For Immediate Release
EP Energy Announces Fourth Quarter and Full Year 2015 Results and Proved Reserves, and Provides 2016 Outlook Focused On Capital Efficiency and Financial Discipline
HOUSTON, TEXAS, February 18, 2016
—EP Energy Corporation (NYSE:EPE) today reported fourth quarter and year-end 2015 financial and operational results for the company.
Key highlights include:
2015 Full Year Results
Annual production of 109.7 thousand barrels of oil equivalent per day (MBoe/d), including 60.5 thousand barrels per day (MBbls/d) of oil — a 10 percent increase in oil production from 2014
Adjusted earnings before interest and debt expense, income taxes, depreciation, depletion and amortization and exploration expense (Adjusted EBITDAX) of $1,641 million — a 6 percent increase from 2014
Total Adjusted Cash Operating Costs of $9.89 per barrel of oil equivalent (Boe), including lease operating expense of $4.64 per Boe — a 25 percent reduction in adjusted cash operating costs from 2014
$0.78 adjusted earnings per share (Adjusted EPS)
$5.46 Discretionary Cash Flow Per Share
188 completed wells — in-line with company estimates
$942 million from settlements on financial derivatives
Non-cash impairment charge of approximately $4.3 billion
2015 Proved Reserves and Future Drilling Inventory

Proved reserves of 546.0 million barrels of oil equivalent (MMBoe)
55 percent oil and 71 percent liquids
Pre-tax present value of proved reserves discounted at 10 percent (PV-10) was $2 billion based on 12/31/15 SEC pricing1, excluding approximately $800 million of hedge mark-to market (MTM) value
Added 197 future locations to drilling inventory through Eagle Ford acquisition and now have 5,709 identified drilling locations

2016 Outlook

$500 million to $900 million oil and gas expenditures
91 MBoe/d to 97 MBoe/d total production
45,000 to 50,000 barrels of oil per day
Substantially all of 2016 estimated oil production volumes hedged at an average price of approximately $80 per barrel of oil
Expecting full year average well costs to be approximately 10 to 15 percent lower than 2015

1 Based on the average first day of the month spot price for the preceding 12-month period of $50.28 per Bbl (WTI) and $2.59 per MMBtu (Henry Hub).

The following information was filed by Ep Energy Llc on Thursday, February 18, 2016 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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