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BreitBurn Energy Partners CFO, Vanguard Natural Resources CEO And EV Energy Partners COO Present At RBC Capital Markets MLP Conference - Conference Call Transcript

EV Energy Partners, L.P. (EVEP)

RBC Capital Markets Conference Call

November 17, 2011 5:00 PM ET


James G. Jackson – Executive VP and CFO – Breitburn Energy Partners L.P

Mark Houser – President & COO – EV Energy Partners, L.P.

Mark Castiglione - Vice President of Business Development – QR Energy, L.P

Scott Smith – President and CEO - Vanguard Natural Resources, LLC



Alright. I think we are at our last of the day. So this stands between us and happy hour. So we’ll try to get things moving here and we’ve got a good panel here, our first look now at the upstream MLPs. We’ve Jim Jackson from Breitburn Energy Partners; Mark Houser, President, Chief Operating Officer from EV Energy Partners; Mark Castiglione from QR Energy; and Scott Smith, from Vanguard Natural Resources.

So I’ll let Jim kick things off with Breitburn.

James G. Jackson – Executive VP and CFO – Breitburn Energy Partners L.P

Good afternoon, everyone hear me okay? All right. I appreciate everyone being here. TJ, thanks for hosting us and thanks for giving us a few minutes to talk about Breitburn. Under TJ’s direction he asked me to keep this brief. So let me get started by skipping that.

Quick overview of Breitburn. I won’t go through all these slides in detail, but Breitburn, like the other participants in the panel, is an upstream E&P MLP. Breitburn was actually started over 20 years by Hal Washburn and Randy Breitenbach. We subsequently took part of the business public in the E&P MLP format in the fall of 2006 and have grown pretty substantially since then. Originally we were all oil. Today we’re about 60% natural gas in terms of production, 40% oil. Those splits vary up and down as you can imagine based on our acquisition activity level, which has been pretty significant the last few years. We currently have right around 160 million Boe in Reserves, and that’s 71% natural gas, 29% oil. 83% of that’s proved developed consistent with the E&P MLP model. Our equity market cap is right around $1.1 billion and our total enterprise value is just under $2 billion.

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