- In March 2012, Atlas Resource Partners, L.P. (NYSE: ARP) acquired the exploration and production business from ATLS. ATLS owns 100% of the general partner Class A units and incentive distribution rights, and an approximate 64% limited partner interest in ARP.
- Distributable cash flow, a non-GAAP measure, of $13.6 million, or $0.26 per common unit (1) for the first quarter 2012;
- ATLS declared a cash distribution of $0.25 per limited partner unit for the first quarter 2012 at a distribution coverage ratio of approximately 1.1x. The first quarter 2012 distribution represents a $0.14 per unit increase over the prior year comparable quarter and a $0.01 increase from fourth quarter 2011; and,
- On a GAAP basis, net loss was $15.1 million for the first quarter 2012 compared to net income of $241.6 million for the prior year comparable period. The loss for the first quarter 2012 was caused primarily by an ARP non-cash asset impairment of approximately $7 million related to a legacy contract initiated prior to the acquisition from Chevron Corp. in February 2011 and expenses related to the ARP spinoff. The net income in the prior year was primarily attributable to Atlas Pipeline Partner, L.P.’s (NYSE: APL; “APL”) gain on sale of its ownership interest in the Laurel Mountain gathering system. Please see the reconciliation of GAAP net income (loss) to Adjusted EBITDA and distributable cash flow in the financial tables of this release for further information.
Atlas Energy, L.P. Reports Operating And Financial Results For The First Quarter 2012
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