EV Energy Partners LP
Legacy Reserves Has Announced a $300 Million Term Loan
Legacy Reserves’ (LGCY) shares rallied 27.2% on Wednesday, following its announcement that it has executed a second lien term loan credit agreement with GSO Capital Partners.
The WTI-Brent Spread Narrowed in the Week Ending July 29
NYMEX (New York Mercantile Exchange) near-month WTI (West Texas Intermediate) crude oil (USO) futures prices fell by 5.9% in the week ending July 29, 2016.
WTI-Brent Spread Widened Last Week: Which Rose More?
NYMEX near-month WTI (West Texas Intermediate) crude oil futures prices rose 2.8% in the week ending July 1, 2016.
Which MLPs Rose More than 6% Last Week?
Seadrill Partners (SDLP), the MLP involved mainly in offshore drilling, continued to be among the top MLP gainers for the second consecutive week.
What Are Analysts’ Thoughts on Vanguard Natural Resources?
Considering its high leverage and unhedged volumes, Vanguard Natural Resources’ short-term outlook seems bleak.
Will More Upstream MLPs Succumb to Bankruptcy?
In this series, we’ll analyze the current liquidity and leverage positions for Vanguard Natural Resources (VNR), EV Energy Partners (EVEP), Memorial Production Partners (MEMP), and Legacy Reserves (LGCY).
What Led to Breitburn Energy’s Bankruptcy?
Breitburn Energy Partners’ (BBEP) earnings, like those of other upstream producers (XOP), are related to commodity prices.
WTI Fell 3%, Closing Below Brent: The Impact on MLPs
NYMEX near-month WTI crude oil futures prices fell 2.8% in the week ended January 1, 2016. WTI crude oil prices closed at $37.04 per barrel on January 1.
Upstream MLPs: Negatively Affected by Yesterday’s Crude Oil Fall
On June 29, crude oil futures fell more than $1 per barrel due to fears of a Greek default. The United States Oil Fund (USO) fell 2.4% yesterday.
Vanguard Natural Resources: Top Upstream Loser on September 21
The top upstream MLP losers include Vanguard Natural Resources (VNR), Mid-Con Energy Partners, Memorial Production Partners, and EV Energy Partners.
What Do Analysts Recommend for Breitburn Energy Partners?
At a broader level, 72.7% of the analysts surveyed by Bloomberg rate Breitburn Energy a “hold,” 9.1% rate it a “buy,” and the remaining ~18.2% rate it a “sell.”
Why Gathering and Processing MLPs Outperformed in 1Q17
Gathering and processing MLPs were the best performing MLPs in the first quarter of 2017. The subgroup rose 14.7%.
Natural Gas Prices Fell from a 7-Week High Due to Profit-Booking
US natural gas prices tested the intraday high of $2.03 per MMBtu on Thursday, March 31, 2016. This is the highest level since February 2016.
Legacy Reserves: Top Upstream MLP Loser on October 21
The top upstream MLP losers include Legacy Reserves (LGCY), Linn Energy (LINE), Memorial Production Partners (MEMP), and EV Energy Partners (EVEP).
Which Upstream MLP Could Announce Bankruptcy Next?
Memorial Production Partners’ (MEMP) liquidity position was better compared to its peers. It doesn’t have significant debt maturity until 2018.
EV Energy Partners: Top Upstream MLP Gainer on October 30
The top upstream MLP gainers include EV Energy Partners (EVEP), Linn Energy (LINE), BreitBurn Energy Partners (BBEP), and Legacy Reserves (LGCY).
EV Energy Partners: The Biggest Upstream MLP Loser on November 5
The biggest upstream MLP losers of the day include EV Energy Partners (EVEP), Atlas Resource Partners (ARP), Legacy Reserves (LGCY), and Memorial Production Partners (MEMP).
Magnetar Raises Its Position in Williams Companies
Magnetar raised its stake in Williams Companies during the fourth quarter by purchasing 1.5 million shares. It represents 2.59% of the fund’s 4Q14 portfolio.
These MLPs Rose More than 6.0% in the Week Ended September 29
Upstream MLPs EV Energy Partners (EVEP), Mid-Con Energy Partners (MCEP), and Legacy Reserves (LGCY) rose 17.6%, 13.7%, and 11.8%, respectively, in the week ended September 29.
Top MLP Losers in the Week Ending October 13
EV Energy Partners (EVEP) continued to be among the top MLP losers in the week ending October 13. EV Energy Partners fell 17.8% during the week.
What Led to Memorial Production Partners’ Bankruptcy?
MEMP’s earnings improved in the recent quarter, but prior shortfalls were high and couldn’t be covered without a restructuring under Chapter 11 bankruptcy.
WTI Fell while Brent Rose Last Week
NYMEX near-month WTI (West Texas Intermediate) crude oil futures prices fell by 1.4% in the week ending June 3, 2016.
Analyst Recommendations: Vanguard Natural Resources the Favorite
The two most recent recommendations are by UBS and Scotia Howard Weil, and they rate LINE “sell” and “sector perform,” with target prices of $2 and $5, respectively.
Which major players are investing in the Utica Shale? (Continued)
The Utica Shale has the potential to be a prolific source of hydrocarbons in the US. Read on to find out more about it.
Alerian MLP ETF Falls on Negative Investor Sentiments
The Alerian MLP ETF, which comprises 23 midstream energy MLPs, fell 2.4% on October 22, 2015, along with the entire midstream sector.
EV Energy Partners: Top Upstream MLP Gainer on November 2
The top upstream MLP gainers include EV Energy Partners (EVEP), Atlas Resource Partners (ARP), BreitBurn Energy Partners (BBEP), and Legacy Reserves (LGCY).
Last Week’s Worst-Performing MLPs
Upstream MLPs including EV Energy Partners (EVEP), Mid-Con Energy Partners (MCEP), and Legacy Reserves (LGCY) were among the top MLP losers last week.
EV Energy Partners Was the Top MLP Gainer Last Week
EV Energy Partners (EVEP), Mid-Con Energy Partners MCEP), and Legacy Reserves (LGCY) led the MLP top gainers last week ending November 3.
Inside Vanguard Natural’s Deficiency Payment Plan
VNR’s liquidity position deteriorated in the second half of 2016 after it completed its second borrowing base redetermination on November 3, 2016.
Atlas Resource Partners: Top Upstream MLP Loser on September 3
Top upstream MLP losers include Atlas Resource Partners (ARP), BreitBurn Energy Partners (BBEP), EV Energy Partners (EVEP), and Eagle Rock Energy Partners (EROC).
Analysts’ Ratings for Vanguard Natural before Its 4Q15 Results
At a broader level, 60% of analysts surveyed by Bloomberg rate Vanguard Natural Resources a “hold,” 30% rate it as a “buy,” and the remaining ~10% rate it a “sell.”
What Drove Vanguard Natural Resources’ 2Q16 Earnings?
Vanguard Natural Resources (VNR) is scheduled to release its 2Q16 earnings on July 27, 2016.
What Do Legacy Reserves’ Technical Indicators Hint At?
Legacy Reserves (LGCY) continues to trade above both its long-term (200-day) and its short-term (50-day) moving averages.
Legacy Reserves Has Risen Over 140% in 2018: Can It Rise Further?
Upstream MLP Legacy Reserves has risen 144.0% since the start of 2018.
Which MLP Subgroup Was the Winner in 2017?
Coal MLPs Alliance Resource Partners LP (ARLP), CNX Coal Resources (CNXC), and Foresight Energy LP (FELP) were among the worst-performing MLPs in 2017.
These MLPs Saw the Biggest Rises Last Week
Upstream MLPs (master limited partnerships) EV Energy Partners (EVEP) and Legacy Reserves were among the top MLP gainers last week.
Analyzing LGCY’s Correlation with Natural Gas
Legacy Reserves (LGCY), an upstream MLP, is in the fourth spot in terms of its correlation with natural gas.
Top MLP Losers in the Week Ending November 24
Southcross Energy Partners (SXE) was the top MLP loser in the week ending November 24. It fell 7.1% during the week. It has lost 11.6% in November.
Top MLP Losers for Week Ended November 10
EV Energy Partners (EVEP), an upstream MLP, was the biggest MLP loser last week, which ended on November 10, 2017. EVEP fell 25.5%.
Last Week’s Biggest MLP Losers
Sanchez Production Partners (SNMP), the midstream MLP involved mainly in natural gas gathering, compression, and processing, was the biggest MLP loser last week.
Why MCEP Has a High Correlation With Crude Oil
Mid-Con Energy Partners Mid-Con Energy Partners (MCEP), an upstream MLP, has the third-highest correlation with crude oil among MLPs. MCEP’s correlation with crude oil was 0.49 on October 6, 2017. MCEP’s high correlation with crude oil reflects the partnership’s high direct crude oil exposure due to its involvement in the production and sale of crude oil and […]
These MLPs Lost the Most Last Week
EV Energy Partners (EVEP) and Mid-Con Energy Partners (MCEP) were the top two MLP losers last week.
These MLPs Rose More than 6% Last Week
NGL Energy Partners (NGL) was the top MLP gainer last week. NGL rose 17.2% during the week due to the rally in crude oil prices.
Top MLP Gainers in Week Ended September 8
EV Energy Partners (EVEP) was the top MLP gainer last week, which ended on September 8, 2017. It rose 13.9%.
Top MLPs Losers Last Week, Ended September 1
Teekay Offshore Partners (TOO) was the top MLP loser last week, which ended September 1, 2017. It fell 6.3%.
These MLPs Fell More Than 7% Last Week
EV Energy Partners (EVEP) was the worst-performing MLP last week. It fell a massive 20.9% during the week.
74% of Analysts Call Tesoro Logistics a ‘Buy’
On June 2, 2017, Barclays resumed its coverage of Tesoro Logistics (TLLP) with an “overweight” rating. Barclays has given TLLP a target price of $65.
Why Teekay Offshore Partners Fell the Most among MLPs in May 2017
Teekay Offshore Partners fell 41.1% during the month. Its steep decline could be attributed to its weak 1Q17 earnings driven by a contract dispute with Petrobras (PBR).
Which MLP Subgroups Were the Biggest Losers during May 2017?
Marine transportation MLPs fell ~13.5% during May 2017.
Vanguard Natural Resources Can’t Make It, Files for Bankruptcy
Vanguard Natural Resources (VNR) has been suffering from a liquidity crisis and high leverage. On February 2, it filed for relief under Chapter 11 of the United States Bankruptcy Code.
Memorial Production Partners to File Bankruptcy: Key Highlights
Memorial Production Partners (MEMP), an upstream MLP that was suffering from liquidity crisis and high leverage, has filed for bankruptcy protection.
Vanguard Natural: A Strong Natural Gas Story
Vanguard Natural Resources’ (VNR) production mix was 16% crude oil, 14% NGLs (natural gas liquids), and 70% natural gas in 3Q16.
Vanguard Natural Is Soaring on Latest OPEC Output Deal
Vanguard Natural Resources (VNR), an upstream MLP involved in crude oil, natural gas, and NGL production, has gained over 100.0% in recent trading sessions.
Why Vanguard Natural Continues to Underperform the Sector ETF
Vanguard Natural Resources (VNR) has lost 37.6% of its market value since the beginning of 2016.
Key Factors behind Vanguard Natural’s Improved Hedge Position
A slight recovery in natural gas and crude oil prices is expected to improve Vanguard Natural’s average realized price for the second quarter.
What Are Wall Street Analysts Saying about Consol Energy?
Currently, ~40% of Wall Street analysts rate Consol Energy (CNX) as a “buy,” ~53% of analysts rate it as a “hold,” and ~7% rate the stock as a “sell.”
Why Did a 2.3% Fall in Crude Oil Production Impact MLPs?
According to data released on July 7, 2016, US crude oil production fell by 2.3% in the week ended July 1. Crude oil production has continued to decline in recent months.
WTI-Brent Spread Narrowed, Brent Fell More than WTI Last Week
Brent crude oil’s higher fall compared to WTI in the week ended June 17, 2016, resulted in the narrowing of the WTI-Brent spread.
Why Legacy Reserves Has the Highest Insolvency Risk
Legacy Reserves has the most “sell” ratings among the selected peer group. 37.5% of analysts rate LGCY a “sell” and the remaining 62.5% rate it a “hold.”
Where Do VNR, MEMP, EVEP, and LGCY Stand in Terms of Liquidity?
MLPs are going through a liquidity crisis due to a decline in earnings driven by a fall in commodity prices.
Will Breitburn Energy Partners Follow Linn Energy?
Breitburn Energy Partners is going through a liquidity crisis. It expects the borrowing base under its credit facility to be redetermined in late May 2016.
Why Did Linn Energy File for Bankruptcy Protection?
Linn Energy (LINE) and LinnCo LLC (LNCO) filed for protection under Chapter 11 of the Bankruptcy Code on Wednesday, May 11.
Can Murphy Oil’s Stock Price Continue to Rise?
Following its earnings, there was an opposing reaction. Better-than-expected earnings saw Murphy Oil’s stock price fall by 7.8% the next day.
Inside Diamondback Energy’s 1Q16 Earnings
Diamondback Energy announced its 1Q16 earnings on May 3, reporting an adjusted profit of $0.02 per share—$0.08 higher than estimates of -$0.06 per share.
What Does Vanguard Natural’s Valuation Mean for Investors?
Vanguard Natural Resources is currently trading at a price-to-distributable cash flow of 1.5x.
WTI-Brent Spread Widened as Brent Rose More than WTI Last Week
A widening WTI-Brent spread tends to hurt upstream MLPs such as Memorial Production Partners (MEMP) and Vanguard Natural Resources (VNR).
US Natural Gas Consumption Could Rise over the Long Term
In its March STEO report, the EIA forecast that the US natural gas consumption could average 76.7 Bcf per day in 2016 and 77.3 Bcf per day in 2017.
WTI Crude Oil Prices Fall 8.1%, WTI-Brent Spread Increases
NYMEX near-month WTI (West Texas Intermediate) crude oil futures prices fell 8.1% in the week ending February 5, 2016.
WTI Closed Higher than Brent Last Week
NYMEX near-month WTI (West Texas Intermediate) crude oil futures prices rose 9.7% in the week ending December 25.
An Overview of EV Energy Partners and Its Recent Activity
EV Energy Partners sold its interests in its midstream assets, including Cardinal Gas Services and Utica East Ohio Midstream. Now, EVEP no longer operates in the midstream segment.
EV Energy Partners in 2Q15: Disappointing Operating Results
EV Energy Partners (EVEP) saw its 2Q15 revenues more than halved YoY (year-over-year). Its revenues fell to $44.4 million, down from $89.36 million in 2Q14.
An Overview of LINN Energy: The Biggest Upstream MLP Loser
During 1Q15, Linn Energy recorded noncash impairment charges of ~$533 million associated with proved oil and natural gas properties.
EOG Resources: Growing Revenue Is Battered by the Crude Oil Slump
EOG Resources’ 1Q15 adjusted revenue fell 39% quarter-over-quarter. This was mainly a result of the fall in crude oil and natural gas prices starting in 2H14.
Why BreitBurn Has Seen Below-Par Performance in the Last 3 Years
BreitBurn Energy Partners (BBEP) has generated below-par total returns over the last three years mainly due to the decline in crude oil and natural gas prices.
Why the Utica Shale is an important emerging oil play
As of June 28, 2014, the play had 41 rigs, 470 horizontal wells producing, 926 horizontal wells drilled, and 1,386 horizontal wells permitted.