This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

ATP Announces First Quarter 2012 Financial Results And Operations Update

Stocks in this article: ATPG

ATP Oil & Gas Corporation (NASDAQ:ATPG) today released first quarter 2012 financial results and an operations update.

Results of Operations

Production in first quarter 2012 was 2.0 MMBoe (million barrels of oil equivalent) of which 63% was oil and condensate, compared to 2.3 MMBoe in the first quarter 2011 of which 68% was oil and condensate. This falls within ATP’s previously-stated expectation of 1.8 – 2.1 MMBoe for first quarter 2012. First quarter 2012 production includes approximately 0.1 MMBoe from a royalty relief adjustment related to 2011 production. Revenues from oil and gas production were $146.6 million in first quarter 2012 including a $3.0 million benefit for royalty relief related to 2011, compared to $166.5 million with no corresponding adjustment for royalty relief in first quarter 2011.

Cash provided by operating activities in first quarter 2012 was $100.9 million, compared to $86.2 million in first quarter 2011. ATP ended first quarter 2012 with a cash balance of $224.7 million, compared to $65.7 million in fourth quarter 2011. ATP’s working capital deficit was $267.9 million at the end of first quarter 2012 compared to a $347.5 million deficit at the end of fourth quarter 2011.

Lease operating expense for first quarter 2012 was $26.9 million compared to $32.4 million in first quarter 2011. Recurring lease operating expense was $23.2 million in first quarter 2012 and $25.0 million in first quarter 2011. The improvement was primarily a result of lower variable expense. Excluded from recurring lease operating expense was workover expense of $3.7 million in first quarter 2012 and $7.4 million in first quarter 2011. The workover expenses in first quarter 2012 were primarily due to hull repair and maintenance work at Gomez Hub, while the workover expenses in first quarter 2011 were primarily due to work at ATP’s Atwater 63 and Mississippi Canyon 711 properties. General and administrative expense was $18.0 million in first quarter 2012, which included $3.8 million of organization and startup costs of operations in Israel and other international prospect generation costs, and $3.7 million of bonuses awarded to executives by the Board. The remaining general and administrative expense of $10.5 million is comparable to the $9.7 million in first quarter 2011. For first quarter 2012, ATP recorded a net loss attributable to common shareholders of $145.1 million or $(2.83) per basic and diluted share compared to $119.5 million or $(2.34) per basic and diluted share in first quarter 2011. The net loss attributable to common shareholders was impacted by items analysts sometimes exclude from published estimates. For first quarter 2012, those items included a gain on abandonment of $0.4 million, impairment of oil and gas properties of $1.2 million, and unrealized losses on derivative contracts of $42.8 million. For first quarter 2011, those items included unrealized losses on derivative contracts of $42.9 million and $18.5 million of drilling interruption costs associated with the Gulf of Mexico moratorium.

1 of 6

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs