News
For Immediate Release
 
EP Energy Announces Fourth Quarter and Full Year 2016 Results; Improving Value with Increased Performance
 
HOUSTON, TEXAS, March 1, 2017
—EP Energy Corporation (NYSE:EPE) today reported fourth quarter and year-end 2016 financial and operational results for the company.
 
Key highlights include:
 
2016 Full Year Results 
87.6 thousand barrels of oil equivalent per day (MBoe/d), including 46.6 thousand barrels of oil production per day (MBbls/d)
$488 million of oil and gas expenditures — lower than company estimates
98 completed wells — higher than company estimates
$27 million net loss / $1,039 million Adjusted EBITDAX
Improved well returns and asset value in all programs
Reduced debt by approximately $1 billion
$1.1 billion of liquidity at 12/31/16
     
2016 Proved Reserves and Future Drilling Inventory
Proved reserves of 432.4 million barrels of oil equivalent (MMBoe)
64 MMBoe of reserve additions
51 percent oil and 72 percent liquids
5,156 identified drilling locations

2017 Outlook
$630 million to $730 million of oil and gas expenditures
75 MBoe/d to 82 MBoe/d of total equivalent production
45 MBbls/d to 49 MBbls/d of oil production
175 to 190 gross well completions with primary focus in the Wolfcamp program
Approximately 75 percent of 2017 estimated oil production volumes hedged at an average price of $61.66 per barrel of oil1 
Approximately 76 percent of 2017 estimated natural gas production volumes hedged at an average price of $3.28 per MMBtu1 

“In 2016 our teams executed well and successfully increased efficiencies, lowered costs and improved well performance in all asset areas,” said Brent Smolik, chairman, president and chief executive officer of EP Energy Corporation. “We reduced debt by $1 billion and significantly extended debt maturities. We also generated significant free cash flow in 2016 and increased liquidity in the second half of the year. Looking ahead, we are shifting our focus to growth, driven by our Permian Basin Wolfcamp asset, while maintaining our focus on balance sheet improvement. So, we enter 2017 much better positioned to capitalize on our high quality assets."

1 Percent hedged based on midpoint of 2017 guidance



The following information was filed by Ep Energy Corp (EPE) on Wednesday, March 1, 2017 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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