Total revenues of $41.1m
Oil and natural gas exploration and production company EV Energy Partners has reported a net income of $145.54m, or $6.68 per diluted share, for the fourth quarter of 2008, compared to a net loss of $11.9 m, or $0.78 per share, for the same period of 2007.
EV Energy Partners (EVEP) has reported total revenues of $41.1m for the fourth quarter of 2008, compared to $39.43m for the same period of 2007.
EVEP has reported net income of $225.5m, or $11.14 per diluted share, for the year 2008, compared to $11.2m, or $0.74 per diluted share, for the year 2007.
For the fourth quarter of 2008, EVEP produced 4.27 Bcf of natural gas, 136 MBbls of crude oil and 157 MBbls of natural gas liquids.
Included in net income were $134m of non-cash net unrealized gains on commodity and interest rate derivatives, primarily due to the significant decrease in future oil and natural gas prices that occurred from September 30, 2008 to December 31, 2008 and the effect of such decreased prices on EVEP’s commodity price hedges, which extend through 2013.
The company has reported total revenues of $207.31m for the year 2008, compared to $10m for the year 2007.