Citi 2014 MLP/Midstream Infrastructure Conference. August 20-21, 2014
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1 Citi 2014 MLP/Midstream Infrastructure Conference August 20-21, 2014
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 and Eagle Ford assets, our midstream investments and expansion plans, future plans, our reserve quantities and the present value of our reserves, estimates of maintenance capital 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 and Eagle Ford assets), 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 created in September 2006 Experienced General Partner (GP) Ownership EnerVest & Management (76.25%) EnerVest established in 1992 EnCap (23.75%) EnCap established in million outstanding units EVEP management and Board own ~ 9% $3.0 billion enterprise value Current yield of 8.4% Note: Current yield based on $0.773/unit 2Q14 distribution paid on August 14, Unit price as of August 14, Bank Debt at June 30,
4 Why Invest in EVEP? Solid, long-lived asset base Potential upside in Barnett, Eagle Ford, and Mancos Shales Significant Utica Shale upside potential Utica acreage Midstream investments Overriding royalty interests Hedging strategy reduces cash flow volatility Strong long-term performance and growth Synergistic relationship with EnerVest 4
5 Relationship with EnerVest EnerVest Private Equity Funds Proved Reserves: 3.7 Tcfe (1) Daily Production: Over 550 Mmcfe (2) Advantages for EVEP Dropdown capability Along-side acquisitions Asset concentration EnerVest P.E. Funds EV Energy Partners (1) Estimated mid-year SEC proved reserves (2) Current daily production 5
6 Outlook for 2014 Utica Shale opportunities Midstream ramp-up and increase in EBITDAX Midstream expansion increases wet gas window productivity Continued opportunistic acreage sales Increased volatile oil window drilling Ongoing organic drilling program Principally Barnett Shale and Austin Chalk Upside potential in Eagle Ford Shale (underneath Austin Chalk) and Mancos Shale (San Juan Basin) Recent agreement to sell Burleson, Brazos, and Grimes Counties Eagle Ford rights for net proceeds of approximately $30MM Ongoing assessment of accretive acquisitions Focus on restoring 1.0x coverage 6
7 Long-lived, Diverse Asset Base Total Proved Reserves: 1,192 Bcfe (1) Percent Developed: 68% Percent Gas: 69% 2013 Avg. Production: 169 Mmcfe/d Reserve-Life Index: 19 years Michigan Proved Reserves: 40.7 Bcfe 2013 Production: 6.2 Mmcfe/d San Juan Basin Proved Reserves: 50.1 Bcfe 2013 Production: 8.0 Mmcfe/d Mancos Shale Permian Basin Proved Reserves: 34.4 Bcfe 2013 Production: 5.6 Mmcfe/d Mid-Continent Proved Reserves: 65.4 Bcfe 2013 Production: 22.2 Mmcfe/d Utica Shale Appalachian Basin Proved Reserves: Bcfe 2013 Production: 24.8 Mmcfe/d Monroe Field Proved Reserves: 56.2 Bcfe 2013 Production: 6.9 Mmcfe/d Barnett Shale Proved Reserves: Bcfe 2013 Production: 80.9 Mmcfe/d Eagle Ford Shale Central and East Texas Proved Reserves: 52.2 Bcfe 2013 Production: 14.3 Mmcfe/d (1) Year-end 2013 SEC proved reserves 7
8 2013 Proved Reserves & Metrics 2013 SEC Proved Reserves: 1,192 Bcfe Reported Price Neutral (1) Includes Acquisitions Reserves Replacement Ratio 565% 268% Reserves Replacement Cost (per Mcfe) $0.48 $1.01 Excludes Acquisitions Reserves Replacement Ratio 456% 156% Reserves Replacement Cost (per Mcfe) $0.36 $1.06 (1) Does not include reserves added as a result of SEC price revisions 8
9 ($ Millions) 2014 Capital Spending Exploration & Production Capital $95 - $115 Million CapEx Guidance (Midpoint) $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 1Q 2Q-4Q Midstream Exploration & Production Note: Does not include incremental capital for recently announced UEO expansion 9
10 Barnett Shale (EVEP 31% Ownership) Top 5 producer with EnerVest institutional funds EVEP production: ~ 89 MMcfe/d Three rig program in 2H well pad sites Increasing lateral lengths Drilled 34 wells and brought 18 wells online in 1H 2014 Hiring additional frac crew EVEP Acreage Dry Gas Wet Gas Oil 10
11 Austin Chalk (EVEP ~ 14% Ownership) EV Chalk Acreage EV Chalk Wells Dos Equis well Continue with A-zone development Recent Dos Equis well best results to date IP 700 Bbl/d & 1 MMcf/d Offset wells identified Production currently above budget: ~ 13 MMcfe/d Eagle Ford Shale upside 11
12 Eagle Ford Update Agreement to sell Eagle Ford formation rights to an undisclosed buyer in Burleson, Brazos and Grimes Counties, Texas Approximately $30 million net proceeds EVEP retains Eagle Ford rights in Fayette, Lee and Washington Counties 19 rigs running in area Unger 1EF well (Lee Co.) drilled and completed by EnerVest Peak production rate 460 Bbl/d & 132 Mcf/d Continues to flow at 400 Bbl/d 6100 lateral length Early results encouraging EF Rights Under Sale Agreement Permitted EF Wells Completed EF Wells EnerVest Unger 1EF 12
13 San Juan Basin Mancos Shale EVEP Acreage EnerVest Acreage Encana WPX Over 20,000 EVEP net acres may be prospective for Mancos Shale Both oil and wet gas windows Nearby 2014 activity announced by other operators Over $500 million in capital Over 70 wells 700+ well inventory Recently launched joint venture partner search 13
14 Drilling in the Utica Shale Black Oil Wells 9 Drilled 3 Producing 12 Total Wells Black Oil Black Oil Volatile Oil Volatile Oil Wet Gas Wet Gas Dry Gas Dry Gas EVEP WI Acreage CHK/Total/EV JV Wet Gas Wells 408 Drilled 422 Producing Total Wells Volatile Oil Wells 24 Drilled 18 Producing 42 Total Wells Dry Gas Wells 96 Drilled 35 Producing Total Wells Total Utica Wells: 537 Drilled 478 Producing 1,015 Total Wells Source: Ohio Department of Natural Resources (ODNR) as of June 30, Drilled wells includes all wells currently drilling, waiting on completion, or completed and waiting on pipeline. 14
15 Utica Shale Activity Update Increase in volatile oil window drilling CHK operated Parker well (superfrac) completed in oil window Best volatile oil window well that EV has participated in to date All partners are encouraged by the results CHK is planning 3-5 additional volatile oil window test wells in the next 9 months EVEP/EnerVest to spud well in October in Tuscarawas County Expect significant increase in wet gas window productivity and production in 2014 Should help clarify type curves and potentially enhance technical understanding EVEP/EnerVest continues to drill with CHK JV and other operators Position in wet gas window becoming more traditional producing asset Processing and fractionation constraints being addressed Gathering and compression constraints being addressed Ethane (high-btu) constraints being addressed ATEX pipeline in service Harrison Hub de-ethanizers in service 15
16 EVEP Utica Shale Position Acreage Position 173,000 net working interest acres ~48,000 wet gas window ~81,000 volatile oil window Black Oil Black Oil Volatile Oil Volatile Oil Wet Gas Wet Gas Dry Gas Dry Gas EVEP WI Acreage CHK/Total/EV JV Overriding Royalty Interests 880,000 gross acres EVEP/EnerVest Participation in CHK/Total/EV Joint Venture Mostly wet gas window to date Expanding oil window activity CHK/EV/TOT Joint Venture Midstream Investments Utica East Ohio Cardinal Gas Services 16
17 Volume (MMcf/d) Cardinal Gas Services (EVEP 9% Ownership) Production & Capacity 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 400 wells connected to date Average daily throughput over 600 MMcf/d Upside potential as development drilling expands Compression Capacity Production 17
18 Utica East Ohio (EVEP 21% Ownership) Gather, process and fractionate wet gas from CHK/Total/EV JV production 800 MMcf/d of processing at Kensington and Leesville 600 MMcf/d in service 200 MMcf/d expected to start-up 4th quarter MBbl/d of fractionation 90 MBbl/d in service 45 MBbl/d expected to start-up 4th quarter 2014 Onsite working storage of ~870 MBbls of purity components ~ 1 million dedicated working interest acres Upside potential as development drilling expands 18
19 UEO Midstream Capacity Processing constraints for CHK JV wells being addressed Initial UEO de-ethanizer & ATEX pipeline online Processing Fractionation 19
20 UEO Expansion Base Proc & Frac AMI Expansion Proc & Frac AMI AEP - Utica AMI Additional acreage commitment from CHK JV (CHK/Total/EV) American Energy Partners Utica acreage commitment 145,000 acre area of mutual interest (AMI) Expansion plans Additional 200 MMcf/d processing train at Leesville facility Extension of high pressure pipeline from Harrison Hub to Cardinal compression facility Downstream liquids interconnect and expanded propane and butane storage at Harrison Hub Provide gathering, compression and dehydration services to American Energy Partners Utica 20
21 UEO Kensington August 2014 Processing Train 3 Future Processing Train 4 Processing Train 2 Condensate Stabilizer Processing Train 1 Compression Facility Sub-station 21
22 UEO Harrison Hub August 2014 (2) 60,000 barrel floating roof C5+ tanks (2) 200,000 bbl refrigerated C3 tanks (2) 125,000 bbl refrigerated C4 tanks (4) 750 bbl C5+ tanks Fractionation train 1 (20) 90,000 gallon C3 & C4 bullet tanks Fractionation train 3 Fractionation train 2 50,000 barrel pressurized C4 sphere 22
23 $ in Millions $ in Millions Midstream Capital & EBITDAX Stable, long-term cash flow stream UEO has fee structure defined by contract CGS has cost-of-services arrangement with fixed IRR Midstream Capital Range Midstream EBITDAX Range $250 $90 $200 $80 $70 $150 $60 $50 $100 $40 $30 $50 $20 $10 $0 2013A 2014E 2015E 2016E 2017E $0 2013A 2014E 2015E 2016E 2017E Note: Does not include incremental capital or EBITDAX for recently announced UEO expansion 23
24 Capital Structure ($ millions) Bank 6/30 $ 625 Senior Notes Due 2019 $ 500 Equity Market Capitalization $ 1,826 Enterprise Value $ 2,951 Note: Equity market capitalization based on unit price at August 14, Bank debt at June 30,
25 Commodity Hedging Gas Volume Hedged (MMcf/d) Oil Volume Hedged (Bbl/d) $4.70 5,000 $4.94 $ ,000 $ $ ,000 2,000 1, ,158 3,500 $ ,
26 Strategy Going Forward Continue to manage and enhance base business Continue to build out UEO midstream infrastructure Growth in production and EBITDAX will increase strategic optionality Further realize value of Utica acreage Continue to assess strategic acquisition opportunities Focus in existing high PDP areas Evaluate existing Eagle Ford Shale acreage potential 26
27 Citi 2014 MLP/Midstream Infrastructure Conference August 20-21, 2014
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