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EV Energy Partners, L.P. (EVEP)
Q1 2012 Earnings Call
May 9, 2012 4:30 PM ET
John Walker – Executive Chairman
Mike Mercer – SVP and CFO
Ron Gajdica – SVP, Acquisitions
Kevin Smith – Raymond James
John Ragozzino – RBC Capital Markets
Ethan Bellamy – Robert W Baird
Bernie Colson – Global Hunter Securities
Tony Lingham – Macquarie Partners
Richard Roy – Citi
William Adams – GAMCO
Tom Wise – CenterPoint Properties
Good day, ladies and gentlemen. Thank you for standing by. Welcome to the EV Energy Partners First Quarter Earnings Conference Call.
This conference is being recorded today, Wednesday, May 9, 2012.
I would now like to turn the conference over to Mr. John Walker, Executive Chairman. Please go ahead, sir.
Thank you, Camille and welcome, everyone this afternoon. Thank you for joining us for the first quarter call for EVEP. Presenters this afternoon will be me, Mike Mercer and Ron Gajdica. Mark Houser, our CEO, is with his family at the funeral for his wife’s mother who had a courageous eight-year fight against cancer.
Relative to our production, revenues and distributable cash flow, we exceeded the midpoint of guidance. We fell short on LOE and G&A expenses because of some reclassification of expenses and non-recurring quarterly items, which Mike Mercer will address. Overall, it was another steady quarter for EVEP. Production into May continues to meet our forecast and I’m saying that because I want to spend just a little bit of time talking to you about the probable impact of the giant surplus of gas that has to be worked off by fall.