EV Energy shares rise after Q2 results, $284M Utica shale sale

Along with its Q2 results, EV Energy (EVEP +2.6%) announces a $284M deal with an undisclosed buyer to sell ~22.5K acres in Ohio’s Utica shale play.

The deal is the first Utica disposal by EVEP, which suggests further sales are ahead.

Adjusted Q2 EBITDA was $52.6M, +9% Q/Q but -20% Y/Y; distributable cash flow of $26.1M +20% Q/Q but -24% Y/Y; production was 172.3M cfe/day, +4% Q/Q and +6% Y/Y.

EVEP also is bringing onstream its 200M cf/day Utica East Ohio midstream gas processing facility, which is processing 85M cf/day and set to increase as more wells are hooked up.

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