EV Energy Partners, L.P. (EVEP) Posts Q1 Loss of 14c/Share; Announces Utica Midstream Expansion

EV Energy Partners, L.P. (NASDAQ: EVEP) reported Q1 EPS of ($0.14), $0.35 worse than the analyst estimate of $0.21. Revenue for the quarter came in at $95.34 million versus the consensus estimate of $92.62 million.

*** Utica Midstream Expansion

UEO announced plans to increase its nameplate processing capacity to 1.0 billion cubic feet per day (Bcf/d), up from its current nameplate capacity of 800 million cubic feet per day (MMcf/d). UEO is a joint venture owned 49 percent by Access Midstream Partners, L.P., 30 percent by M3 Midstream LLC and 21 percent by EVEP.

Additional capacity is needed to meet new commitments from existing customers Chesapeake Energy Corporation, Total Gas & Power North America, EnerVest, Ltd., and new customer, American Energy - Utica, LLC, an affiliate of American Energy Partners, LP. UEO also will agree to provide gathering, compression and dehydration services for American Energy - Utica. The new long-term agreement between UEO and American Energy - Utica includes a 145,000-acre area of mutual interest, installation of 50 miles of gathering pipeline and compression services.

Plans for the UEO expansion include the construction of a second processing train at the Leesville, Ohio, facility and extension of an existing high-pressure pipeline from UEO's Harrison Hub to Cardinal Gas Services' (CGS) Archer Compression Facility in Harrison County. Additional services also are planned at Harrison Hub, including downstream liquids interconnects and expanded propane and butane storage.

For earnings history and earnings-related data on EV Energy Partners, L.P. (EVEP) click here.

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