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
TheStreet Open House

Atlas Resource Partners, L.P. Reports Operating And Financial Results For The Second Quarter 2013

Atlas Resource Partners, L.P. (NYSE: ARP) (“ARP” or “the Company”) has reported operating and financial results for the second quarter 2013.

Matthew A. Jones, President of ARP, said, “The recent acquisition of producing assets in the Raton and Black Warrior Basins strongly complements our already valuable energy properties, and we expect to immediately benefit from the production of these low-declining reserves. We are also very pleased with the progress our operating team has made in further developing our growth projects. Our Marble Falls and Mississippi Lime drilling efforts continue to provide additional oil and liquids production, which will benefit us in the second half of 2013 and beyond. Exclusive of the recently acquired production, our current daily net production rate has reached over 145 Mmcfed. In addition, we are excited about the upcoming connections of our Marcellus and Utica Shale wells this quarter. Lastly, we welcome all of our new staff that has joined us from EP Energy and look forward to their contributions as we substantially grow our business.”

Second Quarter 2013 Results

  • Adjusted earnings before interest, income taxes, depreciation and amortization (“adjusted EBITDA”), a non-GAAP measure, of $53.8 million (1), or $0.83 per common unit, for the second quarter 2013 pro forma for ARP’s acquisition of natural gas producing assets from EP Energy E&P Company, L.P. (“EP Energy”). This compares to pro forma adjusted EBITDA of $31.4 million, or $0.64 per unit, in the first quarter 2013 and $16.6 million, or $0.50 per unit, for the prior year second quarter;
  • Distributable cash flow, a non-GAAP measure, of $41.0 million (1), or $0.62 per common unit for the second quarter pro forma for the EP Energy acquisition, compared to $25.1 million, or $0.52 per unit, in the first quarter 2013 and $16.6 million, or $0.43 per unit, in the prior year second quarter;
  • ARP declared a cash distribution of $0.54 per limited partner unit for the second quarter 2013, an approximate 6%, over the first quarter 2013 and a 35% increase from the prior year second quarter distribution. The second quarter 2013 ARP distribution will be paid on August 14, 2013 to holders of record as of August 6, 2013; and
  • On a GAAP basis, net loss was $6.2 million for the second quarter 2013 compared to a net loss of $16.7 million for the prior year comparable period. The loss for each period was caused principally by non-cash expenses, including depreciation, depletion and non-cash compensation expense. (1)

(1) A reconciliation of GAAP net loss to pro forma adjusted EBITDA and distributable cash flow is provided in the financial tables of this release.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

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