Atlas Pipeline Holdings, L.P. Reports Third Quarter 2009 Results
- Press Release
- Source: Atlas Pipeline Holdings, L.P.
- On 6:54 pm EST, Tuesday November 3, 2009
PHILADELPHIA--(BUSINESS WIRE)--Atlas Pipeline Holdings, L.P. (NYSE:AHD - News) (the “Partnership”), the parent of the general partner of Atlas Pipeline Partners, L.P. (NYSE:APL - News) (“APL” or “Atlas Pipeline”) and its subsidiaries, today reported its results for the third quarter 2009. The Partnership, which owns the 2% general partner interest, all of the incentive distribution rights, 5.8 million common and 15,000 $1,000 par value 12% preferred limited partnership units of Atlas Pipeline, presents its financial results consolidated with those of Atlas Pipeline.
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| AHD | 3.38 | -0.12 |
On a GAAP basis, the Partnership had a net loss attributable to common limited partners of $3.6 million for the third quarter 2009 compared with income of $34.0 million for the prior year third quarter. The decrease in net income attributable to common limited partners was primarily due to non-cash derivative gains incurred in third quarter 2008 as a result of the decline in crude oil prices, compounded by lower average commodity prices during the current period. Please see today’s APL press release regarding its third quarter 2009 earnings for further information regarding its results.
Interested parties are invited to access the live webcast of an investor call with management regarding Atlas Pipeline’s third quarter 2009 results on Wednesday, November 4, 2009 at 9:00 am EST by going to the home page of Atlas Pipeline’s website at www.atlaspipelinepartners.com. An audio replay of the conference call will also be available beginning at 11:00 am EST on Wednesday, November 4, 2009. To access the replay, dial 1-888-286-8010 and enter conference code 60143730.
Atlas Pipeline Holdings, L.P. is a limited partnership which owns and operates the general partner of Atlas Pipeline Partners, L.P., through which it owns a 2% general partner interest, all the incentive distribution rights, 5.8 million common and 15,000 $1,000 par value 12% preferred limited partner units of Atlas Pipeline Partners, L.P.
Atlas Pipeline Partners, L.P. is active in the gathering and processing segments of the midstream natural gas industry. In the Mid-Continent region of Oklahoma, southern Kansas, northern and western Texas and the Texas panhandle, APL owns and operates eight active gas processing plants and a treating facility, as well as approximately 8,750 miles of active intrastate gas gathering pipeline. In Appalachia, APL is a 49% joint venture partner with Williams in Laurel Mountain Midstream, LLC, which manages the natural gas gathering system in that region, namely from the Marcellus Shale in southwestern Pennsylvania. For more information, visit APL’s website at www.atlaspipelinepartners.com or contact investorrelations@atlaspipelinepartners.com.
Atlas Energy, Inc. is one of the largest independent natural gas producers in the Appalachian and Michigan Basins and a leading producer in the Marcellus Shale in southwestern Pennsylvania. Atlas Energy, Inc. is also the country’s largest sponsor and manager of tax-advantaged energy investment partnerships that finance the exploration and development of Atlas Energy, Inc.’s acreage. Atlas Energy, Inc. also owns 1.1 million common units in APL and a 64% interest in AHD. For more information, please visit our website at www.atlasamerica.com, or contact Investor Relations at InvestorRelations@atlasamerica.com.
Certain matters discussed within this press release are forward-looking statements. Although 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. Factors that could cause actual results to differ materially from expectations include financial performance, inability of Atlas Pipeline Partners to successfully integrate the operations at the acquired systems, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in Atlas Holdings’ reports filed with the SEC, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K.
| ATLAS PIPELINE HOLDINGS, L.P. AND SUBSIDIARIES | |||||||||||||||
| Financial Summary | |||||||||||||||
| (unaudited; in thousands, except per unit amounts) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| STATEMENTS OF OPERATIONS | 2009 |
2008 (1) |
|
2009 |
2008 (1) |
|
|||||||||
| Revenue: | |||||||||||||||
| Natural gas and liquids | $ | 194,440 | $ | 396,739 | $ | 526,478 | $ | 1,186,688 | |||||||
| Transportation, compression, and other fees – affiliates | 380 | 11,916 | 16,877 | 32,496 | |||||||||||
| Transportation, compression, and other fees – third parties | 4,719 | 6,125 | 12,574 | 16,792 | |||||||||||
| Equity income in joint venture | 1,430 | − | 2,140 | − | |||||||||||
| Gain on asset sales | 1,499 | − | 111,440 | − | |||||||||||
| Other income (loss), net | 3,997 | 153,883 | (6,694 | ) | (247,124 | ) | |||||||||
| Total revenue and other income (loss), net | 206,465 | 568,663 | 662,815 | 988,852 | |||||||||||
| Costs and expenses: | |||||||||||||||
| Natural gas and liquids | 144,990 | 314,315 | 409,411 | 937,852 | |||||||||||
| Plant operating | 14,762 | 16,652 | 42,713 | 46,418 | |||||||||||
| Transportation and compression | 134 | 2,883 | 6,256 | 7,842 | |||||||||||
| General and administrative | 9,159 | (2,964 | ) | 25,864 | 10,981 | ||||||||||
| Compensation reimbursement – affiliates | 375 | 1,175 | 1,125 | 3,694 | |||||||||||
| Depreciation and amortization | 21,896 | 20,741 | 67,563 | 61,200 | |||||||||||
| Interest | 29,283 | 22,564 | 77,800 | 63,960 | |||||||||||
| Total costs and expenses | 220,599 | 375,366 | 630,732 | 1,131,947 | |||||||||||
| Income (loss) from continuing operations | (14,134 | ) | 193,297 |
32,083 |
(143,095 | ) | |||||||||
| Discontinued operations: | |||||||||||||||
| Gain on sale of discontinued operations | − | − | 51,078 | − | |||||||||||
| Income from discontinued operations | − | 6,538 | 11,417 | 21,029 | |||||||||||
| Income from discontinued operations | − | 6,538 | 62,495 | 21,029 | |||||||||||
| Net income (loss) | (14,134 | ) | 199,835 | 94,578 | (122,066 | ) | |||||||||
| Income attributable to non-controlling interests | (954 | ) | (2,591 | ) | (2,075 | ) | (7,793 | ) | |||||||
| (Income) loss attributable to non-controlling interest in Atlas Pipeline Partners, L.P. | 11,487 | (163,239 | ) | (82,201 | ) | 122,843 | |||||||||
| Net income (loss) attributable to common limited partners | $ | (3,601 | ) | $ | 34,005 | $ | 10,302 | $ | (7,016 | ) | |||||
| Net income (loss) per common limited partner unit: | |||||||||||||||
| Basic: | |||||||||||||||
| Continuing operations | $ | (0.13 | ) | $ | 1.18 | $ | 0.05 | $ | (0.34 | ) | |||||
| Discontinued operations | − | 0.04 | 0.32 | 0.09 | |||||||||||
| $ | (0.13 | ) | $ | 1.22 | $ | 0.37 | $ | (0.25 | ) | ||||||
| Diluted: | |||||||||||||||
| Continuing operations | $ | (0.13 | ) | $ | 1.16 | $ | 0.05 | $ | (0.34 | ) | |||||
| Discontinued operations | − | 0.04 | 0.32 | 0.09 | |||||||||||
| $ | (0.13 | ) | $ | 1.20 | $ | 0.37 | $ | (0.25 | ) | ||||||
| Weighted average common limited partner units outstanding: | |||||||||||||||
| Basic | 27,659 | 27,658 | 27,659 | 27,462 | |||||||||||
| Diluted | 27,659 | 27,987 | 27,659 | 27,462 | |||||||||||
| Amounts attributable to common limited partners: | |||||||||||||||
| Continuing operations | $ | (3,601 | ) | $ | 32,859 | $ | 1,433 | $ | (9,556 | ) | |||||
| Discontinued operations | – | 1,146 | 8,869 | 2,540 | |||||||||||
| Net income (loss) attributable to common limited partners | $ | (3,601 | ) | $ | 34,005 | $ | 10,302 | $ | (7,016 | ) | |||||
| ATLAS PIPELINE HOLDINGS, L.P. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (unaudited; in thousands) | ||||||||
| September 30, |
December 31, |
|||||||
| ASSETS | 2009 |
2008 (1) |
|
|||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 5,588 | $ | 7,285 | ||||
| Accounts receivable − affiliates | − | 341 | ||||||
| Accounts receivable | 71,118 | 100,000 | ||||||
| Current portion of derivative asset | 4,514 | 44,961 | ||||||
| Prepaid expenses and other | 15,315 | 10,998 | ||||||
| Current assets of discontinued operations | − | 13,441 | ||||||
| Total current assets | 96,535 | 177,026 | ||||||
| Property, plant and equipment, net | 1,698,226 | 1,781,011 | ||||||
| Intangible assets, net | 174,480 | 193,647 | ||||||
| Investment in joint venture | 133,740 | − | ||||||
| Long-term portion of derivative asset | 1,980 |
− |
||||||
| Other assets, net | 35,013 | 25,135 | ||||||
| Long-term assets of discontinued operations | − | 242,165 | ||||||
| $ | 2,139,974 | $ | 2,418,984 | |||||
| LIABILITIES AND PARTNERS’ CAPITAL | ||||||||
| Current liabilities: | ||||||||
| Current portion of long-term debt | $ | 31,658 | $ | − | ||||
| Accounts payable − affiliates | 852 | − | ||||||
| Accounts payable | 19,706 | 66,571 | ||||||
| Accrued liabilities | 31,546 | 15,862 | ||||||
| Current portion of derivative liability | 41,464 | 60,947 | ||||||
| Accrued producer liabilities | 45,539 | 66,846 | ||||||
| Current liabilities of discontinued operations | − | 10,572 | ||||||
| Total current liabilities | 170,765 | 220,798 | ||||||
| Long-term derivative liability | 9,256 | 48,333 | ||||||
| Long-term debt, less current portion | 1,243,050 | 1,539,427 | ||||||
| Other long-term liability | 448 | 574 | ||||||
| Commitments and contingencies |
− |
− |
||||||
| Partners’ capital: | ||||||||
| Common limited partners’ interests | (1,903 | ) | (5,463 | ) | ||||
| Accumulated other comprehensive loss | (8,424 | ) | (15,788 | ) | ||||
| (10,327 | ) | (21,251 | ) | |||||
| Non-controlling interests | (30,255 | ) | (32,337 | ) | ||||
| Non-controlling interest in Atlas Pipeline Partners, L.P. | 757,037 | 663,440 | ||||||
| Total partners’ capital | 716,455 | 609,852 | ||||||
| $ | 2,139,974 | $ | 2,418,984 | |||||
| (1) | Restated to reflect amounts reclassified to discontinued operations due to APL’s sale of its NOARK gas gathering and interstate pipeline system. |
Contact:
Atlas Pipeline Holdings, L.P.
Brian J. Begley
Vice President, Investor Relations
215-546-5005
Facsimile: 215-553-8455
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