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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.