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For Immediate Release
EP Energy Reports 2013 Proved Reserves with Continued Oil Growth and Updated Hedge Positions
· Proved reserves of 547.5 million barrels of oil equivalent (Boe), including 293 million barrels of oil oil reserves up 16 percent from year end 2012
· Reserve value on a PV-10 basis increased to $8.9 billion up from $6.4 billion at the year ended 2012
· Oil and liquids represent approximately 67 percent of proved reserves and approximately 91 percent of reserve value
· Replaced 476 percent of 2013 production at $12.62 per Boe
· Production of 86.1 thousand Boe per day (MBoe/d), including 37.0 thousand barrels per day (MBbls/d) of oil a 55 percent increase in produced oil volumes from 2012
· December 2013 monthly average production was 90.0 Mboe/d, including 45.9 MBbls/d of oil
· Continued to build significant hedge positions in three-year program
Note: Data throughout this release, including the above highlights, is pro forma for domestic asset sales and the sale of the companys equity interest in Four Star Oil & Gas Company completed in 2013, and the sale of the companys Brazil operations which is anticipated to close in the first quarter of 2014. See Disclosure of Non-GAAP Measures section of this release for applicable reconciliations to GAAP terms.
HOUSTON, TEXAS, January 29, 2014EP Energy Corporation (NYSE: EPE, EP Energy) and its wholly-owned subsidiary EP Energy LLC jointly reported today proved oil and natural gas reserves of 547.5 million Boe as of December 31, 2013. Total reserve replacement costs were $12.62 per Boe. EP Energy reported that 54 percent of its total reserves in 2013 were oil, and 67 percent were liquids.
We had an outstanding year with excellent operating performance adding significant value and reserves from continuing assets compared with 2012, said Brent Smolik, president and chief executive officer of EP Energy Corporation. During 2013 we sold more than $1.5 billion of lower margin natural gas assets and reached agreement to divest our Brazil business which is our remaining international asset. We made excellent progress in developing our core assets, while also maturing our extensive inventory of high return, high margin assets. In 2013, we had 147 million Boe of extensions and discoveries, 99 percent of which related to our key oil programs in
The following information was filed by Ep Energy Llc on Wednesday, January 29, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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