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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

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

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying READ MORE >

EV Energy Partners L.P.

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