EV Energy Partners (EVEP) Lowers Quarterly Dividend 85% to $0.075; Yields 14.2%

EV Energy Partners (NASDAQ: EVEP) declared a quarterly dividend of $0.075 per share, or $0.3 annualized. This is an 85% decrease from the prior dividend of $0.50.

The dividend will be payable on February 12, 2016, to stockholders of record on February 5, 2016, with an ex-dividend date of February 3, 2016.

The annual yield on the dividend is 14.2 percent.

"Currently, we have liquidity in excess of $375 million, and we anticipate generating free cash flow in the coming year. However, given current forward oil and natural gas prices and the fact that we have less production hedged at lower prices beginning in 2016 relative to previous years, we are reducing our distribution to preserve liquidity and financial flexibility during this ongoing period of low commodity prices. We will continue to make future quarterly distribution decisions based on our performance, realized pricing and long-term value creation. This was a difficult decision, but we believe it was an appropriate one, as we focus on sustaining our business through this industry downturn and position EVEP to generate value for our unitholders as commodity prices rebound," said Michael Mercer, President and Chief Executive Officer.

For a dividend history and other dividend-related data on EV Energy Partners (EVEP) click here.

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