An Overview of EV Energy Partners and Its Recent Activity


Sep. 3 2015, Updated 11:07 a.m. ET

EV Energy Partners

EV Energy Partners (EVEP) was formed by EnerVest as a means to acquire, produce, and develop oil and natural gas properties. Its general partner is held by EV Energy GP.

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EV Energy’s properties

According to EV Energy’s recent filing, “As of December 31, 2014, our oil and natural gas properties were located in the Barnett Shale, the Appalachian Basin (which includes the Utica Shale), the Mid-Continent area in Oklahoma, Texas, Arkansas, Kansas and Louisiana, the Monroe Field in Northern Louisiana, the San Juan Basin, Michigan, Central Texas (which includes the Austin Chalk area), and the Permian Basin.”

As of December 31, 2014, the partnership had estimated net proved reserves of 11.9 MMBbls (million barrels) of oil, 712.2 Bcf (billion cubic feet) of natural gas and 36.1 MMBbls of natural gas liquids.

Property impairments

EV Energy Partners recorded $48.3 million in impairments related to its oil and natural gas properties. This includes $47.9 million stemming from EVEP’s changes to development plans for acreage in the Utica Shale.

In the next article, we’ll look into EVEP’s 2Q earnings.

Recent acquisitions and divestitures

EV Energy Partners sold its interests in its midstream assets, including Cardinal Gas Services and UEOM (Utica East Ohio Midstream). UEOM was sold to Williams Partners (WPZ) in June 2015. Now, EVEP no longer operates in the midstream segment.

The partnership hasn’t revealed any acquisition plans in recent quarters. Meanwhile, Vanguard Natural Resources (VNR) announced the acquisition of Eagle Rock Resources (EROC) and LRR Energy (LRE) recently.

EVEP constitutes 0.58% of the Guggenheim Insider Sentiment ETF (NFO).


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