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Summary: EV Energy Partners L.P. Sep 11 Product Image

Summary: EV Energy Partners L.P. Sep 11

  • Published: September 2011
  • Standard & Poors

Abstract
The ratings on EV Energy Partners (EVEP) reflect a reserve base that is levered to low natural gas prices, a reserve replacement strategy relying heavily on acquisitions, a high dividend payout to shareholders, and aggressive leverage. The ratings also reflect a decent hedge book over the next several years that should mitigate hydrocarbon pricing volatility, low geological risk associated with the company's high percentage of proved developed reserves, adequate liquidity, and a good cost structure. We classify EVEP's financial risk profile as aggressive. On June 30, 2011, the company had adjusted debt, inclusive of asset retirement obligations, of about $525 million. At our price deck in 2011, which for natural gas is $3.75/Mcfe and $80/Bbl for oil, we think that...

Companies mentioned in this report are: EV Energy Partners L.P.
Action: Review

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EV Energy Partners L.P.

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