Business & Finance
Business and Finance
Business and Finance
Fri, February 18, 2011 Atlas Pipeline Holdings, L.P. Changes Company Name To Atlas Energy, L.P.
PHILADELPHIA--([ BUSINESS WIRE ])--Atlas Pipeline Holdings, L.P. (NYSE: AHD) announced today that the company is officially changing its name to aAtlas Energy, L.P.a (aAtlas Energya or aAHDa). Atlas Energy will continue to trade on the New York Stock Exchange (aNYSEa) under the ticker symbol aAHDa. The name change is expected to be effective with the NYSE on or about Wednesday, February 23, 2011.
On Thursday, February 17, 2011, Atlas Energy, Inc. (aATLSa) and Chevron Corporation completed their merger following a vote to approve the transaction by a majority of ATLS shareholders. As a result of the merger and related transactions, each ATLS shareholder of record as of the close of business on Thursday, February 17, 2011 will receive consideration with an aggregate value of approximately $46.53 per ATLS share (based on AHDa™s closing price on February 17th), comprised of $38.25 in cash and 0.5203 common units of AHD for each ATLS share owned.
Concurrently with the Chevron-ATLS merger, AHD acquired all of ATLSa™ interests in its investment management business as well as certain producing oil & gas assets. AHD paid approximately 23.4 million newly issued AHD units and $30 million in cash for these assets. The new AHD units, along with 17.8 million AHD units previously owned by ATLS, were distributed to all ATLS shareholders of record as noted above.
Following the merger transactions, AHD has the following interests:
- ownership of the general partner of Atlas Pipeline Partners, L.P. (NYSE: APL), including all of the incentive distribution rights in APL, and approximately 5.75 million APL common units (10.8% of APLa™s outstanding units);
- our investment management business, including ongoing annual fee income of approximately $15 million for managing the existing partnerships;
- over 187 Bcfe of proved reserves located in the Appalachian Basin, New Albany Shale, Antrim Shale, Chattanooga Shale and Niobrara formation; AHD is currently producing approximately 34 Mmcfe per day from interests in over 8,500 well locations;
- an 18% interest in the general partner of Lightfoot Capital Partners; and
- 100% interest in Atlas Energy GP, LLC (AHDa™s general partner)
AHD will release financial results for the fourth quarter 2010 on Monday, February 21, 2011 after the close of the markets.
Atlas Energy, L.P. (NYSE: AHD), formerly Atlas Pipeline Holdings, L.P.,is a master limited partnership which owns and operates the general partner of Atlas Pipeline Partners, L.P. (NYSE: APL), through which it owns a 2% general partner interest, all the incentive distribution rights and approximately 5.75 million common limited partner units of APL. Additionally, AHD owns an interest in over 8,500 producing natural gas and oil wells, representing over 185 Bcfe of net proved developed reserves. For more information, please visit our website at [ www.atlasenergy.com ], or contact Investor Relations at [ InvestorRelations@atlasenergy.com ].
Safe Harbor for Forward-Looking Statements
This document 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. Atlas Energy, L.P. (aAtlas Energya) 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 Atlas Energya™s future financial and operating results, resource potential, the potential effect of Atlas Energya™s ceasing to be a controlled company, the potential effect of Atlas Pipeline Partnersa™ sale of its interest in Laurel Mountain Midstream and Atlas Energya™s plans, objectives, expectations and intentions and other statements that are not historical facts. Although Atlas Energy believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, no assurance can be given that these expectations will be attained and it is possible that our actual circumstances and results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Other risk factors relating to Atlas Energya™s business and its industry as detailed from time to time in Atlas Energya™s reports filed with the U.S. Securities and Exchange Commission. Atlas Energy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is directed to Atlas Energya™s filings with the U.S. Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K and its annual reports on Form 10-K, for a discussion of such risks and uncertainties.
