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We are removing Short EV Energy Partners (EVEP) from our Best Ideas list.  We added the “position” on 4/26/2013 at $47.00/unit:  4/26/13: Short EVEP: New “Best Idea”

Moving On......With the market now less positive on EVEP’s Utica acreage and the recent $200MM equity raise, our thesis is largely played out.  EVEP will release 3Q13 results on 11/8, and we don’t have high conviction on the quarter one way or the other, so we prefer to step aside here.  In our view, EVEP still has typical MLP issues (especially typical among the upstream MLPs) including understated maintenance CapEx, overstated DCF, high leverage, and over-valuation.  But at this point, we prefer short exposure to upstream MLPs LINE / LNCO, BBEP, and VNR.

Kevin Kaiser

Managing Director