NAPTP MLP Investor Conference. May 23, 2013
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1 NAPTP MLP Investor Conference May 23, 2013
2 Forward-Looking Statement Statements made in this presentation that are not historical facts are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of These statements include information about the sale of our Utica Shale assets, our midstream investments, future plans 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 discussed in this presentation. 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 (including the Utica Shale), changes in the metrics and procedures used to value midstream assets, exploration and development activities in the Utica Shale and elsewhere, 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 presentation 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. 2
3 EVEP Overview Upstream MLP delivering solid returns since IPO September 2006 GP Ownership EnerVest & Management (76.25%) Encap (23.75%) 42.6 million outstanding units $2.7 billion enterprise value $1.7 billion equity market cap $445 million bank debt $500 million senior notes Current yield of 7.7% Note: Current yield based on $0.768/unit 1Q13 distribution paid on May 15, Unit price as of May 16,
4 Why Invest in EVEP? Strong long term performance and growth Solid, long-lived, diverse asset base Active hedging strategy designed to reduce cash flow volatility Synergistic relationship with EnerVest Diverse Utica Shale upside Acreage, overriding royalty interests, and midstream 4
5 Long-term Performance & Growth Average Daily Production (Mmcfe/d) Capital ($ million) Adjusted EBITDAX ($ million) Distribution Coverage Note: 2013E based on 1Q13 actuals and midpoints of 2Q-4Q13 guidance. 5
6 Active Commodity Hedging Strategy Hedges used to reduce the effects of commodity price volatility and support initial acquisition economics Hedged approximately 90% for 2013, 80% for 2014 and 70% for 2015 Note: Percentage hedged based on the midpoint of 2Q-4Q 2013 annual production guidance. 6
7 Long-lived, Diverse Asset Base Total Proved Reserves: 905 Bcfe Percent Developed: 76% Percent Gas: 67% 2012 Avg. Production: 163 MMcfe/d Reserve-Life Index: 15 years Michigan Proved Reserves: 24.4 Bcfe 2012 Production: 6.5 Mmcfe/d San Juan Basin Proved Reserves: 53.5 Bcfe 2012 Production: 8.2 Mmcfe/d Mid-Continent Proved Reserves: 70.0 Bcfe 2012 Production: 21.6 Mmcfe/d Appalachian Basin Proved Reserves: Bcfe 2012 Production: 24.9 Mmcfe/d Permian Basin Proved Reserves: 43.2 Bcfe 2012 Production: 6.1 Mmcfe/d Barnett Shale Proved Reserves: Bcfe 2012 Production: 70.5 Mmcfe/d Central and East Texas Proved Reserves: 49.4 Bcfe 2012 Production: 18.1 Mmcfe/d Monroe Field Proved Reserves: 30.7 Bcfe 2012 Production: 7.1 Mmcfe/d 7
8 Over Six Years of Growth and Diversification September 2006 (at IPO) December 31, 2012 Appalachia 69% Monroe 31% 51 Bcfe 2 Basins 905 Bcfe 8 Basins Note: Proved reserves of 1,097 Bcfe at Dec. 31, 2012 five year strip price. 8
9 2013 Planned Upstream Capex $90 - $110 Million Other 12% Mid-Continent 12% Austin Chalk 7% Appalachia 9% Barnett Shale 60% 9
10 Barnett Shale - Excellent Results Joint purchases with EnerVest ~ 31% net to EVEP Reserves Located primarily in core and combo areas 532 Bcfe Proved Reserves (69% natural gas) 64% Proved Developed Net production: ~ 75 Mmcfe/d 2013 Plans > $60 million capital budget 2-3 rigs running 70 gross wells Early 2013 Results 18 drilled first quarter 14 brought online Initial production rates 11% higher Drilling and completion costs 9% lower Reached peak production rates since asset purchases EVEP / EnerVest is a Top 5 Barnett Shale Producer EVEP Acreage 10
11 Our Position in the Utica Shale EVEP and EnerVest combined have one of the largest positions in Ohio > 8,000 wells operated > 900,000 HBP acres Participation in CHK/EV/Total Joint Venture Black Oil Black Oil Volatile Oil Volatile Oil Wet Gas Wet Gas Dry Gas Dry Gas EVEP WI Acreage EVEP s diversified interest 177,000 net working interest acres CHK/EV/TOT Joint Venture Overriding royalty interests Participation in midstream projects through Utica East Ohio and Cardinal Gas Services investments 11
12 Recent Developments in the Utica Overall Utica Activity* 550 wells permitted 326 wells drilled 97 wells producing CHK/EV/Total Joint Venture Up to 16 rigs running 67 producing wells 75 wells waiting on pipeline capacity Completing wells with more stages, shorter cluster spacing, fewer clusters per stage Initial production rates significantly improving Over 540 total wells projected to be drilled through 2014 Midstream bottleneck disappearing Natrium plant online this month +100 MMCFED Utica East Ohio capacity online this summer +200 MMCFED Other midstream capacity forthcoming * Excerpted from May 2013 Ohio Department of Natural Resources report. 12
13 Wet Gas and Volatile Oil Windows Black Oil Black Oil Volatile Oil Volatile Oil Wet Gas Wet Gas Dry Gas Dry Gas EVEP WI Acreage Primary Activity to Date Wet Gas Window Majority of drilling has helped to de-risk play Play expanding northeasterly into Pennsylvania and southerly into Washington County Volatile Oil Window Significant oil in place EVEP estimates million barrels of oil per section Limited drilling activity 6 wells drilled Marginal results to date Suboptimal completions 13
14 What Happened to Our Utica Sale? EnerVest and EVEP initiated a marketing process for 335,000 operated acres last year (104,000 net to EVEP) Split acreage into four geographic packages Targeted one to four ultimate purchasers Emphasis on large caps and majors Primary negotiations with large cap ultimately stalled over unacceptable terms During the process the market shifted More data needed, especially in oil window Lack of midstream infrastructure delayed wet gas production results NGL commodity prices plummeted and gas prices declined Overall drilling activity continued to expand, particularly in wet gas 14
15 Utica Acreage Strategy Provide opportunities to acquire acreage in smaller packages to attract broader group of potential buyers Wet Gas Window Repackaged with current technical data Data room open Volatile Oil Window De-risk through continued technical work and capital risk sharing Pursue Joint Venture(s) for a portion of the acreage Service company alliance/jv JV with proven oil shale producers Financial groups In parallel, will continue to evaluate cash offers for acreage 15
16 Utica Working Interest Acreage Black Oil Black Oil Volatile Oil Volatile Oil Wet Gas Wet Gas Dry Gas Dry Gas EVEP WI Acreage EVEP Net Acres (In thousands) County Wet Gas Vol. Oil Other Total ASHTABULA CARROLL CUYAHOGA 1 1 GEAUGA 2 2 GUERNSEY HARRISON 2 2 LAWRENCE 7 7 MAHONING 4 4 MUSKINGUM 6 6 NOBLE 1 1 PORTAGE STARK SUMMIT 2 2 TRUMBULL TUSCARAWAS WASHINGTON 5 5 Other OH TOTAL OH CRAWFORD, PA 1 1 ERIE, PA 3 3 MCKEAN, PA 2 2 MERCER, PA 8 8 WARREN, PA 1 1 Other PA 1 1 TOTAL PA Total Note: The total combined EnerVest and EVEP net acreage is 769,700 in Ohio and 156,600 in Pennsylvania. 16
17 Utica Overriding Royalty Interest Acreage Overriding Royalty Interest (ORRI) acreage is mostly in wet gas and oil windows ~880,000 gross acres Average 2.7% ORRI on ~ 415,000 operated gross acres Average 1.3% ORRI on ~ 465,000 non-operated gross acres Significant future cash flow potential as Utica acreage is developed 17
18 Midstream Activity Ramping Up ~ 2.6 BCF/d proposed processing projects 4Q12-YE14 Mariner West Deliver Ethane from SUNOCO to SARNIA Design: 65 MBbl/d In Service: Mid 2013 NiSource/Hilcorp Processing: 200 MMcf/d Residue: TETCO, REX, NiSource In Service: 3Q 2013 Shell Cracker Proposed Utica East Ohio Processing: 800 MMcf/d NGL Storage: 870 MBbl/d Frac Capacity: 135 MBbl/d Ethane: ATEX Residue: TPG, DEO In Service: 2Q13-2Q14 Sunoco Delmont PA to MARINER WEST ATEX Washington PA to Mont Belvieu In Service: 1Q 2014 MarkWest Existing Frac - Houston PA Processing: 325 MMcf/d Frac Capacity: 100 MBbl/d Ethane: MARINER WEST & MARINER Residue: TETCO, DTI, TCO In Service: 1Q 2014 Caiman/Blue Racer Processing: 520 MMcf/d Frac Capacity: 43 MBbl/d Ethane: MARINER WEST Residue: TETCO In Service: 4Q 2012 MarkWest/Antero/Gulfport/PDC/Rex Processing: 45; 200; 400 MMcf/d Frac Capacity: To Harrison Complex Ethane: ATEX In Service 2Q 2013; 3Q 2013; 4Q 2013 Crosstex Compression & Stabilization Dominion - Natrium Processing: 200 MMcf/d; 400 MMcf/d Frac Capacity: 36 MBbl/d; 59 MBbl/d Ethane: ATEX Residue: DTI In Service: 2Q2013; 3Q
19 Utica Midstream Investments Utica East Ohio Midstream EVEP owns 21% Gather, process and fractionate wet gas from CHK/EV/Total JV production 800 MMcf/d of processing & 135 MBbls/d of fractionation capacity Onsite working storage of ~870 MBbls of purity components Most of CHK/EV/Total JV acres are dedicated (~660,000 acres) Additional dedicated ~290,000 acres operated by EnerVest in seven counties Online end of June Upside potential as development drilling expands Cardinal Gas Services EVEP owns 9% Low-pressure gathering and compression of wet gas from JV production into Utica East Ohio infrastructure JV firm drilling schedule calls for 540 wells by year end 2014 Plans for ~ 4,600 gross wells over 18 years Over 1 Bcf/d expected within 5 years Upside potential as development drilling expands 19
20 Utica Midstream Capital and EBITDAX Capital investment of $ million, net to EVEP, over 5 years Stable, long-term cash flow stream UEO has fee structure defined by contract Fees for gathering, compression, processing, NGL transport, fractionation and storage CGS has cost-of-services arrangement with fixed IRR Gathering fee re-calculated annually to provide target IRR Operating costs are pass-through costs not subject to IRR calculation Financed to date with bank debt Midstream Capital Range Midstream EBITDAX Range 20
21 Why Invest in EVEP? Strong performance and growth Solid, long-lived, diverse asset base Active hedging strategy designed to reduce cash flow volatility Synergistic relationship with EnerVest Diverse Utica Shale upside Acreage, overriding royalty interests, and midstream 21
22 NAPTP MLP Investor Conference May 23, 2013
23 APPENDIX
24 EnerVest & EVEP EnerVest, Ltd. 100% Membership Interest EnerVest EV Investors EnCap (Limited Partners) EV Management, LLC (General Partner) Public Unitholders Directors & Officers of EV Management EV Energy GP, L.P. 2% General Partner Interest Incentive Distribution Rights 98% Limited Partner Interest EV Energy Partners, L.P. (Nasdaq: EVEP) 24
25 A Strong Strategic Partnership with EnerVest EVEP EnerVest Institutional EnerVest is recognized as one of the largest and most successful managers of oil and gas assets for institutional investors Sizeable EnerVest operating base ~ 3.1 Tcfe of Proved Reserves > 550 Mmcfe daily production 5.5 million gross acres under lease Over $6.8 billion of acquisitions since inception > 800 employees EnerVest operates 93% of EVEP s assets Closed Fund XIII with $2 billion of equity 25
26 Source: Ohio Department of Natural Resources 2012 Shale Production
27 Key Observations on State of Play Return expectations are strong: CHK rate of return averaging in excess of 40%. Gulfport rate of return of 100% for Boy Scout and Wagner wells. Midstream infrastructure has constrained production. Bottleneck eliminated when 1 BCF of Utica processing is online by YE More rigs active in Ohio Utica than WVa and western Pa. Buyers market for shale acreage, even in most prolific plays (Richard Zeitis) Many factors influence why companies buy or sell acreage: Chesapeake selling only 10% of Utica holdings. Have also sold acreage in Eagle Ford, Mississippi Lime, Permian, Marcellus and Delaware basins. Reducing debt. EnerVest attempting to sell Utica acreage. Strategy is to acquire, build up then sell onshore properties. Also own 2% royalty in 880,000 Utica acres. Multi-decade inventories or development acreage are in place for many companies. Source: Ohio Department of Natural Resources 2012 Shale Production
28 Pipeline & Midstream Projects Ohio Utica Shale Company Location Operations Estimated Investments MarkWest M3 Midstream Partnership Harrison & Noble counties Columbiana & Harrison counties G, P, & F $1.5 Billion G, P, & F $1.2 Billion NiSource Eastern Ohio G&P $390 Million Dominion/Ca iman* Spectra* Enterprise* Eastern Ohio G&P $800 Million Northern & Eastern Ohio Eastern, Central, & Southwestern Ohio Natural Gas Pipeline Ethane Pipeline $430 Million - plus $1 Billion-plus Source: Ohio Department of Natural Resources 2012 Shale Production *Announced Gathering Processing Fractionation
29 Reported Utica Test Results (45 Total Wells) Stark Co., OH EnerVest (1) Crawford Co., PA Range (1) Carroll Co., OH Chesapeake (10) EnerVest (1) Rex (1) Tuscarawas Co, OH Chesapeake (1) CONSOL/CNX (1) Harrison Co., OH Gulfport (5) Chesapeake (2) Guernsey Co., OH Anadarko (2) PDC (2) Gulfport (1) Noble Co., OH Rex (3) Anadarko (2) Antero (1) Forest County, PA Seneca (1) Butler Co., PA Rex (1) Beaver Co., PA Chesapeake (1) Range (1) Jefferson Co., OH Chesapeake (1) Hess (1) Belmont Co., OH Gulfport (3) Monroe Co., OH Antero (1) HG (1) Source: Company reports and Imperial Capital, LLC estimates as of 3/25/
30 Capital Structure ($ millions) Bank $ 445 Senior Notes Due 2019 $ 500 Equity Market Capitalization $ 1,708 Enterprise Value $ 2,653 Note: Equity market capitalization based on unit price at May 16,
31 Historical Financing Strategy Since 2006, completed $1.9 billion of acquisitions, approximately 60% of which were financed with equity and free cash flow Capital Activity (1) Acquisition Financing Since IPO Equity $1,027 53% Free Cash Flow $94 5% Debt Financing $808 42% Total Acquisitions $1, % = Equity = Debt = Free Cash Flow (1) Total dollar amounts represent acquisition activity by period. 31
32 Commodity Hedging: Natural Gas Gas Volume Hedged (MMbtu/d) Gas Prices Hedged ($/MMbtu) 100,000 $ ,000 $ ,000 40, , ,300 86,600 86,500 $4.00 $3.00 $2.00 $4.94 $4.93 $4.88 $ ,000 $1.00-2q13 2h $0.00 2Q13 2H Swap Volumes Average Swap Price Note: Estimated NYMEX Henry Hub equivalent with basis differentials of: Dominion Appalachia $0.18, MichCon Citygate $0.27, Houston Ship Channel ($0.05) and El Paso Permian ($0.27), El Paso San Juan ($0.35), NGPL TX/OK ($0.12) and TCO $
33 Commodity Hedging: Oil Oil Volume Hedged (Bbl/d) Oil Prices Hedged ($/Bbl) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ,225 4,150 4,158-2,000 2Q13 2H $ $90.00 $80.00 $70.00 $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 $89.11 $88.99 $91.19 $ Q13 2H Swap Volumes Average Swap Price 33
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