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For Immediate Release
EP Energy Announces Fourth Quarter and Full Year 2014 Results and Strong Growth In 2014 Proved Reserves Met Expectations Twice Raised in 2014
HOUSTON, TEXAS, February 18, 2015EP Energy Corporation (NYSE:EPE) today reported year end 2014 proved reserves and 2014 financial and operational results for the company.
Key highlights include:
2014 Full Year Results
· Record annual production of 97.7 thousand barrels of oil equivalent per day (MBoe/d), including 54.8 thousand barrels per day (MBbls/d) of oil a 51 percent increase in oil production from 2013
· Adjusted earnings before interest and debt expense, income taxes, depreciation, depletion and amortization and exploration expenses (Adjusted EBITDAX) of $1,547 million a 36 percent increase from 2013
· $0.86 adjusted earnings per share (Adjusted EPS)
· $5.19 Discretionary Cash Flow Per Share
· 273 completed wells in line with company estimates
2014 Drilling Inventory and Proved Reserves
· Added more than 500 future locations to drilling inventory since the end of 2013 and now hold nearly 5,700 drilling locations
· Proved reserves of 622 million barrels of oil equivalent (MMBoe), up 18 percent from year end 2013 excluding 21 MMBoe from assets sold
· Replaced 343 percent of 2014 production at $16.93 per Boe
We are proud of our 2014 results with strong growth in EBITDAX and oil volumes and increasing operational efficiencies, said Brent Smolik, chairman, president and chief executive officer of EP Energy Corporation. We improved execution in each of our programs, increased
The following information was filed by Ep Energy Llc on Wednesday, February 18, 2015 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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