EV Energy Partners LP (NASDAQ: EVEP), an oil and gas MLP, filed for Chapter 11 bankruptcy protection on April 2.
EV Energy Partners had current liabilities of $654 million and total current assets of $61.4 million in 2017, according to its latest filing.
Parent firm EnerVest Ltd. and its EnerVest Operating unit will not file for bankruptcy, EV Energy said.
EnerVest Operating will continue to operate EV Energy's oil and natural gas assets. The company had 886 billion cubic feet equivalent of proved reserves located in Arkansas, Colorado, Kansas, Louisiana, Michigan, New Mexico, Ohio, Oklahoma, Pennsylvania, Texas and West Virginia as of year-end 2016, according to its website.
EV Energy's shares were down about 9% in aftermarket trading.
Pioneer Natural Resources CEO Scott Sheffield called on oil and gas investors to sell shares or pull funding from companies that have rates of natural gas flaring.
At DUG Bakken and Rockies, shale executives acknowledged the headwinds, but remained optimistic about the opportunities in the Powder River Basin, the Bakken and, yes, even Colorado.
Companies with the lowest flaring intensity in Texas included Pioneer Natural Resources, EOG Resources, ConocoPhillips and Chesapeake Energy.