|
|
(35) |
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|
|
- |
|
Total
operating costs and expenses |
|
|
78,078 |
|
|
|
72,490 |
|
|
|
190,472 |
|
|
|
139,667 |
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|
|
|
|
|
|
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Operating loss |
|
|
(22,026) |
|
|
|
(29,659) |
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|
|
(77,433) |
|
|
|
(58,586) |
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|
|
|
|
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Other income (expense),
net: |
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|
|
|
|
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Gain
(loss) on derivatives, net |
|
|
6,511 |
|
|
|
(35,585) |
|
|
|
20,740 |
|
|
|
(25,751) |
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Interest
expense |
|
|
(10,435) |
|
|
|
(11,844) |
|
|
|
(20,409) |
|
|
|
(22,665) |
|
Gain on
early extinguishment of debt |
|
|
- |
|
|
|
47,695 |
|
|
|
- |
|
|
|
47,695 |
|
Other
income, net |
|
|
723 |
|
|
|
209 |
|
|
|
1,081 |
|
|
|
964 |
|
Total
other income (expense), net |
|
|
(3,201) |
|
|
|
475 |
|
|
|
1,412 |
|
|
|
243 |
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes |
|
|
(25,227) |
|
|
|
(29,184) |
|
|
|
(76,021) |
|
|
|
(58,343) |
|
Income taxes |
|
|
66 |
|
|
|
191 |
|
|
|
29 |
|
|
|
350 |
|
Net loss |
|
$(25,161) |
|
|
$(28,993) |
|
|
$(75,992) |
|
|
$(57,993) |
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings per limited partner unit: |
|
|
|
|
|
|
|
|
Net
loss |
|
$(0.50) |
|
|
$(0.58) |
|
|
$(1.51) |
|
|
$(1.16) |
|
|
|
|
|
|
|
|
|
|
Weighted average
limited partner units outstanding (basic and diluted) |
|
|
49,369 |
|
|
|
49,055 |
|
|
|
49,345 |
|
|
|
49,041 |
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows |
|
|
|
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(In $
thousands) |
|
|
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|
|
(Unaudited) |
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Six Months Ended June 30, |
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|
|
|
2017 |
|
|
|
2016 |
|
|
Cash flows from
operating activities: |
|
|
|
|
|
Net
loss |
|
$(75,992) |
|
|
$(57,993) |
|
|
Adjustments to reconcile net loss to net cash flows provided by
operating activities: |
|
|
|
|
|
Amortization of volumetric production payment liability |
|
|
- |
|
|
|
(2,043) |
|
|
Accretion
expense on obligations |
|
|
3,869 |
|
|
|
4,089 |
|
|
Depreciation, depletion and amortization |
|
|
48,511 |
|
|
|
59,853 |
|
|
Equity–based compensation cost |
|
|
2,204 |
|
|
|
2,964 |
|
|
Impairment of oil and natural gas properties |
|
|
67,984 |
|
|
|
2,684 |
|
|
Gain on
sales of oil and natural gas properties |
|
|
(35) |
|
|
|
- |
|
|
(Gain)
loss on derivatives, net |
|
|
(20,740) |
|
|
|
25,751 |
|
|
Cash
settlements of matured derivative contracts |
|
|
(2,929) |
|
|
|
36,506 |
|
|
Gain on
early extinguishment of debt |
|
|
- |
|
|
|
(47,695) |
|
|
Other |
|
|
523 |
|
|
|
1,760 |
|
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
Accounts
receivable |
|
|
(7,859) |
|
|
|
(1,835) |
|
|
Other
current assets |
|
|
847 |
|
|
|
(259) |
|
|
Accounts
payable and accrued liabilities |
|
|
(5,967) |
|
|
|
2,510 |
|
|
Income
taxes |
|
|
- |
|
|
|
(11,657) |
|
|
Other,
net |
|
|
(217) |
|
|
|
(201) |
|
|
Net cash flows provided
by operating activities |
|
|
10,199 |
|
|
|
14,434 |
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
Acquisition of oil and natural gas properties |
|
|
(58,651) |
|
|
|
- |
|
|
Additions
to oil and natural gas properties |
|
|
(3,635) |
|
|
|
(12,988) |
|
|
Proceeds
from sale of oil and natural gas properties |
|
|
1,989 |
|
|
|
2,420 |
|
|
Cash
settlements from acquired derivative contracts |
|
|
- |
|
|
|
2,499 |
|
|
Restricted cash |
|
|
52,076 |
|
|
|
- |
|
|
Other |
|
|
17 |
|
|
|
33 |
|
|
Net cash flows used in
investing activities |
|
|
(8,204) |
|
|
|
(8,036) |
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
Repayment
of long-term debt borrowings |
|
|
(21,000) |
|
|
|
(33,000) |
|
|
Long-term
debt borrowings |
|
|
17,000 |
|
|
|
48,000 |
|
|
Redemption of Senior Notes due 2019 |
|
|
- |
|
|
|
(34,978) |
|
|
Loan
costs incurred |
|
|
- |
|
|
|
(121) |
|
|
Distributions paid |
|
|
- |
|
|
|
(3,868) |
|
|
Net cash flows used in
financing activities |
|
|
(4,000) |
|
|
|
(23,967) |
|
|
|
|
|
|
|
|
Decrease in cash and
cash equivalents |
|
|
(2,005) |
|
|
|
(17,569) |
|
|
Cash and cash
equivalents – beginning of period |
|
|
5,557 |
|
|
|
20,415 |
|
|
Cash and cash
equivalents – end of period |
|
$3,552 |
|
|
$2,846 |
|
|
|
|
|
|
|
|
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 oil inventory adjustment, dry hole and
exploration costs, (gain) loss on settlement of contract, (gain)
loss on sales of oil and natural gas properties, (gain) loss on
early extinguishment of debt, 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 |
|
Six Months Ended |
|
|
Jun 30, 2017 |
|
Jun 30, 2016 |
|
Mar 31, 2017 |
|
Jun 30, 2017 |
|
Jun 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$(25,161) |
|
|
$(28,993) |
|
|
$(50,831) |
|
|
$(75,992) |
|
|
$(57,993) |
|
|
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
(66) |
|
|
|
(191) |
|
|
|
37 |
|
|
|
(29) |
|
|
|
(350) |
|
Interest expense,
net |
|
|
10,435 |
|
|
|
11,840 |
|
|
|
9,974 |
|
|
|
20,409 |
|
|
|
22,655 |
|
Depreciation, depletion
and amortization |
|
|
21,531 |
|
|
|
31,648 |
|
|
|
26,980 |
|
|
|
48,511 |
|
|
|
59,853 |
|
Accretion expense on
obligations |
|
|
1,870 |
|
|
|
2,049 |
|
|
|
1,999 |
|
|
|
3,869 |
|
|
|
4,089 |
|
Amortization of
VPP |
|
|
- |
|
|
|
(1,023) |
|
|
|
- |
|
|
|
- |
|
|
|
(2,043) |
|
(Gain) loss on
derivatives, net |
|
|
(6,511) |
|
|
|
35,585 |
|
|
|
(14,229) |
|
|
|
(20,740) |
|
|
|
25,751 |
|
Cash settlements of
matured commodity derivative contracts |
|
|
(404) |
|
|
|
19,180 |
|
|
|
(2,454) |
|
|
|
(2,858) |
|
|
|
39,005 |
|
Non-cash equity-based
compensation |
|
|
1,019 |
|
|
|
1,364 |
|
|
|
1,185 |
|
|
|
2,204 |
|
|
|
2,964 |
|
Impairment of oil and
natural gas properties |
|
|
18,397 |
|
|
|
1,997 |
|
|
|
49,587 |
|
|
|
67,984 |
|
|
|
2,684 |
|
Non-cash oil inventory
adjustment |
|
|
424 |
|
|
|
- |
|
|
|
- |
|
|
|
424 |
|
|
|
123 |
|
Dry hole and
exploration costs |
|
|
75 |
|
|
|
771 |
|
|
|
(20) |
|
|
|
55 |
|
|
|
901 |
|
Gain on settlement of
contract |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,185) |
|
Gain on early
extinguishment of debt |
|
|
- |
|
|
|
(47,695) |
|
|
|
- |
|
|
|
- |
|
|
|
(47,695) |
|
Other income, net |
|
|
(9) |
|
|
|
- |
|
|
|
(223) |
|
|
|
(232) |
|
|
|
- |
|
Adjusted EBITDAX |
|
$21,600 |
|
|
$26,532 |
|
|
$22,005 |
|
|
$43,605 |
|
|
$46,759 |
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
Cash interest expense,
net |
|
|
9,647 |
|
|
|
9,984 |
|
|
|
9,500 |
|
|
|
19,147 |
|
|
|
20,383 |
|
Realized losses on
interest rate swaps |
|
|
9 |
|
|
|
- |
|
|
|
63 |
|
|
|
72 |
|
|
|
- |
|
Estimated maintenance
capital expenditures (1) |
|
|
8,500 |
|
|
|
11,000 |
|
|
|
8,500 |
|
|
|
17,000 |
|
|
|
22,000 |
|
Distributable Cash
Flow |
|
$3,444 |
|
|
$5,548 |
|
|
$3,942 |
|
|
$7,386 |
|
|
$4,376 |
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
Jul - Dec 2017 |
NYMEX |
16,560 |
$3.07 |
|
5,520 |
$2.75 |
$3.27 |
Jan - Mar 2018 |
NYMEX |
4,500 |
$3.46 |
|
|
|
|
|
|
|
|
|
|
|
Crude
(Mbbls) |
|
|
|
|
|
|
Jul - Dec 2017 |
WTI |
184 |
$52.85 |
|
|
|
|
|
|
|
|
|
|
|
Ethane
(Mbbls) |
|
|
|
|
|
|
Jul - Dec 2017 |
Mt Belvieu |
257.6 |
$11.66 |
|
|
|
|
|
|
|
|
|
|
|
Propane
(Mbbls) |
|
|
|
|
|
|
Jul - Dec 2017 |
Mt Belvieu |
128.8 |
$25.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional Amount |
Fixed Rate |
|
|
|
Interest Rate Swap Agreements |
($ mill) |
|
|
|
|
Jul - 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