EV Energy Partners L.P. (EVEP, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 Basinprimarily in Ohio and West Virginiaand in the Monroe Field in Northern Louisiana. EVEP was formed by EnerVest Management PartnersLtd.one of the largest and most successful managers of oil and gas assets for institutional investorsand 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 $495.08 million; its shares were traded at around $24.81 with a P/E ratio of 12.79 and P/S ratio of 2.39. The dividend yield of Ev Energy Partners L.p. stocks is 12.16%.
Depreciation, depletion and amortization for the three months ended September 30, 2009 increased $5.1 million compared with the three months ended September 30, 2008 primarily due to $2.4 million related to the oil and natural gas properties that we acquired in 2009 and in the three months ended September 30, 2008 and $2.7 million related to the oil and natural gas properties that we acquired prior to July 1, 2008. The increase in depreciation, depletion and amortization for the oil and natural gas properties that we acquired prior to July 1, 2008 is related to lower reserves primarily due to decreased prices in the current year compared with the prior year. Depreciation, depletion and amortization for the three months ended September 30, 2009 was $2.11 per Mcfe compared with $1.66 per Mcfe for the three months ended September 30, 2008.
General and administrative expenses for the three months ended September 30, 2009 totaled $4.5 million, an increase of $1.7 million compared with the three months ended September 30, 2008. This increase is primarily the result of (i) an increase of $0.5 million in fees paid to EnerVest under the omnibus agreement due to our acquisitions of oil and natural gas properties in 2008, (ii) an increase of $1.0 million in compensation costs related to our phantom units and incentive units and (iii) $0.1 million of due diligence costs related to our acquisitions of oil and natural gas properties in 2008. General and administrative expenses were $0.74 per Mcfe in the three months ended September 30, 2009 compared with $0.60 per Mcfe in the three months ended September 30, 2008.
Production taxes for the nine months ended September 30, 2009 decreased $3.1 million compared with the nine months ended September 30, 2008 primarily as the result of a decrease of $4.2 million in production taxes associated with our decreased oil, natural gas and natural gas liquids revenues offset by an increase of $1.1 million ($0.33 per Mcfe) in production taxes associated with the oil and natural gas properties that we acquired in 2009 and 2008. Production taxes for the nine months ended September 30, 2009 were $0.23 per Mcfe compared with $0.50 per Mcfe for the nine months ended September 30, 2008.
Depreciation, depletion and amortization for the nine months ended September 30, 2009 increased $15.1 million compared with the nine months ended September 30, 2008 primarily due to $7.3 million related to the oil and natural gas properties that we acquired in 2009 and 2008 and $7.8 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 due to decreased prices in the current year compared with the prior year. Depreciation, depletion and amortization for the nine months ended September 30, 2009 was $2.18 per Mcfe compared with $1.68 per Mcfe for the nine months ended September 30, 2008.
General and administrative expenses for the nine months ended September 30, 2009 totaled $12.9 million, an increase of $3.0 million compared with the nine months ended September 30, 2008. This increase is primarily the result of an increase of $1.8 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 $1.3 million in compensation costs related to our phantom units and incentive units. General and administrative expenses were $0.71 per Mcfe in the nine months ended September 30, 2009 compared with $0.68 per Mcfe in the nine months ended September 30, 2008.
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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 Basinprimarily in Ohio and West Virginiaand in the Monroe Field in Northern Louisiana. EVEP was formed by EnerVest Management PartnersLtd.one of the largest and most successful managers of oil and gas assets for institutional investorsand 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 $495.08 million; its shares were traded at around $24.81 with a P/E ratio of 12.79 and P/S ratio of 2.39. The dividend yield of Ev Energy Partners L.p. stocks is 12.16%.
Highlight of Business Operations:
Production taxes for the three months ended September 30, 2009 decreased $1.1 million compared with the three months ended September 30, 2008 primarily as the result of a decrease of $1.4 million in production taxes associated with our decreased oil, natural gas and natural gas liquids revenues offset by an increase of $0.3 million ($0.25 per Mcfe) in production taxes associated with the oil and natural gas properties that we acquired in 2009 and in the three months ended September 30, 2008. Production taxes for the three months ended September 30, 2009 were $0.25 per Mcfe compared with $0.55 per Mcfe for the three months ended September 30, 2008.Depreciation, depletion and amortization for the three months ended September 30, 2009 increased $5.1 million compared with the three months ended September 30, 2008 primarily due to $2.4 million related to the oil and natural gas properties that we acquired in 2009 and in the three months ended September 30, 2008 and $2.7 million related to the oil and natural gas properties that we acquired prior to July 1, 2008. The increase in depreciation, depletion and amortization for the oil and natural gas properties that we acquired prior to July 1, 2008 is related to lower reserves primarily due to decreased prices in the current year compared with the prior year. Depreciation, depletion and amortization for the three months ended September 30, 2009 was $2.11 per Mcfe compared with $1.66 per Mcfe for the three months ended September 30, 2008.
General and administrative expenses for the three months ended September 30, 2009 totaled $4.5 million, an increase of $1.7 million compared with the three months ended September 30, 2008. This increase is primarily the result of (i) an increase of $0.5 million in fees paid to EnerVest under the omnibus agreement due to our acquisitions of oil and natural gas properties in 2008, (ii) an increase of $1.0 million in compensation costs related to our phantom units and incentive units and (iii) $0.1 million of due diligence costs related to our acquisitions of oil and natural gas properties in 2008. General and administrative expenses were $0.74 per Mcfe in the three months ended September 30, 2009 compared with $0.60 per Mcfe in the three months ended September 30, 2008.
Production taxes for the nine months ended September 30, 2009 decreased $3.1 million compared with the nine months ended September 30, 2008 primarily as the result of a decrease of $4.2 million in production taxes associated with our decreased oil, natural gas and natural gas liquids revenues offset by an increase of $1.1 million ($0.33 per Mcfe) in production taxes associated with the oil and natural gas properties that we acquired in 2009 and 2008. Production taxes for the nine months ended September 30, 2009 were $0.23 per Mcfe compared with $0.50 per Mcfe for the nine months ended September 30, 2008.
Depreciation, depletion and amortization for the nine months ended September 30, 2009 increased $15.1 million compared with the nine months ended September 30, 2008 primarily due to $7.3 million related to the oil and natural gas properties that we acquired in 2009 and 2008 and $7.8 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 due to decreased prices in the current year compared with the prior year. Depreciation, depletion and amortization for the nine months ended September 30, 2009 was $2.18 per Mcfe compared with $1.68 per Mcfe for the nine months ended September 30, 2008.
General and administrative expenses for the nine months ended September 30, 2009 totaled $12.9 million, an increase of $3.0 million compared with the nine months ended September 30, 2008. This increase is primarily the result of an increase of $1.8 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 $1.3 million in compensation costs related to our phantom units and incentive units. General and administrative expenses were $0.71 per Mcfe in the nine months ended September 30, 2009 compared with $0.68 per Mcfe in the nine months ended September 30, 2008.
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