EV Energy Partners, L.P. Announces Improved First-Quarter Results

Oil and gas MLP EV Energy Partners (NASDAQ: EVEP  ) reported first-quarter results before the opening bell this morning. The company announced that its adjusted first-quarter EBITDAX was $56.1 million, 15% higher than the first quarter of last year and a 4% improvement over last quarter. An increase in production as well as higher earnings from its midstream segment both contributed to the gain in underlying cash flow.

First-quarter production for EV Energy Partners' oil and gas segment was 174.7 MMcfe. That is 6% higher than the first quarter of last year and a 2% improvement from the prior quarter. A combination of acquisitions and drilling activities led to the boost in production.

Meanwhile, EV Energy Partners' midstream segment continues to expand. In addition to announcing solid first-quarter results from its midstream segment, EV Energy Partners also announced that it, along with its joint venture partners, would be expanding the Utica East Ohio midstream service complex's capacity from 800 MMcf/d to 1.0 Bcf/d. That increased capacity is needed to serve the growing production from the Utica Shale play.

The combination of upstream oil and gas production along with midstream earnings yielded $28.6 million in distributable cash flow for EV Energy Partners' unit holders. That's 31% higher than the first quarter of last year and 7% more than last quarter. However, it was still well below the $37.5 million the company distributed to its investors in the quarter.

Still, CEO Mark Houser noted in the company's earnings releases that he is "very pleased with our operational performance and results in the first quarter" as well as the ramp-up of the company's midstream activities in the Utica Shale and the future expansion of Utica East Ohio. These activities are important for the company's ability to generate sufficient cash flow to pay its distribution to investors. 

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2952779, ~/Articles/ArticleHandler.aspx, 9/3/2015 1:14:54 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Matt DiLallo

Matthew is a Senior Energy and Materials Specialist with The Motley Fool. He graduated from the Liberty University with a degree in Biblical Studies and a Masters of Business Administration. You can follow him on Twitter for the latest news and analysis of the energy and materials industries:

Today's Market

updated Moments ago Sponsored by:
DOW 16,438.50 87.12 0.53%
S&P 500 1,959.03 10.17 0.52%
NASD 4,759.79 9.81 0.21%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/3/2015 12:59 PM
EVEP $8.73 Up +0.14 +1.63%
EV Energy Partners… CAPS Rating: **