EV Energy Partners, L.P. (NASDAQ:EVEP) reported results for 3Q2015 and the submission filing of its Form 10-Q with the U.S. Securities and Exchange Commission. In addition, the company has released an update on distributions and 4Q2015 guidance.
EV Energy Partners said that adjusted EBITDAX for 3Q2015 stood at $43.8 million, a 29% decline from 3Q2014 and an 18% decline QOQ. Distributable Cash Flow for 3Q2015 came at $20.1 million, a 37% decline from 3Q2014 and a 23% plunge from 2Q2015. The decline in Distributable Cash Flow and Adjusted EBITDAX can be attributed to the sale of Utica midstream interests, lower realized commodity prices and lower production, partially offset by declining operating costs and expenses. Distributable Cash Flow and Adjusted EBITDAX are Non-GAAP financial measures.
Production for 3Q2015 was 9.7 Bcf of natural gas, 526 Mbbls of natural gas liquids, and 212 Mbbls of oil. This highlights a 13% drop from 3Q2014 production of 175.8 Mmcfe/d and a 6% drop from 2Q2015 production of 162.8 Mmcfe/day. The production in 3Q2015 was mainly impacted by adjustments from previous periods, timing of some well completions and natural drop. EVEnergy posted a net loss of $9.8 million for the third quarter of 2015.
The net loss included impairment charges pertaining to the write down of certain natural gas and oil assets due to the impact of commodity prices on anticipated future net cash flows, non-cash benefits on commodity derivatives, non-cash costs contained in G&A expenses, dry hole and exploration costs and cash due diligence and other costs related to the acquisitions completed in October.
For 2Q2015, EV Energy Partners, L.P. (NASDAQ:EVEP) posted net income of $164.1 million compared to net income of $42.6 million in 3Q2014. The net income of 2Q2015 included the sale ofUtica midstream interests. In October, the company closed on previously reported acquisitions and amended its credit facility.