EV Energy Partners, L.P. (NASDAQ:EVEP) today announced results for
the third quarter of 2017 and the filing of its Form 10-Q with the
Securities and Exchange Commission. In addition, EVEP
announced its borrowing base was reduced from $375 million to $325
million during its semi-annual borrowing base review.
Further, the Company has provided an update on initial drilling
results in multiple areas of focus and added commodity hedges to
the portfolio.
Third Quarter 2017 Results
For the third quarter of 2017, EVEP reported a
net loss of $17.9 million, or $(0.36) per basic and diluted
weighted average limited partner unit outstanding, compared to a
net loss of $25.2 million, or $(0.50) per basic and diluted
weighted average limited partner unit outstanding, for the second
quarter of 2017. For the third quarter of 2016, EVEP reported
a net loss of $19.2 million, or $(0.38) per basic and diluted
weighted average limited partner unit outstanding. Included
in the 2017 third quarter net loss were the following items:
- $1.1 million of non-cash costs contained in general and
administrative expenses,
- $0.9 million of gain on sales of oil and natural gas
properties, and
- $0.9 million of non-cash losses on commodity and interest rate
derivatives.
Production for the third quarter of 2017 was
10.3 Bcf of natural gas, 310 Mbbls of oil and 541 Mbbls of natural
gas liquids (NGLs), or 167.1 million cubic feet equivalent per day
(Mmcfe/day). This represents a 14 percent decrease from the
third quarter of 2016 production of 195.3 Mmcfe/d and a three
percent decrease from the second quarter of 2017 production of
171.9 Mmcfe/day. The decrease in production from the third
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. The decrease in production from the second quarter of
2017 was primarily due to timing on completion of wells in the 2017
drilling program.
Adjusted EBITDAX for the third quarter of 2017
was $17.0 million, a 35 percent decrease from the third quarter of
2016 and a 22 percent decrease from the second quarter of
2017. EVEP reported Distributable Cash Flow of $(1.1) million
for the third quarter of 2017. The decreases in Adjusted
EBITDAX and Distributable Cash Flow from the third quarter of 2016
were primarily attributable to decreased realized hedge gains,
decreased natural gas and natural gas liquids production and higher
operating expenses, partially offset by higher realized oil,
natural gas and natural gas liquids prices. The decreases in
Adjusted EBITDAX and Distributable Cash Flow from the second
quarter of 2017 were primarily attributable to lower realized
natural gas prices, higher lease operating and cash general and
administrative expenses and decreased oil production, partially
offset by realized hedge gains. 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
In October, the borrowing base under the
Company’s credit facility decreased from $375 million to $325
million. As of November 7, 2017, EVEP had total debt of $606
million, which included $263 million outstanding under the credit
facility and $343 million in outstanding Senior Notes due
2019. Liquidity from borrowing base capacity and cash on hand
is currently over $65 million. EVEP’s next semi-annual
borrowing base redetermination is scheduled for April 2018.
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.
Operations Update
In September, the Neva #2, an Austin Chalk well in Washington
County, Texas, came online with a 24 hour initial production (IP)
peak test of 2,529 barrels of oil equivalent per day (boe/d).
The product mix was approximately 29 percent oil, 45 percent
NGLs, and 26 percent natural gas. The well was choked back
due to pipeline constraints, but had a 30-day IP of 1,556 boe/d (19
percent oil, 27 percent NGLs, 54 percent natural gas). EVEP’s
working interest in the well is approximately 15 percent.
There are three additional Austin Chalk wells included in EVEP’s
2017 capital program. One well has been drilled and completed
and is scheduled to begin flowback this week. Another well
has been drilled and is awaiting completion, and the final well is
currently being drilled. EVEP’s working interest ranges
from 13 to 19 percent.
Additionally, 12 wells began flowback on EVEP’s
Karnes County, Texas, properties in September. The average
30-day IP was 1,950 boe/d per well. The production mix was
approximately 84 percent oil, 9 percent natural gas liquids, and 7
percent natural gas. EVEP expects 13 additional wells to come
online before the end of the year. EVEP’s average working
interest in these wells is approximately 4.5 percent.
In the Barnett Shale, nine wells recently began
flowback. EVEP’s average working interest in the Barnett
wells is approximately 31 percent.
Additional Commodity Hedges
EVEP entered into the following additional
commodity hedges in November subsequent to its press release on
August 9, 2017. EVEP's current hedge position, including
these new hedges, is presented at the end of this press release
under Total Current Hedge Position.
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Swap |
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Swap |
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Period |
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Index |
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Volume |
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Price |
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Crude (MBbls): |
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Dec 2017
- Mar 2018 |
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WTI |
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157.3 |
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$ |
57.40 |
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Propane (MBbls): |
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Oct - Dec
2017 |
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Mt
Belvieu |
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55.2 |
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$ |
36.91 |
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Jan - Mar
2018 |
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Mt
Belvieu |
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117.0 |
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$ |
36.12 |
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Quarterly Report on Form
10-Q
EVEP’s financial statements and related
footnotes are available in the third 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 October 17, 2017, EV Energy
Partners, L.P. will host an investor conference call on November 9,
2017, at 9 a.m. Eastern Time (8 a.m. Central). Investors
interested in participating in the call may dial 1-888-857-6931
(quote conference ID 4841275) 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.
Operating Statistics
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2017 |
|
2016 |
|
2017 |
|
2016 |
Production data: |
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Oil
(MBbls) |
|
|
310 |
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308 |
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|
1,018 |
|
|
938 |
Natural
gas liquids (MBbls) |
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|
541 |
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597 |
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|
1,581 |
|
|
1,784 |
Natural
gas (MMcf) |
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10,263 |
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12,535 |
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30,869 |
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38,304 |
Net
production (MMcfe) |
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|
15,373 |
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17,965 |
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46,460 |
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54,637 |
Average sales price per
unit: (1) |
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Oil
(Bbl) |
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$ |
45.03 |
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$ |
40.40 |
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$ |
45.34 |
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$ |
36.82 |
Natural
gas liquids (Bbl) |
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|
21.27 |
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14.23 |
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20.15 |
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14.09 |
Natural
gas (Mcf) |
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2.59 |
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2.38 |
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2.78 |
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1.86 |
Mcfe |
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3.38 |
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2.82 |
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3.52 |
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2.39 |
Average unit cost per
Mcfe: |
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Production costs: |
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Lease
operating expenses |
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$ |
1.73 |
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$ |
1.42 |
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$ |
1.65 |
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$ |
1.47 |
Production taxes |
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0.17 |
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|
0.12 |
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|
0.17 |
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|
0.10 |
Total |
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1.90 |
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|
1.54 |
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|
1.82 |
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|
1.57 |
Depreciation, depletion and amortization |
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|
1.41 |
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|
1.76 |
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|
1.51 |
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|
1.67 |
General
and administrative expenses |
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0.51 |
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|
0.47 |
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0.47 |
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0.46 |
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(1) Prior to $0.7 million and $10.1 million of
net hedge gains on settlements of commodity derivatives for the
three months ended September 30, 2017 and 2016, respectively, and
$2.2 million of net hedge losses and $49.1 million of net hedge
gains on settlements of commodity derivatives for the nine months
ended September 30, 2017 and 2016, respectively.
Condensed Consolidated Balance
Sheets(In $ thousands, except number of
units)(Unaudited)
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September 30, |
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December 31, |
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2017 |
|
2016 |
ASSETS |
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Current assets: |
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Cash and
cash equivalents |
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$ |
13,910 |
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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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|
42,350 |
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39,629 |
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Related
party |
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- |
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|
745 |
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Other |
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1,071 |
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2,451 |
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Derivative asset |
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743 |
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201 |
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Other
current assets |
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4,791 |
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|
3,718 |
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Total
current assets |
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62,865 |
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52,301 |
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Oil and natural gas
properties, net of accumulated depreciation, depletion and |
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amortization; September 30, 2017, $1,162,695; December 31, 2016,
$1,051,600 |
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1,411,739 |
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1,497,211 |
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Other property, net of
accumulated depreciation and amortization; |
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September
30, 2017, $1,037; December 31, 2016, $1,002 |
|
|
971 |
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|
996 |
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Restricted cash |
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|
- |
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|
52,076 |
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Long-term derivative
assets |
|
|
193 |
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|
- |
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Other assets |
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|
3,577 |
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|
|
4,186 |
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Total assets |
|
$ |
1,479,345 |
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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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|
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Third
party |
|
$ |
47,653 |
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|
$ |
31,700 |
|
Related
party |
|
|
4,481 |
|
|
|
5,797 |
|
Derivative liability |
|
|
586 |
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|
|
21,679 |
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Total
current liabilities |
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|
52,720 |
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|
|
59,176 |
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Asset retirement
obligations |
|
|
161,371 |
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|
180,241 |
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Long–term debt,
net |
|
|
596,397 |
|
|
|
606,948 |
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Long–term derivative
liability |
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|
- |
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|
|
955 |
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Other long–term
liabilities |
|
|
1,040 |
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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 49,055,214 units issued and |
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outstanding as of September 30, 2017 and December 31, 2016,
respectively |
|
|
687,380 |
|
|
|
776,158 |
|
General
partner interest |
|
|
(19,563 |
) |
|
|
(17,751 |
) |
Total
owners’ equity |
|
|
667,817 |
|
|
|
758,407 |
|
Total liabilities and
owners’ equity |
|
$ |
1,479,345 |
|
|
$ |
1,606,770 |
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Condensed Consolidated Statements of
Operations(In $ thousands, except per unit
data)(Unaudited)
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|
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|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
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Oil,
natural gas and natural gas liquids revenues |
|
$ |
52,022 |
|
|
$ |
50,750 |
|
|
$ |
163,745 |
|
|
$ |
130,854 |
|
Transportation and marketing–related revenues |
|
|
629 |
|
|
|
622 |
|
|
|
1,945 |
|
|
|
1,599 |
|
Total
revenues |
|
|
52,651 |
|
|
|
51,372 |
|
|
|
165,690 |
|
|
|
132,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Lease
operating expenses |
|
|
26,608 |
|
|
|
25,571 |
|
|
|
76,782 |
|
|
|
80,532 |
|
Cost of
purchased natural gas |
|
|
444 |
|
|
|
435 |
|
|
|
1,384 |
|
|
|
1,076 |
|
Dry hole
and exploration costs |
|
|
135 |
|
|
|
294 |
|
|
|
190 |
|
|
|
1,195 |
|
Production taxes |
|
|
2,573 |
|
|
|
2,126 |
|
|
|
7,828 |
|
|
|
5,501 |
|
Accretion
expense on obligations |
|
|
1,905 |
|
|
|
2,057 |
|
|
|
5,774 |
|
|
|
6,146 |
|
Depreciation, depletion and amortization |
|
|
21,710 |
|
|
|
31,639 |
|
|
|
70,221 |
|
|
|
91,492 |
|
General
and administrative expenses |
|
|
7,912 |
|
|
|
8,514 |
|
|
|
21,631 |
|
|
|
24,862 |
|
Impairment of oil and natural gas properties |
|
|
32 |
|
|
|
687 |
|
|
|
68,016 |
|
|
|
3,371 |
|
Gain on
settlement of contract |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,185 |
) |
Gain on
sales of oil and natural gas properties |
|
|
(876 |
) |
|
|
- |
|
|
|
(911 |
) |
|
|
- |
|
Total
operating costs and expenses |
|
|
60,443 |
|
|
|
71,323 |
|
|
|
250,915 |
|
|
|
210,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Operating loss |
|
|
(7,792 |
) |
|
|
(19,951 |
) |
|
|
(85,225 |
) |
|
|
(78,537 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense),
net: |
|
|
|
|
|
|
|
|
|
|
|
|
Gain
(loss) on derivatives, net |
|
|
(152 |
) |
|
|
8,559 |
|
|
|
20,588 |
|
|
|
(17,192 |
) |
Interest
expense |
|
|
(10,092 |
) |
|
|
(9,889 |
) |
|
|
(30,501 |
) |
|
|
(32,554 |
) |
Gain on
early extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
47,695 |
|
Other
income, net |
|
|
68 |
|
|
|
622 |
|
|
|
1,149 |
|
|
|
1,586 |
|
Total
other income (expense), net |
|
|
(10,176 |
) |
|
|
(708 |
) |
|
|
(8,764 |
) |
|
|
(465 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes |
|
|
(17,968 |
) |
|
|
(20,659 |
) |
|
|
(93,989 |
) |
|
|
(79,002 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
80 |
|
|
|
1,429 |
|
|
|
109 |
|
|
|
1,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(17,888 |
) |
|
$ |
(19,230 |
) |
|
$ |
(93,880 |
) |
|
$ |
(77,223 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings per limited partner unit: |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(0.36 |
) |
|
$ |
(0.38 |
) |
|
$ |
(1.86 |
) |
|
$ |
(1.54 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
limited partner units outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
(basic
and diluted) |
|
|
49,369 |
|
|
|
49,055 |
|
|
|
49,353 |
|
|
|
49,046 |
|
|
Condensed Consolidated Statements of
Cash Flows(In $
thousands)(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
September 30, |
|
|
2017 |
|
2016 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net
loss |
|
$ |
(93,880 |
) |
|
$ |
(77,223 |
) |
Adjustments to reconcile net loss to net cash flows provided by
operating activities: |
|
|
|
|
|
|
Amortization of volumetric production payment liability |
|
|
- |
|
|
|
(3,070 |
) |
Accretion
expense on obligations |
|
|
5,774 |
|
|
|
6,146 |
|
Depreciation, depletion and amortization |
|
|
70,221 |
|
|
|
91,492 |
|
Equity–based compensation cost |
|
|
3,290 |
|
|
|
4,853 |
|
Impairment of oil and natural gas properties |
|
|
68,016 |
|
|
|
3,371 |
|
Gain on
sales of oil and natural gas properties |
|
|
(911 |
) |
|
|
- |
|
(Gain)
loss on derivatives, net |
|
|
(20,588 |
) |
|
|
17,192 |
|
Cash
settlements of matured derivative contracts |
|
|
(2,196 |
) |
|
|
46,299 |
|
Gain on
early extinguishment of debt |
|
|
- |
|
|
|
(47,695 |
) |
Other |
|
|
820 |
|
|
|
1,822 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
Accounts
receivable |
|
|
1,681 |
|
|
|
(8,597 |
) |
Other
current assets |
|
|
(649 |
) |
|
|
(291 |
) |
Accounts
payable and accrued liabilities |
|
|
2,993 |
|
|
|
4,158 |
|
Income
taxes |
|
|
- |
|
|
|
(11,657 |
) |
Other,
net |
|
|
(235 |
) |
|
|
(277 |
) |
Net cash flows provided
by operating activities |
|
|
34,336 |
|
|
|
26,523 |
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Acquisition of oil and natural gas properties |
|
|
(61,400 |
) |
|
|
- |
|
Additions
to oil and natural gas properties |
|
|
(9,344 |
) |
|
|
(14,266 |
) |
Proceeds
from sale of oil and natural gas properties |
|
|
3,639 |
|
|
|
2,420 |
|
Cash
settlements from acquired derivative contracts |
|
|
- |
|
|
|
2,823 |
|
Restricted cash |
|
|
52,076 |
|
|
|
- |
|
Other |
|
|
46 |
|
|
|
33 |
|
Net cash flows used in
investing activities |
|
|
(14,983 |
) |
|
|
(8,990 |
) |
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Repayment
of long-term debt borrowings |
|
|
(28,000 |
) |
|
|
(41,000 |
) |
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 |
|
|
(11,000 |
) |
|
|
(31,967 |
) |
|
|
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents |
|
|
8,353 |
|
|
|
(14,434 |
) |
Cash and cash
equivalents – beginning of year |
|
|
5,557 |
|
|
|
20,415 |
|
Cash and cash
equivalents – end of period |
|
$ |
13,910 |
|
|
$ |
5,981 |
|
|
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 on settlement of contract, gain on early
extinguishment of debt, gain on sales of oil and natural gas
properties, and other income, net. Distributable Cash Flow is
defined as Adjusted EBITDAX less cash income taxes, cash interest
expense, net, realized (gains) 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 |
|
Nine Months Ended |
|
|
Sep 30, 2017 |
|
Sep 30, 2016 |
|
Jun 30, 2017 |
|
Sep 30, 2017 |
|
Sep 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(17,888 |
) |
|
$ |
(19,230 |
) |
|
$ |
(25,161 |
) |
|
$ |
(93,880 |
) |
|
$ |
(77,223 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes |
|
|
(80 |
) |
|
|
(1,429 |
) |
|
|
(66 |
) |
|
|
(109 |
) |
|
|
(1,779 |
) |
Interest
expense, net |
|
|
10,092 |
|
|
|
9,889 |
|
|
|
10,435 |
|
|
|
30,501 |
|
|
|
32,544 |
|
Depreciation, depletion and amortization |
|
|
21,710 |
|
|
|
31,639 |
|
|
|
21,531 |
|
|
|
70,221 |
|
|
|
91,492 |
|
Accretion
expense on obligations |
|
|
1,905 |
|
|
|
2,057 |
|
|
|
1,870 |
|
|
|
5,774 |
|
|
|
6,146 |
|
Amortization of VPP |
|
|
- |
|
|
|
(1,027 |
) |
|
|
- |
|
|
|
- |
|
|
|
(3,070 |
) |
(Gain)
loss on derivatives, net |
|
|
152 |
|
|
|
(8,559 |
) |
|
|
(6,511 |
) |
|
|
(20,588 |
) |
|
|
17,192 |
|
Cash
settlements of matured commodity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
derivative contracts |
|
|
684 |
|
|
|
10,117 |
|
|
|
(404 |
) |
|
|
(2,173 |
) |
|
|
49,122 |
|
Non-cash
equity-based compensation |
|
|
1,086 |
|
|
|
1,889 |
|
|
|
1,019 |
|
|
|
3,290 |
|
|
|
4,853 |
|
Impairment of oil and natural gas properties |
|
|
32 |
|
|
|
687 |
|
|
|
18,397 |
|
|
|
68,016 |
|
|
|
3,371 |
|
Non-cash
oil inventory adjustment |
|
|
- |
|
|
|
- |
|
|
|
424 |
|
|
|
424 |
|
|
|
123 |
|
Dry hole
and exploration costs |
|
|
135 |
|
|
|
294 |
|
|
|
75 |
|
|
|
190 |
|
|
|
1,195 |
|
Gain on
settlement of contract |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,185 |
) |
Gain on
early extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(47,695 |
) |
Gain on
sales of oil and natural gas properties |
|
|
(876 |
) |
|
|
- |
|
|
|
- |
|
|
|
(1,108 |
) |
|
|
- |
|
Other
income, net |
|
|
- |
|
|
|
(309 |
) |
|
|
(9 |
) |
|
|
- |
|
|
|
(309 |
) |
Adjusted
EBITDAX |
|
|
16,952 |
|
|
|
26,018 |
|
|
|
21,600 |
|
|
|
60,558 |
|
|
|
72,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
income taxes |
|
|
- |
|
|
|
(933 |
) |
|
|
- |
|
|
|
- |
|
|
|
(933 |
) |
Cash
interest expense, net |
|
|
9,633 |
|
|
|
9,566 |
|
|
|
9,647 |
|
|
|
28,780 |
|
|
|
29,950 |
|
Realized
(gains) losses on interest rate swaps |
|
|
(49 |
) |
|
|
- |
|
|
|
9 |
|
|
|
23 |
|
|
|
- |
|
Estimated
maintenance capital expenditures (1) |
|
|
8,500 |
|
|
|
11,000 |
|
|
|
8,500 |
|
|
|
25,500 |
|
|
|
33,000 |
|
Distributable Cash Flow |
|
$ |
(1,131 |
) |
|
$ |
6,385 |
|
|
$ |
3,444 |
|
|
$ |
6,256 |
|
|
$ |
10,760 |
|
|
(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
operation 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): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oct - Dec
2017 |
|
NYMEX |
|
8,280.0 |
|
$ |
3.07 |
|
2,760.0 |
|
$ |
2.75 |
|
$ |
3.27 |
Jan - Mar
2018 |
|
NYMEX |
|
4,500.0 |
|
$ |
3.46 |
|
- |
|
$ |
- |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude (MBbls): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oct - Nov
2017 |
|
WTI |
|
61.0 |
|
$ |
52.85 |
|
- |
|
$ |
- |
|
$ |
- |
Dec
2017 |
|
WTI |
|
71.3 |
|
$ |
55.42 |
|
- |
|
$ |
- |
|
$ |
- |
Jan - Mar
2018 |
|
WTI |
|
117.0 |
|
$ |
57.40 |
|
- |
|
$ |
- |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethane (MBbls): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oct - Dec
2017 |
|
Mt Belvieu |
|
128.8 |
|
$ |
11.66 |
|
- |
|
$ |
- |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Propane (MBbls): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oct - Dec
2017 |
|
Mt Belvieu |
|
119.6 |
|
$ |
30.55 |
|
- |
|
$ |
- |
|
$ |
- |
Jan - Mar
2018 |
|
Mt Belvieu |
|
117.0 |
|
$ |
36.12 |
|
- |
|
$ |
- |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period |
|
Notional Amount |
|
Fixed Rate |
Interest Rate
Swap Agreements: |
|
($ mil) |
|
|
Oct 2017 - Dec
2017 |
|
$ |
100 |
|
1.039 |
% |
Jan 2018 - Sep
2020 |
|
$ |
100 |
|
1.795 |
% |
|
|
|
|
|
|
|
EV Energy Partners, L.P., HoustonNicholas
Bobrowski713-651-1144http://www.evenergypartners.com