EV Energy Partners, L.P. Q2 2010 Earnings Call Transcript

To date, this year, we’ve received – are going to receive approximately $46 million from our attractive land positions. As you’re aware, EnerVest has 3.5 million acres overall in land and EV benefits from this concentration of positions that we’re achieving in three major license.

The plan that we initiated four years ago to build these large and concentrated positions is just beginning to bear fruit. And we’re pleased we’d being able to make that most recent announcement. Mike, I’d like for you to now go over the results of the second quarter.

Mike Mercer

Thank you John. For the quarter, adjusted EBITDA was $37.1 million which is a 12% increase over the prior quarter and a 15% year-over-year increase and our distributable cash flow was $23.1 million which was a 28% quarter over quarter increase and a 15% increase year over year.

These amounts excluded $4.4 million gain on untrue acreage that we had mentioned in our last quarter 10-Q and they closed during the second quarter. And of course, that one is we’ve mentioned before we do retain an overwrite in that and also excluded $2.3 million of inventory costs that we had related to the range in EXCO acquisitions. That’s crude oil inventories that we have to book under at the price of crude on the data. The acquisition flow-through the income statement and now we kind of one-time, this has rolled off during the quarter and we had mention that last quarter that we expected to have an amount follow through in this quarter.

I think we have mentioned in the last quarter that it could be up to $3 million but it is nothing being 2.3 million of non-cash cost.

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