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Wells Fargo reports that EV Energy Partners'
EVEP Q3 EBITDA of $37.2MM was below its estimate of $39.1MM (Consensus of $39.0MM) primarily due to higher lease operating expenses.
“To note, management indicated that Q3 '10 G&A expense included approximately $300K of one-time costs associated with the integration of EVEP's recently acquired Mid-Continent properties,” Wells Fargo writes.
“Production during the quarter totaled 7.0 Bcfe, which was slightly above our estimate of 6.9 Bcfe. DCF/unit of $0.72 was below our estimate of $0.86 primarily due to lower operating results (i.e. EBITDA) and higher cash interest expense.”
EV Energy Partners currently trades at $38.14.
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