Top-News
Donnerstag,
06.08.2015 18:38
von
PR Newswire
| Aufrufe: 79
Atlas Energy Group, LLC Reports Operating And Financial Results For The Second Quarter 2015
Eine Tageszeitung (Symbolbild).
pixabay.com
PR Newswire
PITTSBURGH, Aug. 6, 2015
PITTSBURGH, Aug. 6, 2015 /PRNewswire/ -- Atlas Energy Group, LLC (NYSE: ATLS) ("Atlas Energy", the "Company" or "ATLS") today reported operating and financial results for the second quarter 2015.
- Atlas Energy's Distributable Cash Flow, a non-GAAP measure, was approximately $5.0 million(1), or $0.19 per common unit, in the second quarter 2015.
- Atlas Resource Partners, L.P. (NYSE: ARP), Atlas Energy's E&P subsidiary, paid monthly cash distributions totaling $0.325 per common limited partner unit for the second quarter 2015. The most recent ARP distribution for June 2015 will be paid on August 14, 2015 to holders of record as of August 7, 2015. Atlas Energy received $9.4 million in cash distributions in the second quarter 2015 from ownership in ARP.
- Atlas Growth Partners, L.P. ("AGP"), Atlas Energy's private E&P development subsidiary, recently completed its initial fundraising of approximately $233 million in investor capital for its operations, which are primarily focused in the Eagle Ford Shale.
- In July 2015, Arc Logistics Partners, LP (NYSE: ARCX), a master limited partnership of which 16% of its general partner is owned by ATLS through the Company's interest in Lightfoot Capital Partners, announced that it acquired all of the limited liability company interests of UET Midstream, LLC, a crude oil and terminal business, from United Energy Trading, LLC and Hawkeye Midstream, LLC for a total adjusted purchase price of $76.6 million.
ATLS owns 100% of ARP's general partner Class A units and incentive distribution rights, and an approximate 25% limited partner interest in ARP. ATLS' financial results are presented on a consolidated basis with those of ARP. Non-controlling interests in ARP are reflected as an adjustment to net income in ATLS' consolidated statements of operations and as a component of unitholders' equity on its consolidated balance sheets. A consolidating statement of operations and balance sheet have also been provided in the financial tables to this release for the comparable periods presented. Please refer to the ARP second quarter 2015 earnings release for additional details on its financial results.
| (1) | A reconciliation of GAAP net income (loss) to Distributable Cash Flow is provided in the financial tables of this release. Please see footnote 61 to the Financial Information table of this release. |
Recent Events
Sale of Arkoma Properties to ARP
On June 5, 2015, ARP acquired Atlas Energy's natural gas producing properties in the Arkoma basin for approximately $35.5 million. The Arkoma assets consist of approximately 41 billion cubic feet ("Bcf") of mature, low-decline natural gas reserves, which currently produce approximately 10.5 million cubic feet per day from over 550 active wells. ATLS used the net proceeds from the sale of the Arkoma assets to pay down a portion of its existing term loan, which had a carrying value of $77.4 million, net of unamortized discount of $5.3 million, on its consolidated balance sheet as of June 30, 2015. ATLS and ARP accounted for the Arkoma acquisition as a transaction between entities under common control, and accordingly recast the comparative prior periods presented as if the transaction had occurred at the beginning of the respective periods.
ARIVA.DE Börsen-Geflüster
Kurse
 |
 |
 |
ARP's Second Quarter 2015 Highlights
- ARP's average net daily production for the second quarter 2015 was 270.8 million cubic feet equivalents per day ("Mmcfed"), as compared to 273.0 Mmcfed for the prior year second quarter. ARP's second quarter 2015 production was comprised of 81% natural gas, 12% oil and 7% natural gas liquids. Oil volumes increased to 5,293 barrels per day ("bpd") in the second quarter 2015, compared to 2,084 bpd in the prior year quarter. The increase in oil volumes was due primarily to the acquisition of oil-rich production in the Eagle Ford Shale and Rangely field in 2014.
- ARP's net realized price for natural gas including the effect of hedge positions was $3.33 per thousand cubic feet ("mcf") for the second quarter 2015, compared to $3.79/mcf for the prior year second quarter. Net realized oil prices including the effect of hedge positions averaged $83.19 per barrel ("bbl") for the second quarter 2015, compared to $90.66/bbl for the prior year second quarter. ARP was hedged approximately 73% on its natural gas production in the second quarter 2015 and approximately 100% on its oil production.
- Investment partnership margin was $6.7 million in the second quarter 2015, compared with $10.2 million for the prior year comparable quarter. The decrease in investment partnership margin was due to more partnership wells being initiated in the prior year quarter which generated higher administration and oversight fees.
- For the remainder of 2015 and the full years 2016, 2017 and 2018, ARP is hedged approximately 72%, 67%, 62% and 51%, respectively, for its natural gas production at an average price of $4.17/mcf, and hedged approximately 100%, 85%, 62% and 59%, respectively, for oil at an average price of approximately $78/bbl based on second quarter 2015 average production. A summary of ARP's derivative positions as of August 6, 2015 is provided in the financial tables of ARP's second quarter earnings release.
Atlas Growth Partners
Atlas Energy's private E&P development subsidiary, Atlas Growth Partners, L.P., completed its recent fundraising efforts during the second quarter 2015, accumulating approximately $233 million in investor capital. These funds are being deployed into AGP's operations, namely in the oil-rich Eagle Ford Shale. AGP had net daily production of approximately 2,800 Mmcfed in the second quarter 2015, including production from 4 wells in the Eagle Ford Shale.
Corporate Expenses
- Cash general and administrative expense, excluding amounts attributable to AGP and ARP, was $2.0 million for the second quarter 2015, approximately $1.4 million lower than the first quarter 2015. The decrease in expense from the first quarter 2015 was due primarily to the seasonality of certain ATLS' public company costs. Please refer to the consolidating statements of operations provided in the financial tables of this release.
- Cash interest expense was $2.3 million for the second quarter 2015, compared to $2.5 million for the prior year comparable quarter. ATLS had approximately $77.4 million of debt on its consolidated balance sheet at June 30, 2015, net of unamortized discount of $5.3 million, and a cash position of approximately $11.8 million.
* * *
ATLS will be discussing its second quarter 2015 results on an investor call with management on Friday, August 7, 2015 at 9:00 am Eastern Time. Interested parties are invited to access the live webcast the investor call by going to the Investor Relations section of Atlas Energy's website at www.atlasenergy.com. For those unavailable to listen to the live broadcast, the replay of the webcast will be available following the live call on the Atlas Resource website and telephonically beginning at approximately 1:00 p.m. ET on August 7, 2015 by dialing (855) 859-2056, passcode: 87417314.
Atlas Energy Group, LLC (NYSE: ATLS) is a limited liability company which owns the following interests: all of the general partner interest, incentive distribution rights and an approximate 25% limited partner interest in its upstream oil & gas subsidiary, Atlas Resource Partners, L.P.; a general partner interest, incentive distribution rights and limited partner interests in Atlas Growth Partners, L.P.; and a general partner interest in Lightfoot Capital Partners, an entity that invests directly in energy-related businesses and assets. For more information, please visit our website at www.atlasenergy.com, or contact Investor Relations at InvestorRelations@atlasenergy.com.
Atlas Resource Partners, L.P. (NYSE: ARP) is an exploration & production master limited partnership which owns an interest in over 14,500 producing natural gas and oil wells, located primarily in Appalachia, the Eagle Ford Shale (TX), the Barnett Shale (TX), the Mississippi Lime (OK), the Raton Basin (NM), the Black Warrior Basin (AL), the Arkoma Basin (OK) and the Rangely Field in Colorado. ARP is also the largest sponsor of natural gas and oil investment partnerships in the U.S. For more information, please visit ARP's website at www.atlasresourcepartners.com, or contact Investor Relations at InvestorRelations@atlasenergy.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. ATLS cautions readers that any forward-looking information is not a guarantee of future performance. Such forward-looking statements include, but are not limited to, statements about future financial and operating results, resource and production potential, planned expansions of capacity and other capital expenditures, distribution amounts, ATLS' plans, objectives, expectations and intentions and other statements that are not historical facts. Risks, assumptions and uncertainties that could cause actual results to materially differ from the forward-looking statements include, but are not limited to, those associated with general economic and business conditions; ability to realize the benefits of its acquisitions; changes in commodity prices and hedge positions; changes in the costs and results of drilling operations; uncertainties about estimates of reserves and resource potential; inability to obtain capital needed for operations; ATLS' level of indebtedness; changes in government environmental policies and other environmental risks; the availability of drilling equipment and the timing of production; tax consequences of business transactions; and other risks, assumptions and uncertainties detailed from time to time in ATLS' and ARP's reports filed with the U.S. Securities and Exchange Commission, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K. Forward-looking statements speak only as of the date hereof, and ATLS assumes no obligation to update such statements, except as may be required by applicable law.
|
ATLAS ENERGY GROUP, LLC AND SUBSIDIARIES COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited; in thousands, except per unit data)
| |||||||
| | |||||||
| | Three Months Ended | | Six Months Ended | ||||
| | June 30, | | June 30, | ||||
| Revenues: | 2015 | | 2014 | | 2015 | | 2014 |
| Gas and oil production | $ 99,077 | | $ 110,694 | | $ 205,637 | | $ 211,519 |
| Well construction and completion | 16,956 | | 16,336 | | 40,611 | | 65,713 |
| Gathering and processing | 2,177 | | 3,758 | | 4,361 | | 8,226 |
| Administration and oversight | 547 | | 4,166 | | 1,806 | | 5,895 |
| Well services | 6,102 | | 6,365 | | 12,726 | | 11,844 |
| Gain (loss) on mark-to-market derivatives | (26,896) | | — | | 78,689 | | — |
| Other, net | 284 | | 285 | | 216 | | 554 |
| Total revenues | 98,247 | | 141,604 | | 344,046 | | 303,751 |
| | | | | | | | |
| Costs and expenses: | | | | | | | |
| Gas and oil production | 43,619 | | 43,828 | | 89,608 | | 82,586 |
| Well construction and completion | 14,745 | | 14,206 | | 35,315 | | 57,142 |
| Gathering and processing | 2,516 | | 4,273 | | 4,933 | | 8,686 |
| Well services | 2,139 | | 2,426 | | 4,337 | | 4,908 |
| General and administrative | 18,405 | | 24,797 | | 60,333 Werbung Mehr Nachrichten zur Atlas Energy Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News | ||
