Atlas Resource Partners, L.P. (NYSE: ARP) (“ARP” or “the Company”) has reported operating and financial results for the fourth quarter and full year 2012.
Matthew A. Jones, President and Chief Operating Officer of ARP, said, “Our results for the fourth quarter highlight the meaningful progress we have made towards our objectives in expanding our enterprise through a strong asset base. This is evidenced by ARP’s completion in less than a year of approximately $650 million in acquisitions of valuable oil & gas reserves and undeveloped positions in the Fort Worth Basin. Notably, the recently completed acquisition in the Marble Falls region fully compliments our already well-established assets and operating team in Fort Worth, and we look forward to the contributions of this oil & liquids play to our production margin. We have also made further improvements in our efficiency of operations and drilling activities. As a result, we expect our efforts to drive future cash flow growth while maintaining a solid capital position.”
Fourth Quarter and Full Year 2012 Results
- Adjusted earnings before interest, income taxes, depreciation and amortization (“adjusted EBITDA”), a non-GAAP measure, of $31.8 million (1), or $0.66 per common unit, for the fourth quarter 2012, which represents a $9.0 million or 40% increase from the third quarter 2012, and $84.5 million for the full year 2012;
- Distributable cash flow, a non-GAAP measure, of $27.5 million (1), or $0.56 per common unit, for the fourth quarter 2012, which represents a $9.1 million or 49% increase, and $64.1 million for the full year 2012;
- ARP declared a cash distribution of $0.48 per limited partner unit for the fourth quarter 2012, at a coverage ratio of approximately 1.2x; and,
- On a GAAP basis, net loss was $18.9 million for the fourth quarter 2012 compared to $4.7 million for the prior year comparable period. The loss for each period was caused principally by non-cash expenses, including $9.5 million of asset impairment write downs on certain non-core legacy oil and gas properties and non-cash compensation expense. 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.