EVEP 1Q16: Lost $62M, Production Up 17%

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EVEP logoAs we reported in March, EV Energy Partners (EVEP)--an upstream master limited partnership (MLP) created by EnerVest that holds enormous acreage in the Ohio Utica Shale play--is in survival mode (see EV Energy Partners: No New Utica Wells in 2016, in Survival Mode). In April the company quit paying unit holders (see Problem: EV Energy Partners Quits Paying Unit Holders ). Yesterday EVEP issued their first quarter 2016 update. In 4Q15 EVEP lost $71.3 million. In 1Q16 they lost $61.7 million--so at least their losses are getting smaller. However, total debt remains concerningly high--at $638 million. One small bright spot: EVEP's production increased 17% year over year from 172.5 million cubic feet equivalent per day (Mmcfe/d) in 1Q15 to 201.4 Mmcfe/d in 1Q16. Here's the latest update...

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