Energy Partners (EVEP) Reports 2011 Reserve Growth and Operational Results
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Price: $37.73 --0%
Financial Fact:
Depreciation, depletion and amortization: 62.33M
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Financial Fact:
Depreciation, depletion and amortization: 62.33M
Today's EPS Names:
EDXC, BICX, FBPI, More
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Energy Partners, Ltd. (NYSE: EPL) today announced year-end 2011 proved reserves and provided 2011 operational results.
EPL's estimated proved reserves as of December 31, 2011 were 37.1 million barrel of oil equivalent (Mmboe)(74% oil), representing an increase of 35% compared to estimated proved reserves of 27.4 Mmboe (63% oil) as of December 31, 2010. The net increase in estimated proved reserves was the result of increases from drilling additions of 1.2 Mmboe, additions from development activities 1.8 Mmboe, revisions of 1.7 Mmboe and acquisitions of 9.4 Mmboe, offset by 4.5 Mmboe of net production. The additions, revisions and acquisitions replaced 316% of 2011 net production.
The estimated proved reserve growth was weighted towards oil adding 13.0 million barrels. The year-end 2011 estimated proved reserves of 37.1 Mmboe include estimated proved developed reserves of 33.6 Mmboe (74% oil) and estimated proved undeveloped (PUDs) reserves of 3.5 Mmboe (71% oil).
The present value of the future net cash flows before income taxes of the Company's estimated proved oil and natural gas reserves at the end of 2011 using a discount rate of 10% (PV-10) was approximately $1.1 billion as calculated consistent with SEC guidelines and pricing. This represents a 167% increase over the 2010 year-end value of $0.4 billion. The 2011 value was determined based on computed prices of $108.48 per barrel of oil and $4.16 per Mcf of natural gas as compared to $77.85 per barrel of oil and $4.54 per Mcf of natural gas in 2010. (PV-10 is a non-GAAP measure; see discussion of PV-10 in the appendix).
The Company also announced that its conference call to review fourth quarter and year-end 2011 results will be held on Thursday, March 8, 2012 at 9:00 A.M. Central Time/10:00 A.M Eastern Time.
EPL's estimated proved reserves as of December 31, 2011 were 37.1 million barrel of oil equivalent (Mmboe)(74% oil), representing an increase of 35% compared to estimated proved reserves of 27.4 Mmboe (63% oil) as of December 31, 2010. The net increase in estimated proved reserves was the result of increases from drilling additions of 1.2 Mmboe, additions from development activities 1.8 Mmboe, revisions of 1.7 Mmboe and acquisitions of 9.4 Mmboe, offset by 4.5 Mmboe of net production. The additions, revisions and acquisitions replaced 316% of 2011 net production.
The estimated proved reserve growth was weighted towards oil adding 13.0 million barrels. The year-end 2011 estimated proved reserves of 37.1 Mmboe include estimated proved developed reserves of 33.6 Mmboe (74% oil) and estimated proved undeveloped (PUDs) reserves of 3.5 Mmboe (71% oil).
The present value of the future net cash flows before income taxes of the Company's estimated proved oil and natural gas reserves at the end of 2011 using a discount rate of 10% (PV-10) was approximately $1.1 billion as calculated consistent with SEC guidelines and pricing. This represents a 167% increase over the 2010 year-end value of $0.4 billion. The 2011 value was determined based on computed prices of $108.48 per barrel of oil and $4.16 per Mcf of natural gas as compared to $77.85 per barrel of oil and $4.54 per Mcf of natural gas in 2010. (PV-10 is a non-GAAP measure; see discussion of PV-10 in the appendix).
The Company also announced that its conference call to review fourth quarter and year-end 2011 results will be held on Thursday, March 8, 2012 at 9:00 A.M. Central Time/10:00 A.M Eastern Time.
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