EV Energy Partners, L.P. (NASDAQ: EVEP) on Feb. 29 announced results for the full year and fourth quarter 2011 and the filing of its Form 10-K with the Securities and Exchange Commission. In addition, EVEP announced 2012 guidance and an update of its commodity hedge positions
Adjusted EBITDAX and distributable cash flow for 2011 were $212.4 million and $126.2 million, increases of 43 percent and 34 percent, respectively, over 2010. The increase in Adjusted EBITDAX and Distributable Cash Flow are primarily due to acquisitions made in 2010 and 2011 and higher realized oil and NGL prices partially offset by lower realized gas prices.
Production for 2011 was 29.2 Bcf of natural gas, 891 MBbls. of oil and 1,096 MBbls. of natural gas liquids, or 41.2 billion cubic feet equivalents (Bcfe). This represents a 47 percent increase over 2010 production of 27.9 Bcfe, primarily due to acquisitions in 2010 and 2011.
For 2011, EVEP reported net income of $102.6 million, or $2.71 and $2.68 per basic and diluted weighted average limited partner unit outstanding, respectively. Included in net income were $35.5 million of unrealized gains on commodity and interest rate derivatives, which includes a $5.3 million unrealized gain on derivatives acquired in conjunction with a 2010 acquisition and $9.8 million of non-cash costs contained in general and administrative expenses. Also contained in general and administrative expenses were approximately $2.9 million of due diligence and other transaction costs for acquisitions.
Other expenses incurred include $12.1 million of dry hole and exploration costs and $11.0 million of impairment costs related to divestitures of non-core oil and natural gas properties and assets held for sale. Also recognized, during the fourth quarter, was a $4.0 million gain on sale of assets related to Utica Shale acreage in an agreement with Total and Chesapeake.
For 2010, EVEP reported net income of $106.1 million, or $3.35 and $3.34 per basic and diluted weighted average limited partner unit outstanding, respectively. Included in net income were $3.0 million of unrealized gains on commodity and interest rate derivatives and $5.0 million of non-cash costs contained in general and administrative expenses. Also contained in general and administrative expenses were approximately $1.4 million of due diligence and other transaction costs for acquisitions. Also recognized was a $40.7 million gain on sale of certain unproved acreage and a $2.5 million non-cash charge to lease operating expenses related to oil in tanks purchased in connection with the Appalachian Basin acquisition closed in March 2010.
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