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Atlas Energy, L.P. Reports Fourth Quarter and Full Year 2010 Results

^{Published on 2011-02-22 04:35:46 - Market Wire}
 

PHILADELPHIA--([ BUSINESS WIRE ])--Atlas Energy, L.P. (NYSE: AHD) (the aPartnershipa), formerly Atlas Pipeline Holdings, L.P., the parent of the general partner of Atlas Pipeline Partners, L.P. (NYSE: APL) (aAPLa or aAtlas Pipelinea) and its subsidiaries,today reported its results for the quarter and year ended December 31, 2010. The Partnership, which at December 31, 2010 owned a 2.0% general partner interest, all of the incentive distribution rights, and 5.75 million common units of Atlas Pipeline, presents its financial results consolidated with those of Atlas Pipeline.

On a GAAP basis, the Partnership had net loss attributable to common limited partners of $4.0 million and net income attributable to common limited partners of $27.9 million for the fourth quarter of 2010 and full year 2010, respectively, compared with a net loss of $6.3 million for the prior year fourth quarter and net income of $4.0 million for the prior year. The increased earnings were primarily due to the $312.1 million gain on sale of discontinued operations from the sale of Elk City, or $39.9 million net of non-controlling interest in the current period. Please see todaya™s APL press release regarding its 2010 fourth quarter and full year earnings for further information regarding its results. On January 25, 2011, the Partnership declared a distribution for the fourth quarter of 2010 of $0.07 per common limited partner unit, to holders of record on February 7, 2011, which was paid on February 18, 2011.

On Thursday, February 17, 2011, Atlas Energy, Inc. ("ATLS") and Chevron Corporation completed their merger. Concurrently with the Chevron-ATLS merger, the Partnership acquired all of ATLS' interests in its investment management business as well as certain producing oil & gas assets. The Partnership paid approximately 23.4 million newly issued common units and $30 million in cash for these assets. The new Partnership common units, along with 17.8 million Partnership common units previously owned by ATLS, were distributed to all ATLS shareholders. Following the merger transactions, the Partnership has the following interests:

• The 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; the Partnership is currently producing approximately 34 Mmcfe per day from interests in over 8,500 well locations;
• 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 APL's outstanding units);
• An 18% interest in the general partner of Lightfoot Capital Partners and 100% interest in Atlas Energy GP, LLC (the Partnership's general partner)

Interested parties are invited to access the live webcast of an investor call with management regarding Atlas Pipelinea™s fourth quarter and full year 2010 results on Tuesday, February 22, 2011 at 9:00 am ET by going to the home page of Atlas Pipelinea™s website at [ www.atlaspipeline.com ]. An audio replay of the conference call will also be available beginning at 12:00 pm ET on Tuesday, February 22, 2011. To access the replay, dial 1-888-286-8010 and enter conference code 45687751.

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 ].

Atlas Pipeline Partners, L.P. (NYSE: APL) is active in the gathering and processing segments of the midstream natural gas industry. In the Mid-Continent region of Oklahoma, southern Kansas, and northern and western Texas, APL owns and operates five active gas processing plants as well as approximately 8,600 miles of active intrastate gas gathering pipeline. For more information, visit the Partnership's website at [ www.atlaspipeline.com ] or contact [ IR@atlaspipeline.com ].

Certain matters discussed within this press release are forward-looking statements.Although Atlas Energy, L.P. (formerly Atlas Pipeline Holdings, L.P.) believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained.Atlas Energy, L.P. does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in commodity prices and local or national economic conditions and other risks detailed from time to time in the Partnershipa™s reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.