EV Energy Partners Q3 EBITDA Below Wells Fargo Estimate

Wells Fargo reports that EV Energy Partners' (NASDAQ: EVEP) Q3 EBITDA of $37.2MM was below its estimate of $39.1MM (Consensus of $39.0MM) primarily due to higher lease operating expenses.

“To note, management indicated that Q3 '10 G&A expense included approximately $300K of one-time costs associated with the integration of EVEP's recently acquired Mid-Continent properties,” Wells Fargo writes.

“Production during the quarter totaled 7.0 Bcfe, which was slightly above our estimate of 6.9 Bcfe. DCF/unit of $0.72 was below our estimate of $0.86 primarily due to lower operating results (i.e. EBITDA) and higher cash interest expense.”

EV Energy Partners currently trades at $38.14.