EV Energy Partners to Sell Stake in Utica Midstream
HOUSTON — EV Energy Partners L.P. plans to sell its interest in the Utica East Ohio Buckeye midstream network in 2015, the company announced Monday.
The UEO system includes the Kensington cryogenic plant in southern Columbiana County and a fractionation plant in Scio, Ohio. Last year, the company sold its interest in Cardinal Gas Gathering Services, which collected gas from nearby wells and transported it to UEO’s processing plants.
EV plans to reduce its midstream capital expenditures by $100 million in 2015 versus the previous year and its exploration and production expenditures by about 40%, said John Walker, executive chairman.
The company cut its fourth quarter dividend to $0.50 per unit, or a reduction of $0.274 per unit over the prior quarter.
“In response to the speed and depth of the decline in commodity prices, we are significantly reducing our E&P capital budget by 40% versus 2014 and are lowering our common unit distribution,” Walker said.
EV Energy partnered with M3 Midstream and Access Midstream to form UEO Buckeye, a large midstream network that stretches from Columbiana County to Harrison County in Ohio.
On Monday, Williams Partners announced the completion of a merger with Access Midstream, which gives Williams midstream opportunities in the Utica, Eagle Ford, Haynesville, Barnett, Four Corners and other shale positions across the country.
As a result of the Merger, Access Midstream will be renamed Williams Partners L.P.
Copyright 2015 The Business Journal, Youngstown, Ohio.
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