EV Energy Partners: No New Utica Wells in 2016, in Survival Mode

EV Energy Partners, an upstream master limited partnership (MLP) created by EnerVest that holds enormous acreage in the Utica Shale play, released their fourth quarter and full year 2015 update yesterday. Company mucky mucks also held an earnings phone call with analysts. What did we learn? EV has no plans to drill new Utica wells in 2016. The company is on an austerity budget–only spending to complete 10 already-drilled wells in the Texas Barnett Shale. EV will spend between $10-$18 million on exploration and production in 2016. You read that right, $10-$18 million, NOT $100-$180 million. In other words, essentially nothing. According to EV’s Chairman, John Walker, “Needless to say we all should be running our companies today for survival.” Indeed. Below is yesterday’s EV Energy update, along with a portion of the analyst phone call transcript…

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