Historically Linn has been 100% hedged for four years, but has recently monetized the hedges after 2011, betting that prices will rise by then. EVEP has had a lower percentage of production hedged than Linn, but at higher prices, which can give the same level of safety. EVEP has not sold any of its hedges and in fact has recently added more for 2013 and 2014.
I own both. EVEP is much more gassy Linn has more production hedged. I also thought its hedges were at a higher price, but EVEPs are more of a mystery to me. Anybody have the latest hedge #s? EVEP has a 2% higher distribution. 13.86 vs 11.60 These are the only 2 mlps in my portfolio. I also hold CSC (Crescent Point - with its new symbol) and Peyto (gassy to the max). I'm still hoping for the push to cng vehicles.