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Atlas Energy, L.P. Reports Operating And Financial Results For The Third Quarter 2012

Stocks in this article: APL ARP ATLS

Financial Results

  • On October 25, 2012, ARP increased its quarterly cash distribution to $0.43 per unit for the third quarter 2012, which is payable November 14, 2012 to holders of record as of November 5, 2012. ATLS earned approximately $9.4 million of cash distributions based upon ARP’s recently announced third quarter 2012 distribution.
  • On October 24, 2012, APL declared an increased distribution for the third quarter of 2012 of $0.57 per common limited partner unit to holders of record on November 7, 2012, which will be paid on November 14, 2012. ATLS earned approximately $5.7 million of cash distributions based upon APL’s recently announced third quarter 2012 distribution.
  • On a GAAP basis, net loss attributable to limited partners was $11.4 million for the third quarter 2012 compared to net income of $7.1 million for the prior year comparable period. The loss for the third quarter 2012 is due primarily to Atlas Energy’s $4.3 million of non-cash stock compensation expense, and its ownership interest in ARP, which recognized a $7.7 million estimated expense regarding its reconciliation process with Chevron Corporation (“Chevron”) over certain liabilities assumed in the February 2011 transaction, as well as APL’s $18.9 million non-cash mark-to-market loss on derivative contracts. The net income in the prior year quarter was primarily attributable to ATLS’ ownership interest in APL’s $23.8 million non-cash mark-to-market gain on derivative contracts and ARP’s recognition of $6.2 million of fees recognized related to the transition service agreement with Chevron. 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.

Recent Events

Atlas Resource’s Acquisition of Mississippi Lime Acreage from Equal Energy

On September 24, 2012, ARP entered into and simultaneously closed an agreement with Equal Energy, Ltd. (“Equal”) (NYSE: EQU; TSX: EQU) to acquire the following for approximately $40 million: the remaining 50% interest in Equal’s approximately 8,500 net undeveloped acres in the core of the oil & liquids rich Mississippi Lime play in northwestern Oklahoma, approximately 8 Mmcfe/d of net production in the Mississippi Lime region and substantial salt water disposal infrastructure. This transaction increases ARP’s position in the Mississippi Lime to approximately 20,000 net acres. The acreage position ARP has acquired in the Mississippi Lime is located in Alfalfa, Garfield and Grant Counties, Oklahoma and is almost entirely held by existing production. ARP will be able to increase its drilling activity in the play at its discretion going forward, and ARP intends to activate a second rig in the Mississippi Lime by the end of 2012. ARP financed this transaction with available borrowings under its revolving credit facility.

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