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May 27, 2015 5:58 AM ET

Oil, Gas and Consumable Fuels

Company Overview of EP Energy LLC

Company Overview

EP Energy LLC acquires, explores, develops, and produces oil, natural gas, and natural gas liquids in the United States. The company’s oil and natural gas properties are located in the Eagle Ford Shale in South Texas; the Wolfcamp Shale in Permian Basin in West Texas; the Altamont field in the Uinta Basin in Northeastern Utah; and the Haynesville Shale in North Louisiana. As of December 31, 2014, it had proved reserves of 622.2 million barrels of oil equivalent. The company is headquartered in Houston, Texas. EP Energy LLC is a subsidiary of EP Energy Corporation.

1001 Louisiana Street

Houston, TX 77002

United States

Phone:

713-997-1000

Key Executives for EP Energy LLC

Chairman of The Board - Ep Energy Corporation, Chief Executive Officer and President
Age: 53
Chief Financial Officer and Executive Vice President
Age: 53
Chief Operating Officer and Executive Vice President
Age: 49
Senior Vice President, General Counsel and Corporate Secretary
Age: 49
Executive Vice President of Operations Services
Age: 45
Compensation as of Fiscal Year 2014.

EP Energy LLC Key Developments

EP Energy LLC and Everest Acquisition Finance Inc. Announce Pricing of Senior Notes Due 2023

EP Energy LLC and Everest Acquisition Finance Inc., as co-issuer announced the pricing of the previously announced unregistered offering of $800 million aggregate principal amount of 6.375% Senior Notes due 2023 at an issue price of 100%. The offering is expected to close on May 28, 2015, subject to certain closing conditions. The issuers intend to use the proceeds from the offering of the notes to purchase for cash any and all of the $750 million aggregate principal amount of their outstanding 6.875% Senior Secured Notes due 2019 in connection with EP Energy's tender offer announced; to the extent the Tender Offer is not fully subscribed, to redeem any 6.875% Senior Secured Notes due 2019 that remain outstanding; to repay amounts outstanding under its senior reserve-based revolving credit facility and/or for other general corporate purposes and to pay related fees and expenses.

EP Energy LLC and Everest Acquisition Finance Inc. Announce Offering of Senior Notes Due 2023

EP Energy LLC ("EP Energy"), a wholly-owned subsidiary of EP Energy Corporation announced that it and its wholly-owned subsidiary, Everest Acquisition Finance Inc., as co-issuer (together with EP Energy, the "Issuers"), intend to offer $800,000,000 aggregate principal amount of its senior notes due 2023 in a private placement. The issuers intend to use the proceeds from the offering of the notes (i) to purchase for cash any and all of the $750 million aggregate principal amount of their outstanding 6.875% senior secured notes due 2019 in connection with EP Energy's tender offer (ii) to the extent the tender offer is not fully subscribed, to redeem any 6.875% senior secured notes due 2019 that remain outstanding, (iii) to repay amounts outstanding under its senior reserve-based revolving credit facility and/or for other general corporate purposes and (iv) to pay related fees and expenses.

EP Energy LLC Announces Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Announces Production Results for the First Quarter Ended March 31, 2015; Provides Capital Expenditures Guidance for the Year 2015

EP Energy LLC announced consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net income of $19 million compared to net loss of $90 million a year ago. Income from continuing operations was $19 million compared to loss from continuing operations of $100 million a year ago. EBITDAX was $342 million compared to $123 million a year ago. Adjusted EBITDAX was $366 million compared to $350 million a year ago. Discretionary cash flow was $286 million or $1.17 per share against $274 million or $1.15 per share a year ago. Net cash provided by operating activities was $291 million compared to $223 million a year ago. Net income per share diluted was $0.08 against net loss per share diluted was $0.38 a year ago. Adjusted EPS diluted was $0.13 against $0.18 a year ago. Total capital expenditures in the first quarter 2015 were $415 million with nearly $288 million invested in the company’s eagle ford program. For the quarter, the company reported 60,000 barrels of oil production per day (mbbls/d), a 23% increase from first quarter of 2014. The company now expects capital expenditures of approximately $1.2 billion to $1.25 billion, per unit adjusted cash operating costs for the year of $10.50 to $12.00 per boe, transportation costs of $2.95 to $3.15 per boe for the year 2015.

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