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Atlas Energy's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Stocks in this article: ATLS

Now in connection with the planned distribution of common units of our newly formed E&P MLP, Atlas Resource Partners, which will trade under the ticker symbol ARP on the New York Stock Exchange starting March 14, Atlas Resource Partners’ Form 10 registration statement was declared effective by the SEC earlier this month. The Form 10 registration statement contains important information about Atlas Research Partners and the planned distribution, including a discussion of risks and uncertainties. All Atlas Energy unitholders of record as of today will receive their proportionate share of common units of Atlas Research Partners on March 13.

In our earnings release, we provide a reconciliation from net income to adjusted EBITDA and distributable cash flow as we believe that these non-GAAP measures offer the best means of evaluating the results of our business. Lastly, Atlas Energy will be participating in several upcoming investor conferences, including the Morgan Stanley MLP Corporate Access Day on March 7 and 8, and the IPAA conference in New York on March 16 through 18.

With that, I’d like to turn the call over to our Chief Executive Officer, Ed Cohen for his remarks. Ed?

Edward Cohen

Hello everyone. First of all, let me assure you that this is no routine quarterly conference report. Today, we celebrate the completion of the reconstruction of Atlas Energy. One year and 10 days ago, after the sale of old Atlas to Chevron, we’re now launching our new E&P subsidiary, Atlas Resource Partners. All holders of ATLS stock as of today’s date will be entitled to receive on March 13 the proportionate share of the 19.6% of Atlas Resource Partners which is being distributed. ATLS will of course retain the remaining 80.4% and will retain all the incentive distribution rights – the so-called IDRs – in Atlas Resource Partners. These IDRs together with Atlas’ general partnership interest progress to a maximum split level of 50%.

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