EV Energy Partners Turns To Profit In Q4 - Quick Facts

(RTTNews) - EV Energy Partners, L.P. (EVEP) reported fourth-quarter net income of $102.38 million or $2.03 per limited partner unit, compared to net loss of $50.19 million or $1.06 per limited partner unit last year.

On average, 9 analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter declined to $70.18 million from $78.59 million in the year-ago period. Analysts expected revenue of $80.81 million.

Production for the quarter was 10.6 Bcf of natural gas, 263 MBbls of oil and 597 MBbls of natural gas liquids, or 170.9 MMcfe/day. This is essentially flat from the year-ago period's production of 170.5 MMcfe/d and a 3 percent decrease from third quarter 2014 production of 175.8 MMcfe/day.

The decrease was due to a compressor change out program by the operator of certain West Virginia oil and gas properties, which reduced production for the quarter by an average of 1.9 MMcfe/day, and the timing of well completions in the Barnett Shale.

EV Energy Partners said it recently entered into an amendment to its senior secured credit facility that, among other things, extends the maturity of the facility to February 2020 and also extends the senior secured debt to EBITDAX covenant of 3.5 to 1.0 through March 31, 2016. The borrowing base was reduced from $730 million to $650 million with the next redetermination scheduled for October 2015.