Atlas Resource Partners, L.P. (NYSE: ARP) (“Atlas Resource” or “ARP”) today reported operating and financial results for the third quarter 2012.
Matthew A. Jones, President and Chief Operating Officer of Atlas Resource Partners, stated, “Our results this quarter are indicative of our success in expanding our business. In our first two quarters as a public company, we have completed over $400 million in highly accretive acquisitions that have substantially increased our net production and established new positions for our company in the Barnett Shale (TX) and Mississippi Lime (OK) plays. We have commenced drilling in both of these regions, and as a result, we expect additional oil & gas production in coming quarters. We have also initiated drilling operations on our Utica Shale acreage, and continue drilling development on our Marcellus Shale position. We anticipate that all of these efforts will contribute to increased cash flows for the benefit of all our stakeholders.”
Third Quarter 2012 Results
- Adjusted earnings before interest, income taxes, depreciation and amortization (“adjusted EBITDA”), a non-GAAP measure, of $22.7 million (1), or $0.56 per common unit, for the third quarter 2012, an increase of 37% from the second quarter 2012;
- Distributable cash flow, a non-GAAP measure, of $18.5 million (1), or $0.45 per common unit, for the third quarter 2012, an increase of approximately 30% from the second quarter 2012;
- ARP declared a cash distribution of $0.43 per limited partner unit for the third quarter 2012, at a coverage ratio of approximately 1.1x; and,
- On a GAAP basis, net loss was $10.1 million for the third quarter 2012. The loss for the third quarter 2012 included the recognition of a $7.7 million estimated expense regarding the Partnership’s reconciliation process with Chevron Corporation (“Chevron”) over certain liabilities assumed in the February 2011 transaction with Chevron. Please see the reconciliation of GAAP net loss to adjusted EBITDA in the financial tables of this release for further information.
(1) A reconciliation of GAAP net loss to adjusted EBITDA and distributable cash flow is provided in the financial tables of this release.