EV Energy Partners, L.P. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2017. For the quarter, the company reported total revenues of $56,987,000 against $38,250,000 a year ago. Operating loss was $55,407,000 against $28,927,000 a year ago. Loss before income taxes was $50,794,000 against $29,159,000 a year ago. Net loss was $50,831,000 against $29,000,000 a year ago. Basic and diluted loss per the company's unit was $1.01 against $0.58 a year ago. Net cash flows provided by operating activities were $5,530,000 against $14,236,000 a year ago. Acquisition of oil and natural gas properties was $58,651,000. Additions to oil and natural gas properties were $730,000 against $7,828,000 a year ago. Adjusted EBITDAX was $22,005,000 against $20,228,000 a year ago. Distributable cash flow was $3,942,000 against negative distributable cash flow of $1,171,000 a year ago. The increases in adjusted EBITDAX and distributable cash flow over the first quarter of 2016 were primarily attributable to higher realized oil, natural gas and natural gas liquids prices.

For the quarter, the company reported production of oil of 335 Mbbls against 317 Mbbls a year ago. Natural gas liquids was 512 Mbbls against 602 Mbbls a year ago. Natural gas was 10,366 Mmcf against 12,818 Mmcf a year ago. Net production was 15,447 Mmcfe against 18,331 Mmcfe a year ago. The decreases in production were primarily due to significantly lower drilling activity in 2016 and the divestiture of producing properties completed on December 1, 2016, partially offset by the addition of Karnes County, TX producing properties acquired on January 31, 2017.

For the quarter, the company reported impairment of oil and natural gas properties of $49,587,000 against $687,000 a year ago.

The company recently sold a package of approximately 1,200 marginal wells in Ohio, Pennsylvania for a nominal amount, which would be a second quarter event. As a result, production guidance for the remainder of the year is reduced by 650 million cubic feet of natural gas and 15,000 barrels of oil or approximately 2.7 MMcfe per day. LOE guidance for the remainder of the year is reduced by $1.2 million.

The company intends to spend the $30 million to $45 million in capital in 2017.