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March 28, 2015 2:56 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Atlas Resource Partners, L.P.

Company Overview

Atlas Resource Partners, L.P. operates as an independent developer and producer of natural gas, crude oil, and natural gas liquids in the United States. The company operates in three segments: Gas and Oil Production, Well Construction and Completion, and Other Partnership Management. As of March 2, 2015, it owned an interest in approximately 14,500 producing natural gas and oil wells located primarily in Appalachia, the Barnett Shale (Texas), the Mississippi Lime (Oklahoma), the Raton Basin (New Mexico), Black Warrior Basin (Alabama), and the oil-rich Rangely Field (Colorado). The company had estimated proved reserves of 1,429 billion cubic feet equivalent. In addition, it sponsors and manag...

Park Place Corporate Center One

Suite 400

1000 Commerce Drive

Pittsburgh, PA 15275

United States

Founded in 2011

Phone:

800-251-0171

Key Executives for Atlas Resource Partners, L.P.

Chief Executive Officer of Atlas Resource Partners GP LLC, President of Atlas Resource Partners GP LLC and Director of Atlas Resource Partners GP LLC
Age: 75
Total Annual Compensation: $380.0K
President of Atlas Resource Partners GP LLC, Senior Vice President of Atlas Resource Partners GP LLC and Director of Atlas Resource Partners GP LLC
Age: 52
Total Annual Compensation: $320.0K
Executive Chairman of Atlas Resource Partners GP LLC and Chairman of Executive Committee
Age: 43
Total Annual Compensation: $266.0K
Chief Financial Officer of Atlas Resource Partners GP LLC
Age: 42
Total Annual Compensation: $180.0K
Senior Vice President of Corporate Development & Strategy - Atlas Resource Partners GP LLC
Age: 37
Total Annual Compensation: $345.0K
Compensation as of Fiscal Year 2014.

Atlas Resource Partners, L.P. Key Developments

Atlas Resource Partners, L.P. Announces Class D Preferred Unit Distribution, Payable on April 15, 2015

Atlas Resource Partners, L.P. declared its next quarterly distribution for the Class D Cumulative Redeemable Perpetual Preferred Units of $0.539063 per unit. The Class D Preferred distribution is payable on April 15, 2015 to holders of record as of April 1, 2015.

Atlas Resource Partners, L.P. Reports Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2014; Provides Production and Capital Expenditure Guidance for the Year 2015

Atlas Resource Partners, L.P. reported unaudited consolidated earnings and Operating results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported total revenues of $190,804,000, operating loss of $561,452,000 and net loss attributable to owner's interest, common limited partners and the general partner of $586,720,000 or $7.06 per basic and diluted share compared to total revenues of $181,196,000, operating loss of $28,864,000 and net loss attributable to owner's interest, common limited partners and the general partner of $44,395,000 or $0.77 per basic and diluted share reported in the same period last year. Adjusted EBITDA, a non-GAAP measure, including discretionary adjustments by the Board of Directors of the General Partner, was $87.1 million, compared to $107.4 million for the third quarter 2014, and $62.6 million for the prior year comparable quarter. The net loss for the fourth quarter 2014 was principally generated by non-cash expenses, specifically depreciation and amortization and an asset impairment charge on certain oil and gas properties due recent declines in forward commodity prices. Total capital expenditures were approximately $62 million, including approximately $19 million associated with maintenance capital, compared with $56 million of total CapEx, including approximately $22.5 million of maintenance CapEx for the sequential quarter. Distributable cash flow was almost $47 million or $0.51 per unit. For the year, the company reported total revenues of $685,560,000, operating loss of $546,945,000 and net loss attributable to owner's interest, common limited partners and the general partner of $630,225,000 or $8.42 per basic and diluted share compared to total revenues of $267.629 million, operating loss of $55,934,000 and net loss attributable to owner's interest, common limited partners and the general partner of $103,237,000 or $1.59 per basic and diluted share reported in the same period last year. Full year 2014 Adjusted EBITDA, including discretionary adjustments by the Board of Directors of the General Partner, was $338.2 million, which was 62% higher than full year 2013 Adjusted EBITDA of $208.6 million. The decrease from the sequential quarter was primarily due to lower realized production margin from the Company's Eagle Ford and Rangely production, which experienced lower volumes during the period. The variance in production volumes in these areas was attributable to scheduled maintenance activity in the Rangeley Field, and temporary well shut-ins from offset well completions in the Eagle Ford, as well as expected decline from flush Eagle Ford production in prior periods. Total capital expenditures were $212,634,000 against $263,537,000 a year ago. For the quarter, the company announced total production of 285,139 Mcfed compared to 259,821 Mcfed for the same period a year ago. Average net daily production for the fourth quarter 2014 was 285.1 Mmcfed, approximately 10% higher than the prior year comparable quarter. The increase in net production from the prior year quarter was due primarily to the acquisition of the Eagle Ford assets in November 2014, as well as the Rangely Field assets in June 2014 and the GeoMet natural gas production assets in May 2014. For the year, the company announced total production of 269,958 Mcfed compared to 187,701 Mcfed for the same period a year ago. For the full year 2015, the company expects net production volume per day of approximately 289.5 million cubic feet equivalents per day (Mmcfed), net realized natural gas price after hedges of $3.58/mcf (72% hedged), net realized crude oil price after hedges of $73.76/bbl (68% hedged). For the full year 2015, the company expects total capital expenditures to be between $180 million and $195 million, including $60 million to $65 million of maintenance capital expenditures. For the fourth quarter ended December 31, 2014, the company reported asset impairment charges of $573,774,000 against $38,014,000 a year ago.

Atlas Resource Partners, L.P. to Report Q4, 2014 Results on Mar 02, 2015

Atlas Resource Partners, L.P. announced that they will report Q4, 2014 results at 5:00 PM, Eastern Standard Time on Mar 02, 2015

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
September 24, 2014
Oil And Gas Interests in Atascosa County In Texas
Merger/Acquisition
May 7, 2014
Working Interest in Rangely field
 

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