EV Energy Partners Q1 Loss Reduces - Quick Facts

(RTTNews) - EV Energy Partners, L.P. (EVEP) reported a significantly narrower first-quarter 2014 net loss of $6.3 million, or $0.14 per limited partner unit, versus a loss of $46.6 million, or $1.08 per limited partner unit, last year.

Quarterly total revenues grew to $95.34 million, from $73.7 million a year earlier.

First-quarter production totaled 10.8 Bcf of natural gas, 265 MBbls of oil and 550 MBbls of natural gas liquids, or 174.7 MMcfe/day. This represents a 6 percent increase over first quarter 2013 production of 165.2 MMcfe/d. The growth in production is mainly due to drilling activity and acquisitions completed in the fourth quarter 2013.

Further, EVEP announced an expansion of the Utica East Ohio or "UEO" midstream services complex in Ohio and issued an update of EVEP's commodity hedge positions, including additional crude oil hedges entered into in March 2014.

UEO announced plans to increase its nameplate processing capacity to 1.0 billion cubic feet per day, up from its current nameplate capacity of 800 million cubic feet per day. UEO is a joint venture owned 49 percent by Access Midstream Partners, L.P., 30 percent by M3 Midstream LLC and 21 percent by EVEP.