This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

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

Stocks in this article: APLARPATLS

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.

2 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
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 17,797.60 -12.46 -0.07%
S&P 500 2,067.43 +3.93 0.19%
NASDAQ 4,744.0360 +31.0660 0.66%

Brokerage Partners

Rates from Bankrate.com

  • 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