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EV Energy Partners LP Message Board

  • artist_formerly_known_as_pooch artist_formerly_known_as_pooch Jul 18, 2013 2:53 PM Flag

    Poll

    As I wrote the last post and pondered my feelings about management--I was wondering how some of you others feel. Lets say Next CC EVEP announces they are spinning off the E&P side of EVEP. EVEP shareholders will continue to own the midstream. ( I know it's convoluted, but bear with me) So you all own the midstream and the E&P will IPO and the managment team is Walker and Houser.

    Would you buy a Walker and Houser ipo? Whatever formation interests you--I'm wondering would you trust these guys to manage your money in a new E&P?

    Honestly, I wouldn't The midstream I'd hold as eventually it would be bought by MWE, Access, or Williams. But a Walker and House ipo? No way for me.

    Thoughts?

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    • "As I wrote the last post and pondered my feelings about management--I was wondering how some of you others feel. Lets say Next CC EVEP announces they are spinning off the E&P side of EVEP. EVEP shareholders will continue to own the midstream. ( I know it's convoluted, but bear with me) So you all own the midstream and the E&P will IPO and the managment team is Walker and Houser."

      What is the point of engaging in an exercise that isn't going to happen? E& P is the business. E & P is Enervest's business. In time, all of the Utica stuff is going to be translated in an EP cash flow. Then, they will be back to being purely what they are, an E & P MLP. The main business is the private one, Enervest. EV exists because it serves a need in the corporate life of Enervest. As an EP MLP, EVEP will continue to serve that need and the parent will be a source of accretive deals for the MLP.

    • I wondered why EVEP got into midstream anyway. They were already stretched to meet capex for exploration development, and here they go and commit $350MM for a 21% share. What is their core business now? E&P, Midstream, Land Development? Will they be building pipelines next?

      I'd rather see them go ahead and sell their interest now vs. doing an IPO, which with a 21% interest they would have no say so anyhow.

    • rbb40@bellsouth.net rbb40 Jul 18, 2013 4:19 PM Flag

      pooch,realize it is not polite to ans ??? with ???(pls forebearance )---if u were a Range Resources sh/hold a few yrs ago, would u hve been happy with mgt 4 selling their OH props , -- there was no utica play then , cash to use in going full blast in marcellus PA--how many 2nd guesses would u like---fast fwd---2day---Range is going 2 hve a couple of " grand slams " on their wet gas props in PA , it appears that a few test wells drilled in upper devonian , are v big & huron appears to be the same, 3 laterals off same pad, 30to 40 % cost reduction, & a big, big increase in reserves---kind of believe ev mgt is due, &will perform ok in the future---my op---

      Sentiment: Hold

      • 1 Reply to rbb40
      • artist_formerly_known_as_pooch artist_formerly_known_as_pooch Jul 18, 2013 4:35 PM Flag

        I agree. Whatever they do, there will be second guessing. If EVEP sold for 10k last year we'd have been calling for their heads. But they would have looked like geniuses this year, selling at the high and having producing properties dropped down from Enervest. But EV used their famous and well worn walking away from the table routine and EVEP is damaged because of it. We are approaching a cash crunch/debt covenant issue. The only reason we don't have a debt covenant issue now is by agreement of the lenders. And then there is the no distribution growth for half a decade issue. So I would have felt better if they had acted in some way. We're damaged right now and I don't see a happy 2014. I see us being asked to tighten our belts and absorb 300 mil or so in secondaries. It may be necessary, but it will make the road back to 60 that much longer.

 
EVEP
38.95+0.15(+0.39%)Sep 19 4:00 PMEDT

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