EV Energy Partners L.P. (EVEP, Financial) filed Quarterly Report for the period ended 2009-03-31.
EV Energy Partners is an upstream Master Limited Partnership focused on acquiring and operating oil and gas properties within the continental United States. Its current properties are located in the Appalachian Basin primarily in Ohio and West Virginia and in the Monroe Field in Northern Louisiana. EVEP was formed by EnerVest Management Partners Ltd. one of the largest and most successful managers of oil and gas assets for institutional investors and which has a proven fourteen year track record of successfully acquiring and operating oil and gas properties in a variety of basins. EV Energy Partners L.P. has a market cap of $248.68 million; its shares were traded at around $18.9399 with a P/E ratio of 6.6 and P/S ratio of 1.2. The dividend yield of EV Energy Partners L.P. stocks is 15.88%.
Lease operating expenses for the three months ended March 31, 2009 increased $2.0 million compared with the three months ended March 31, 2008 primarily as the result of $3.0 million related to the oil and natural gas properties that we acquired in 2008 offset by a decrease of $1.0 million related to the oil and natural gas properties that we acquired prior to 2008. Lease operating expenses per Mcfe were $1.85 in the three months ended March 31, 2009 compared with $1.86 in the three months ended March 31, 2008.
Production taxes for the three months ended March 31, 2009 decreased $0.6 million compared with the three months ended March 31, 2008 primarily as the result of a decrease of $1.1 million in production taxes associated with our decreased oil, natural gas and natural gas liquids revenues offset by an increase of $0.5 million ($0.41 per Mcfe) in production taxes associated with the oil and natural gas properties that we acquired in 2008. Production taxes for the three months ended March 31, 2009 were $0.24 per Mcfe compared with $0.41 per Mcfe for the three months ended March 31, 2008.
Depreciation, depletion and amortization for the three months ended March 31, 2009 increased $5.1 million compared with the three months ended March 31, 2008 primarily due to $2.5 million related to the oil and natural gas properties that we acquired in 2008 and $2.6 million related to the oil and natural gas properties that we acquired prior to 2008. The increase in depreciation, depletion and amortization for the oil and natural gas properties that we acquired prior to 2008 is related to lower reserves at December 31, 2008 compared with December 31, 2007 due to falling prices. Depreciation, depletion and amortization for the three months ended March 31, 2009 was $2.27 per Mcfe compared with $1.74 per Mcfe for the three months ended March 31, 2008.
General and administrative expenses for the three months ended March 31, 2009 totaled $4.3 million, an increase of $0.8 million compared with the three months ended March 31, 2008. This increase is primarily the result of an increase of $0.6 million of fees paid to EnerVest under the omnibus agreement due to our acquisitions of oil and natural gas properties in 2008 and an increase of $0.3 million in compensation cost related to our phantom units. General and administrative expenses were $0.71 per Mcfe in the three months ended March 31, 2009 compared with $0.70 per Mcfe in the three months ended March 31, 2008.
At March 31, 2009, we had $450.0 million outstanding under the facility. In April 2009, we repaid $10.0 million of the amount outstanding under the facility, and our facility was amended to adjust the commitment fee rate and the interest rate margins to be more reflective of current market rates. In addition, our borrowing base was redetermined from $525.0 million to $465.0 million.
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EV Energy Partners is an upstream Master Limited Partnership focused on acquiring and operating oil and gas properties within the continental United States. Its current properties are located in the Appalachian Basin primarily in Ohio and West Virginia and in the Monroe Field in Northern Louisiana. EVEP was formed by EnerVest Management Partners Ltd. one of the largest and most successful managers of oil and gas assets for institutional investors and which has a proven fourteen year track record of successfully acquiring and operating oil and gas properties in a variety of basins. EV Energy Partners L.P. has a market cap of $248.68 million; its shares were traded at around $18.9399 with a P/E ratio of 6.6 and P/S ratio of 1.2. The dividend yield of EV Energy Partners L.P. stocks is 15.88%.
Highlight of Business Operations:
Oil, natural gas and natural gas liquids revenues for the three months ended March 31, 2009 totaled $26.0 million, a decrease of $18.5 million compared with the three months ended March 31, 2008. This decrease was primarily the result of a decrease of $22.9 million related to lower prices for oil, natural gas and natural gas liquids offset by an increase of $4.7 million related to the oil and natural gas properties that we acquired in 2008.Lease operating expenses for the three months ended March 31, 2009 increased $2.0 million compared with the three months ended March 31, 2008 primarily as the result of $3.0 million related to the oil and natural gas properties that we acquired in 2008 offset by a decrease of $1.0 million related to the oil and natural gas properties that we acquired prior to 2008. Lease operating expenses per Mcfe were $1.85 in the three months ended March 31, 2009 compared with $1.86 in the three months ended March 31, 2008.
Production taxes for the three months ended March 31, 2009 decreased $0.6 million compared with the three months ended March 31, 2008 primarily as the result of a decrease of $1.1 million in production taxes associated with our decreased oil, natural gas and natural gas liquids revenues offset by an increase of $0.5 million ($0.41 per Mcfe) in production taxes associated with the oil and natural gas properties that we acquired in 2008. Production taxes for the three months ended March 31, 2009 were $0.24 per Mcfe compared with $0.41 per Mcfe for the three months ended March 31, 2008.
Depreciation, depletion and amortization for the three months ended March 31, 2009 increased $5.1 million compared with the three months ended March 31, 2008 primarily due to $2.5 million related to the oil and natural gas properties that we acquired in 2008 and $2.6 million related to the oil and natural gas properties that we acquired prior to 2008. The increase in depreciation, depletion and amortization for the oil and natural gas properties that we acquired prior to 2008 is related to lower reserves at December 31, 2008 compared with December 31, 2007 due to falling prices. Depreciation, depletion and amortization for the three months ended March 31, 2009 was $2.27 per Mcfe compared with $1.74 per Mcfe for the three months ended March 31, 2008.
General and administrative expenses for the three months ended March 31, 2009 totaled $4.3 million, an increase of $0.8 million compared with the three months ended March 31, 2008. This increase is primarily the result of an increase of $0.6 million of fees paid to EnerVest under the omnibus agreement due to our acquisitions of oil and natural gas properties in 2008 and an increase of $0.3 million in compensation cost related to our phantom units. General and administrative expenses were $0.71 per Mcfe in the three months ended March 31, 2009 compared with $0.70 per Mcfe in the three months ended March 31, 2008.
At March 31, 2009, we had $450.0 million outstanding under the facility. In April 2009, we repaid $10.0 million of the amount outstanding under the facility, and our facility was amended to adjust the commitment fee rate and the interest rate margins to be more reflective of current market rates. In addition, our borrowing base was redetermined from $525.0 million to $465.0 million.
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