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.
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
|
|
46,188
|
Depreciation, depletion and
amortization
|
43,276
|
|
60,406
|
|
87,732
|
|
112,445
|
Total costs and expenses
|
124,700
|
|
149,936
|
|
282,258
|
|
311,955
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
(26,453)
|
|
(8,332)
|
|
61,788
|
|
(8,204)
|
|
|
|
|
|
|
|
|
Gain (loss) on asset
sales and disposal
|
97
|
|
12
|
|
86
|
|
(1,591)
|
Interest
expense
|
(33,187)
|
|
(16,074)
|
|
(67,938)
|
|
(32,051)
|
|
|
|
|
|
|
|
|
Net
loss
|
(59,543)
|
|
(24,394)
|
|
(6,064)
|
|
(41,846)
|
(Income) loss
attributable to non-controlling interests
|
38,745
|
|
18,383
|
|
(19,558)
|
|
28,691
|
Net loss
attributable to unitholders'/owner's interests
|
$ (20,798)
|
|
$
(6,011)
|
|
$ (25,622)
|
|
$ (13,155)
|
|
|
|
|
|
|
|
|
Allocation of net
loss attributable to unitholders'/owner's interests:
|
|
|
|
|
Portion applicable to
owner's interest (period prior to the transfer of assets on
February 27, 2015)
|
$
—
|
|
$
(6,011)
|
|
$ (10,475)
|
|
$ (13,155)
|
Portion applicable to
unitholders' interest (period subsequent to the transfer of assets
on February 27, 2015)
|
(20,798)
|
|
—
|
|
(15,147)
|
|
—
|
Net loss
attributable to unitholders' /owner's interests
|
$ (20,798)
|
|
$
(6,011)
|
|
$ (25,622)
|
|
$ (13,155)
|
|
|
|
|
|
|
|
|
Net loss
attributable to unitholders per common unit:
|
|
|
|
|
Basic
|
$
(0.80)
|
|
$
—
|
|
$
(0.58)
|
|
$
—
|
Diluted
|
$
(0.80)
|
|
$
—
|
|
$
(0.58)
|
|
$
—
|
|
|
|
|
|
|
|
|
Weighted average
common units outstanding:
|
|
|
|
|
Basic
|
26,011
|
|
—
|
|
26,011
|
|
—
|
Diluted
|
26,011
|
|
—
|
|
26,011
|
|
—
|
ATLAS ENERGY
GROUP, LLC AND SUBSIDIARIES
COMBINED
CONSOLIDATED BALANCE SHEETS
(unaudited; in
thousands)
|
|
|
|
|
June
30,
|
|
December
31,
|
ASSETS
|
|
2015
|
|
2014
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
40,077
|
|
$
58,358
|
Accounts
receivable
|
|
90,489
|
|
115,290
|
Advances to
affiliates
|
|
−
|
|
4,389
|
Current portion of
derivative asset
|
|
114,740
|
|
144,259
|
Subscriptions
receivable
|
|
34,675
|
|
32,398
|
Prepaid expenses and
other
|
|
25,016
|
|
26,789
|
Total current assets
|
|
304,997
|
|
381,483
|
|
|
|
|
|
Property, plant
and equipment, net
|
|
2,392,656
|
|
2,419,289
|
Intangible assets,
net
|
|
574
|
|
691
|
Goodwill,
net
|
|
13,639
|
|
13,639
|
Long-term
derivative asset
|
|
150,180
|
|
130,602
|
Other assets,
net
|
|
82,792
|
|
80,611
|
|
|
$
2,944,838
|
|
$
3,026,315
|
|
|
|
|
|
LIABILITIES AND
UNITHOLDERS'/OWNER'S EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current portion
of long-term debt
|
|
$
77,371
|
|
$
1,500
|
Accounts
payable
|
|
110,789
|
|
123,670
|
Liabilities
associated with drilling contracts
|
|
—
|
|
40,611
|
Accrued
interest
|
|
26,312
|
|
26,479
|
Accrued well
drilling and completion costs
|
|
37,368
|
|
92,910
|
Accrued
liabilities
|
|
80,740
|
|
170,786
|
Total current liabilities
|
|
332,580
|
|
455,956
|
|
|
|
|
|
Long-term debt,
less current portion
|
|
1,491,612
|
|
1,541,085
|
Asset retirement
obligations and other
|
|
120,287
|
|
114,059
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
Unitholders'/owner's equity:
|
|
|
|
|
Common unitholders'
equity
|
|
105,649
|
|
—
|
Series A preferred
equity
|
|
38,999
|
|
—
|
Owner's
equity
|
|
—
|
|
147,308
|
Accumulated other
comprehensive income
|
|
32,626
|
|
54,008
|
|
|
177,274
|
|
201,316
|
Non-controlling
interests
|
|
823,085
|
|
713,899
|
Total
unitholders'/owner's equity
|
|
1,000,359
|
|
915,215
|
|
|
$
2,944,838
|
|
$
3,026,315
|
ATLAS ENERGY
GROUP, LLC
Financial and
Operating Highlights
(unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Net loss
attributable to unitholders per common unit - basic
|
$
(0.80)
|
|
$
—
|
|
$ (0.58)
|
|
$
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production volume:
(1)(2)
|
|
|
|
|
|
|
|
ATLAS
GROWTH:
|
|
|
|
|
|
|
|
Natural gas
(Mcfd)
|
481
|
|
939
|
|
604
|
|
597
|
Oil (Bpd)
|
320
|
|
200
|
|
405
|
|
125
|
Natural gas liquids
(Bpd)
|
62
|
|
118
|
|
81
|
|
75
|
Total
(Mcfed)
|
2,773
|
|
2,847
|
|
3,516
|
|
1,800
|
ATLAS
RESOURCE:
|
|
|
|
|
|
|
|
Natural gas
(Mcfd)
|
219,844
|
|
238,375
|
|
223,571
|
|
233,186
|
Oil (Bpd)
|
5,293
|
|
2,084
|
|
5,412
|
|
1,827
|
Natural gas liquids
(Bpd)
|
3,194
|
|
3,689
|
|
3,340
|
|
3,556
|
Total
(Mcfed)
|
270,761
|
|
273,014
|
|
276,083
|
|
265,488
|
TOTAL:
|
|
|
|
|
|
|
|
Natural gas
(Mcfd)
|
220,325
|
|
239,314
|
|
224,175
|
|
233,783
|
Oil (Bpd)
|
5,613
|
|
2,284
|
|
5,817
|
|
1,953
|
Natural gas liquids
(Bpd)
|
3,256
|
|
3,808
|
|
3,421
|
|
3,631
|
Total
(Mcfed)
|
273,534
|
|
275,861
|
|
279,599
|
|
267,288
|
|
|
|
|
|
|
|
|
Average realized
sales prices:(2)
|
|
|
|
|
|
|
|
ATLAS
GROWTH:
|
|
|
|
|
|
|
|
Natural gas (per
Mcf)
|
$
2.61
|
|
$
4.29
|
|
$
2.66
|
|
$ 4.42
|
Oil (per Bbl)
(4)
|
$ 56.01
|
|
$ 96.53
|
|
$ 49.79
|
|
$ 93.77
|
Natural gas liquids
(per Bbl)
|
$ 12.76
|
|
$ 31.13
|
|
$ 13.06
|
|
$ 30.75
|
ATLAS
RESOURCE:
|
|
|
|
|
|
|
|
Natural gas (per Mcf)
(3)
|
$
3.33
|
|
$
3.79
|
|
$
3.46
|
|
$ 3.92
|
Oil (per
Bbl)(4)
|
$ 83.19
|
|
$ 90.66
|
|
$ 81.98
|
|
$ 89.12
|
Natural gas liquids
(per Bbl) (5)
|
$ 22.58
|
|
$ 27.60
|
|
$ 22.53
|
|
$ 29.57
|
|
|
|
|
|
|
|
|
Production costs
per Mcfe:(2)(6)
|
|
|
|
|
|
|
|
ATLAS
GROWTH:
|
|
|
|
|
|
|
|
Lease operating
expenses per Mcfe
|
$
1.47
|
|
$
2.22
|
|
$
1.15
|
|
$
2.39
|
Production taxes per
Mcfe
|
0.36
|
|
0.50
|
|
0.33
|
|
0.49
|
Transportation and
compression expenses per Mcfe
|
0.09
|
|
—
|
|
0.05
|
|
—
|
Total production costs
per Mcfe
|
$
1.92
|
|
$
2.72
|
|
$
1.53
|
|
$
2.88
|
ATLAS
RESOURCE:
|
|
|
|
|
|
|
|
Lease operating
expenses per Mcfe
|
$
1.36
|
|
$
1.22
|
|
$
1.36
|
|
$
1.19
|
Production taxes per
Mcfe
|
0.16
|
|
0.24
|
|
0.20
|
|
0.26
|
Transportation and
compression expenses per Mcfe
|
0.24
|
|
0.27
|
|
0.24
|
|
0.28
|
Total production costs
per Mcfe
|
$
1.77
|
|
$
1.73
|
|
$
1.79
|
|
$
1.73
|
TOTAL:
|
|
|
|
|
|
|
|
Lease operating
expenses per Mcfe
|
$
1.37
|
|
$
1.23
|
|
$
1.36
|
|
$
1.20
|
Production taxes per
Mcfe
|
0.17
|
|
0.25
|
|
0.20
|
|
0.26
|
Transportation and
compression expenses per Mcfe
|
0.24
|
|
0.26
|
|
0.23
|
|
0.28
|
Total production costs
per Mcfe
|
$
1.77
|
|
$
1.74
|
|
$
1.79
|
|
$
1.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Production quantities
consist of the sum of (i) the proportionate share of production
from wells in which AGP and ARP have a direct interest, based on
the proportionate net revenue interest in such wells, and (ii)
ARP's proportionate share of production from wells owned by the
investment partnerships in which ARP has an interest, based on its
equity interest in each such partnership and based on each
partnership's proportionate net revenue interest in these
wells.
|
(2)
|
"Mcf" and "Mcfd"
represent thousand cubic feet and thousand cubic feet per day;
"Mcfe" and "Mcfed" represent thousand cubic feet equivalents and
thousand cubic feet equivalents per day, and "Bbl" and "Bpd"
represent barrels and barrels per day. Barrels are converted
to Mcfe using the ratio of six Mcf's to one barrel.
|
(3)
|
ARP's average sales
prices for natural gas before the effects of financial hedging were
$2.14 per Mcf and $4.13 per Mcf for the three months ended June 30,
2015 and 2014, respectively, and $2.34 per Mcf and $4.39 per Mcf
for the six months ended June 30, 2015 and 2014, respectively.
ARP's amounts exclude the impact of subordination of ARP's
production revenues to investor partners within its investor
partnerships. Including the effects of this subordination, ARP's
average natural gas sales prices were $3.28 per Mcf ($2.09 per Mcf
before the effects of financial hedging) and $3.77 per Mcf ($4.12
per Mcf before the effects of financial hedging) for the three
months ended June 30, 2015 and 2014, respectively, and $3.40 per
Mcf ($2.29 per Mcf before the effects of financial hedging) and
$3.79 per Mcf ($4.26 per Mcf before the effects of financial
hedging) for the six months ended June 30, 2015 and 2014,
respectively.
|
(4)
|
AGP's average sales
price for oil before the effects of financial hedging was $55.84
per barrel and $96.53 per barrel for the three months ended June
30, 2015 and 2014, respectively, and $49.72 per barrel and $93.77
per barrel for the six months ended June 30, 2015 and 2014,
respectively. ARP's average sales prices for oil before the effects
of financial hedging were $53.35 per barrel and $98.95 per barrel
for the three months ended June 30, 2015 and 2014, respectively,
and $48.32 per barrel and $96.49 per barrel for the six months
ended June 30, 2015 and 2014, respectively.
|
(5)
|
ARP's average sales
prices for natural gas liquids before the effects of financial
hedging were $13.78 per barrel and $28.93 per barrel for the three
months ended June 30, 2015 and 2014, respectively, and $13.95 per
barrel and $32.15 per barrel for the six months ended June 30, 2015
and 2014, respectively.
|
(6)
|
Production costs
include labor to operate the wells and related equipment, repairs
and maintenance, materials and supplies, property taxes, severance
taxes, insurance, production overhead and transportation and
compression expenses. These amounts exclude the effects of ARP's
proportionate share of lease operating expenses associated with
subordination of production revenue to investor partners within
ARP's investor partnerships. Including the effects of these costs,
ARP's lease operating expenses per Mcfe were $1.34 per Mcfe ($1.75
per Mcfe for total production costs) and $1.23 per Mcfe ($1.74 per
Mcfe for total production costs) for the three months ended June
30, 2015 and 2014, respectively, and $1.34 per Mcfe ($1.77 per Mcfe
for total production costs) and $1.16 per Mcfe ($1.70 per Mcfe for
total production costs) for the six months ended June 30, 2015 and
2014, respectively. Including the effects of these costs, total
lease operating expenses per Mcfe were $1.34 per Mcfe ($1.75 per
Mcfe for total production costs) and $1.24 per Mcfe ($1.75 per Mcfe
for total production costs) for the three months ended June 30,
2015 and 2014, respectively, and $1.33 per Mcfe ($1.77 per Mcfe for
total production costs) and $1.17 per Mcfe ($1.71 per Mcfe for
total production costs) for the six months ended June 30, 2015 and
2014, respectively.
|
ATLAS ENERGY
GROUP, LLC
Financial
Information
(unaudited; in
thousands except per unit amounts)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30
|
Reconciliation of
net income (loss) to non-GAAP
measures(1):
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net loss
|
$ (59,543)
|
|
$ (24,394)
|
|
$ (6,064)
|
|
$ (41,846)
|
Distributable cash
flow not attributable to unitholders prior to February 27, 2015
(the asset transfer date)(2)
|
—
|
|
(14,871)
|
|
(4,291)
|
|
(27,121)
|
Atlas Resource net
(income) loss attributable to unitholders
|
10,162
|
|
2,044
|
|
(15,017)
|
|
3,045
|
Atlas Resource cash
distributions earned by ATLS(3)
|
9,373
|
|
18,347
|
|
18,707
|
|
35,844
|
Atlas Growth net
(income) loss attributable to unitholders
|
(50)
|
|
83
|
|
14
|
|
338
|
Atlas Growth cash
distributions earned by ATLS(3)
|
88
|
|
43
|
|
160
|
|
82
|
Non-recurring spinoff
and acquisition costs
|
—
|
|
—
|
|
17,174
|
|
77
|
Amortization of
deferred finance costs and predecessor
Term Loan interest expense
|
6,165
|
|
309
|
|
14,716
|
|
618
|
Non-cash stock
compensation expense
|
926
|
|
—
|
|
946
|
|
—
|
Gain on asset sales
and disposal
|
—
|
|
(3)
|
|
—
|
|
(3)
|
Preferred unit
distributions
|
(1,004)
|
|
—
|
|
(1,337)
|
|
—
|
Other non-cash
adjustments
|
127
|
|
59
|
|
684
|
|
275
|
(Income) loss
attributable to non-controlling interests
|
38,745
|
|
18,383
|
|
(19,558)
|
|
28,691
|
Distributable Cash
Flow attributable to unitholders(1)
|
$
4,989
|
|
$
—
|
|
$ 6,134
|
|
$ —
|
|
|
|
|
|
|
|
|
Supplemental
Adjusted EBITDA and Distributable Cash Flow Summary:
|
|
|
|
|
Atlas Resource Cash
Distributions Earned(3):
|
|
|
|
|
|
|
|
Limited Partner
Units
|
$
8,723
|
|
$ 14,412
|
|
$ 17,449
|
|
$ 28,745
|
Series A Preferred
Units (2%)
|
650
|
|
1,060
|
|
1,258
|
|
1,929
|
Incentive Distribution
Rights
|
—
|
|
2,875
|
|
—
|
|
5,170
|
Total Atlas Resource
Cash Distributions Earned(3)
|
9,373
|
|
18,347
|
|
18,707
|
|
35,844
|
per limited partner
unit
|
$
0.325
|
|
$
0.583
|
|
$
0.650
|
|
$ 1.163
|
|
|
|
|
|
|
|
|
Atlas Growth Cash
Distributions Earned(3)
|
88
|
|
43
|
|
160
|
|
82
|
|
|
|
|
|
|
|
|
Total Cash
Distributions Earned
|
9,461
|
|
18,390
|
|
18,867
|
|
35,926
|
|
|
|
|
|
|
|
|
Cash general and
administrative expenses(4)
|
(1,996)
|
|
(1,416)
|
|
(5,361)
|
|
(4,660)
|
Other, net
|
834
|
|
399
|
|
1,565
|
|
837
|
Adjusted
EBITDA(1)
|
8,299
|
|
17,373
|
|
15,071
|
|
32,103
|
Cash interest
expense(5)
|
(2,306)
|
|
(2,502)
|
|
(3,309)
|
|
(4,982)
|
Preferred unit
distributions
|
(1,004)
|
|
—
|
|
(1,337)
|
|
—
|
Distributable Cash
Flow(1)
|
$
4,989
|
|
$ 14,871
|
|
$ 10,425
|
|
$ 27,121
|
Distributable cash
flow not attributable to unitholders prior to February 27, 2015
(the asset transfer date)(2)
|
—
|
|
(14,871)
|
|
(4,291)
|
|
(27,121)
|
Distributable Cash
Flow attributable to unitholders(1)
|
$
4,989
|
|
$
—
|
|
$
6,134
|
|
$
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
EBITDA and
Distributable Cash Flow is relevant and useful because it helps
ATLS' investors understand its operating performance, allows
for easier comparison of its results with other master limited
partnerships ("MLP"), and is a critical component in the
determination of quarterly cash distributions. As a MLP, ATLS is
required to distribute 100% of available cash, as defined in its
limited partnership agreement ("Available Cash") and subject to
cash reserves established by its general partner, to investors on a
quarterly basis. ATLS refers to Available Cash prior to the
establishment of cash reserves as DCF. EBITDA, Adjusted EBITDA and
DCF should not be considered in isolation of, or as a substitute
for, net income as an indicator of operating performance or cash
flows from operating activities as a measure of liquidity. While
ATLS' management believes that its methodology of calculating
EBITDA, Adjusted EBITDA and DCF is generally consistent with the
common practice of other MLPs, such metrics may not be consistent
and, as such, may not be comparable to measures reported by other
MLPs, who may use other adjustments related to their specific
businesses. EBITDA, Adjusted EBITDA and DCF are supplemental
financial measures used by ATLS' management and by external users
of ATLS' financial statements such as investors, lenders under its
credit facilities, research analysts, rating agencies and others to
assess its:
- Operating
performance as compared to other publicly traded partnerships and
other companies in the upstream and midstream energy sectors,
without regard to financing methods, historical cost basis or
capital structure;
- Ability to generate
sufficient cash flows to support its distributions to
unitholders;
- Ability to incur
and service debt and fund capital expansion;
- Viability of
potential acquisitions and other capital expenditure projects;
and
- Ability to comply
with financial covenants in its debt facility, which is calculated
based upon Adjusted EBITDA.
DCF is determined by
calculating EBITDA, adjusting it for non-cash, non-recurring and
other items to achieve Adjusted EBITDA, and then deducting cash
interest expense and maintenance capital expenditures. ATLS defines
EBITDA as net income (loss) plus the following
adjustments:
- Interest
expense;
- Income tax
expense;
- Depreciation,
depletion and amortization.
ATLS defines Adjusted
EBITDA as EBITDA plus the following adjustments:
- Cash distributions
paid by ARP and AGP within 45 days after the end of the respective
quarter, based upon their distributable cash flow generated during
that quarter;
- Asset
impairments;
- Acquisition and
related costs;
- Non-cash stock
compensation;
- (Gains) losses on
asset disposal;
- Cash proceeds
received from monetization of derivative transactions;
- Amortization of
premiums paid on swaption derivative contracts; and
- Other
items.
ATLS adjusts DCF for
non-cash, non-recurring and other items for the sole purpose of
evaluating its cash distribution for the quarterly period, with
EBITDA and Adjusted EBITDA adjusted in the same manner for
consistency. ATLS defines DCF as Adjusted EBITDA less the following
adjustments:
- Cash interest
expense; and
- Maintenance capital
expenditures.
|
(2)
|
In accordance with
prevailing accounting literature, ATLS has adjusted its historical
financial statements to present them combined with the historical
financial results of the spin-off assets for all periods prior to
its spin-off date of February 27, 2015.
|
(3)
|
Represents the cash
distribution paid by ARP and AGP within 45 days after the end of
each quarter, based upon the distributable cash flow generated
during the respective quarter.
|
(4)
|
Excludes non-cash
stock compensation expense and certain non-recurring spinoff costs
and acquisition and related costs.
|
(5)
|
Excludes non-cash
amortization of deferred financing costs.
|
|
|
|
|
|
|
|
|
|
ATLAS ENERGY
GROUP, LLC
CAPITALIZATION
INFORMATION
(unaudited; in
thousands)
|
|
|
June 30,
2015
|
|
Atlas
|
|
Atlas
|
|
|
|
|
Energy
|
|
Resource
|
|
Consolidated
|
|
Total debt
|
$ 77,371
|
|
$ 1,491,612
|
|
$ 1,568,983
|
|
Less:
Cash
|
(39,470)
|
|
(607)
|
|
(40,077)
|
|
Total net
debt
|
37,901
|
|
1,491,005
|
|
1,528,906
|
|
|
|
|
|
|
|
|
Unitholders'
equity
|
314,446
|
|
924,301
|
|
1,000,359(1)
|
|
|
|
|
|
|
|
|
Total
capitalization
|
$
352,347
|
|
$2,415,306
|
|
$ 2,529,265
|
|
|
|
|
|
|
|
|
Ratio of net debt to
capitalization
|
0.11x
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Net of eliminated amounts.
|
|
|
|
|
|
|
December 31,
2014
|
|
Atlas
|
|
Atlas
|
|
|
|
|
Energy
|
|
Resource
|
|
Consolidated
|
|
Total debt
|
$
148,125
|
|
$1,394,460
|
|
$ 1,542,585
|
|
Less:
Cash
|
(43,111)
|
|
(15,247)
|
|
(58,358)
|
|
Total net
debt
|
105,014
|
|
1,379,213
|
|
1,484,227
|
|
|
|
|
|
|
|
|
Owner's
equity
|
267,637
|
|
947,537
|
|
915,215(2)
|
|
|
|
|
|
|
|
|
Total
capitalization
|
$
372,651
|
|
$2,326,750
|
|
$ 2,399,442
|
|
|
|
|
|
|
|
|
Ratio of net debt to
capitalization
|
0.28x
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
Net of eliminated amounts.
|
|
|
|
|
|
ATLAS ENERGY
GROUP, LLC
CONSOLIDATING
STATEMENTS OF OPERATIONS
(unaudited; in
thousands)
Three Months Ended
June 30, 2015
|
|
|
Atlas
|
|
Atlas
|
|
|
|
|
|
Energy
|
|
Resource
|
|
Eliminations
|
|
Consolidated
|
Revenues:
|
|
|
|
|
|
|
|
Gas and oil
production
|
$
1,817
|
|
$ 97,260
|
|
$
−
|
|
$ 99,077
|
Well construction and
completion
|
−
|
|
16,956
|
|
−
|
|
16,956
|
Gathering and
processing
|
−
|
|
2,177
|
|
−
|
|
2,177
|
Administration and
oversight
|
−
|
|
547
|
|
−
|
|
547
|
Well
services
|
−
|
|
6,102
|
|
−
|
|
6,102
|
Gain (loss) on
mark-to-market derivatives
|
48
|
|
(26,944)
|
|
−
|
|
(26,896)
|
Other,
net
|
257
|
|
27
|
|
−
|
|
284
|
Total revenues
|
2,122
|
|
96,125
|
|
−
|
|
98,247
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Gas and oil
production
|
484
|
|
43,135
|
|
−
|
|
43,619
|
Well construction and
completion
|
−
|
|
14,745
|
|
−
|
|
14,745
|
Gathering and
processing
|
−
|
|
2,516
|
|
−
|
|
2,516
|
Well
services
|
−
|
|
2,139
|
|
−
|
|
2,139
|
General and
administrative
|
5,118
|
|
13,287
|
|
−
|
|
18,405
|
Depreciation, depletion and amortization
|
782
|
|
42,494
|
|
−
|
|
43,276
|
Total costs and expenses
|
6,384
|
|
118,316
|
|
−
|
|
124,700
|
|
|
|
|
|
|
|
|
Operating
loss
|
(4,262)
|
|
(22,191)
|
|
−
|
|
(26,453)
|
|
|
|
|
|
|
|
|
Gain on asset
sales and disposal
|
−
|
|
97
|
|
−
|
|
97
|
Interest
expense
|
(8,471)
|
|
(24,716)
|
|
−
|
|
(33,187)
|
|
|
|
|
|
|
|
|
Net
loss
|
(12,733)
|
|
(46,810)
|
|
−
|
|
(59,543)
|
Loss
attributable to non-controlling interests
|
−
|
|
−
|
|
38,745
|
|
38,745
|
Net loss
attributable to unitholders
|
$ (12,733)
|
|
$ (46,810)
|
|
$ 38,745
|
|
$ (20,798)
|
|
|
|
|
|
|
|
|
ATLAS ENERGY
GROUP, LLC
CONSOLIDATING
STATEMENTS OF OPERATIONS
(unaudited; in
thousands)
Three Months Ended
June 30, 2014
|
|
|
Atlas
|
|
Atlas
|
|
|
|
|
|
Energy
|
|
Resource
|
|
Eliminations
|
|
Consolidated
|
Revenues:
|
|
|
|
|
|
|
|
Gas and oil
production
|
$
2,457
|
|
$ 108,237
|
|
$
−
|
|
$ 110,694
|
Well construction and
completion
|
−
|
|
16,336
|
|
−
|
|
16,336
|
Gathering and
processing
|
−
|
|
3,758
|
|
−
|
|
3,758
|
Administration and
oversight
|
−
|
|
4,166
|
|
−
|
|
4,166
|
Well
services
|
−
|
|
6,365
|
|
−
|
|
6,365
|
Other,
net
|
250
|
|
35
|
|
−
|
|
285
|
Total revenues
|
2,707
|
|
138,897
|
|
−
|
|
141,604
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Gas and oil
production
|
706
|
|
43,122
|
|
−
|
|
43,828
|
Well construction and
completion
|
−
|
|
14,206
|
|
−
|
|
14,206
|
Gathering and
processing
|
−
|
|
4,273
|
|
−
|
|
4,273
|
Well
services
|
−
|
|
2,426
|
|
−
|
|
2,426
|
General and
administrative
|
3,482
|
|
21,315
|
|
−
|
|
24,797
|
Depreciation, depletion and amortization
|
726
|
|
59,680
|
|
−
|
|
60,406
|
Total costs and expenses
|
4,914
|
|
145,022
|
|
−
|
|
149,936
|
|
|
|
|
|
|
|
|
Operating
loss
|
(2,207)
|
|
(6,125)
|
|
−
|
|
(8,332)
|
|
|
|
|
|
|
|
|
Gain on asset
sales and disposal
|
3
|
|
9
|
|
−
|
|
12
|
Interest
expense
|
(2,811)
|
|
(13,263)
|
|
−
|
|
(16,074)
|
|
|
|
|
|
|
|
|
Net
loss
|
(5,015)
|
|
(19,379)
|
|
−
|
|
(24,394)
|
Loss
attributable to non-controlling interests
|
−
|
|
−
|
|
18,383
|
|
18,383
|
Net loss
attributable to owner
|
$
(5,015)
|
|
$ (19,379)
|
|
$ 18,383
|
|
$
(6,011)
|
|
|
|
|
|
|
|
|
ATLAS ENERGY
GROUP, LLC
CONSOLIDATING
STATEMENTS OF OPERATIONS
(unaudited; in
thousands)
Six Months Ended
June 30, 2015
|
|
|
Atlas
|
|
Atlas
|
|
|
|
|
|
Energy
|
|
Resource
|
|
Eliminations
|
|
Consolidated
|
Revenues:
|
|
|
|
|
|
|
|
Gas and oil
production
|
$
4,128
|
|
$ 201,509
|
|
$
−
|
|
$ 205,637
|
Well construction and
completion
|
−
|
|
40,611
|
|
−
|
|
40,611
|
Gathering and
processing
|
−
|
|
4,361
|
|
−
|
|
4,361
|
Administration and
oversight
|
−
|
|
1,806
|
|
−
|
|
1,806
|
Well
services
|
−
|
|
12,726
|
|
−
|
|
12,726
|
Gain on mark-to-market
derivatives
|
48
|
|
78,641
|
|
−
|
|
78,689
|
Other,
net
|
156
|
|
60
|
|
−
|
|
216
|
Total revenues
|
4,332
|
|
339,714
|
|
−
|
|
344,046
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Gas and oil
production
|
975
|
|
88,633
|
|
−
|
|
89,608
|
Well construction and
completion
|
−
|
|
35,315
|
|
−
|
|
35,315
|
Gathering and
processing
|
−
|
|
4,933
|
|
−
|
|
4,933
|
Well
services
|
−
|
|
4,337
|
|
−
|
|
4,337
|
General and
administrative
|
29,911
|
|
30,422
|
|
−
|
|
60,333
|
Depreciation,
depletion and amortization
|
2,247
|
|
85,485
|
|
−
|
|
87,732
|
Total costs and expenses
|
33,133
|
|
249,125
|
|
−
|
|
282,258
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
(28,801)
|
|
90,589
|
|
−
|
|
61,788
|
|
|
|
|
|
|
|
|
Gain on asset
sales and disposal
|
−
|
|
86
|
|
−
|
|
86
|
Interest
expense
|
(18,025)
|
|
(49,913)
|
|
−
|
|
(67,938)
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
(46,826)
|
|
40,762
|
|
−
|
|
(6,064)
|
Income
attributable to non-controlling interests
|
−
|
|
−
|
|
(19,558)
|
|
(19,558)
|
Net income (loss)
attributable to unitholders/owner
|
$ (46,826)
|
|
$ 40,762
|
|
$ (19,558)
|
|
$ (25,622)
|
|
|
|
|
|
|
|
|
ATLAS ENERGY
GROUP, LLC
CONSOLIDATING
STATEMENTS OF OPERATIONS
(unaudited; in
thousands)
Six Months Ended
June 30, 2014
|
|
|
Atlas
|
|
Atlas
|
|
|
|
|
|
Energy
|
|
Resource
|
|
Eliminations
|
|
Consolidated
|
Revenues:
|
|
|
|
|
|
|
|
Gas and oil
production
|
$ 3,025
|
|
$ 208,494
|
|
$
−
|
|
$ 211,519
|
Well construction and
completion
|
−
|
|
65,713
|
|
−
|
|
65,713
|
Gathering and
processing
|
−
|
|
8,226
|
|
−
|
|
8,226
|
Administration and
oversight
|
−
|
|
5,895
|
|
−
|
|
5,895
|
Well
services
|
−
|
|
11,844
|
|
−
|
|
11,844
|
Other,
net
|
472
|
|
82
|
|
−
|
|
554
|
Total revenues
|
3,497
|
|
300,254
|
|
−
|
|
303,751
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Gas and oil
production
|
939
|
|
81,647
|
|
−
|
|
82,586
|
Well construction and
completion
|
−
|
|
57,142
|
|
−
|
|
57,142
|
Gathering and
processing
|
−
|
|
8,686
|
|
−
|
|
8,686
|
Well
services
|
−
|
|
4,908
|
|
−
|
|
4,908
|
General and
administrative
|
8,418
|
|
37,770
|
|
−
|
|
46,188
|
Depreciation, depletion and
amortization
|
946
|
|
111,499
|
|
−
|
|
112,445
|
Total costs and expenses
|
10,303
|
|
301,652
|
|
−
|
|
311,955
|
|
|
|
|
|
|
|
|
Operating
loss
|
(6,806)
|
|
(1,398)
|
|
−
|
|
(8,204)
|
|
|
|
|
|
|
|
|
Gain (loss) on
asset sales and disposal
|
3
|
|
(1,594)
|
|
−
|
|
(1,591)
|
Interest
expense
|
(5,600)
|
|
(26,451)
|
|
−
|
|
(32,051)
|
|
|
|
|
|
|
|
|
Net
loss
|
(12,403)
|
|
(29,443)
|
|
−
|
|
(41,846)
|
Loss
attributable to non-controlling interests
|
−
|
|
−
|
|
28,691
|
|
28,691
|
Net loss
attributable to owner
|
$ (12,403)
|
|
$ (29,443)
|
|
$ 28,691
|
|
$ (13,155)
|
|
|
|
|
|
|
|
|
ATLAS ENERGY
GROUP, LLC
CONDENSED
CONSOLIDATING BALANCE SHEETS
(unaudited; in
thousands)
June 30,
2015
|
|
|
Atlas
|
|
Atlas
|
|
|
|
|
ASSETS
|
Energy
|
|
Resource
|
|
Eliminations
|
|
Consolidated
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 39,470
|
|
$
607
|
|
$
−
|
|
$
40,077
|
Accounts
receivable
|
4,451
|
|
89,169
|
|
(3,131)
|
|
90,489
|
Receivable from
(advances from)
affiliates
|
(24,856)
|
|
24,856
|
|
−
|
|
−
|
Current portion of
derivative asset
|
30
|
|
114,710
|
|
−
|
|
114,740
|
Subscriptions
receivable
|
34,675
|
|
−
|
|
−
|
|
34,675
|
Prepaid expenses and
other
|
695
|
|
24,321
|
|
−
|
|
25,016
|
Total current assets
|
54,465
|
|
253,663
|
|
(3,131)
|
|
304,997
|
|
|
|
|
|
|
|
|
Property, plant
and equipment, net
|
165,839
|
|
2,226,817
|
|
−
|
|
2,392,656
|
Intangible assets,
net
|
−
|
|
574
|
|
−
|
|
574
|
Goodwill,
net
|
−
|
|
13,639
|
|
−
|
|
13,639
|
Long-term
derivative asset
|
18
|
|
150,162
|
|
−
|
|
150,180
|
Investment in
subsidiaries
|
241,519
|
|
−
|
|
(241,519)
|
|
−
|
Other assets,
net
|
23,422
|
|
56,239
|
|
3,131
|
|
82,792
|
|
$ 485,263
|
|
$ 2,701,094
|
|
$ (241,519)
|
|
$ 2,944,838
|
|
|
|
|
|
|
|
|
LIABILITIES AND
UNITHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Current portion
of long-term debt
|
$ 77,371
|
|
$
−
|
|
$
−
|
|
$
77,371
|
Accounts
payable
|
33,186
|
|
77,603
|
|
−
|
|
110,789
|
Accrued
interest
|
449
|
|
25,863
|
|
−
|
|
26,312
|
Accrued well
drilling and completion
costs
|
11,803
|
|
25,565
|
|
−
|
|
37,368
|
Accrued
liabilities
|
42,143
|
|
41,728
|
|
(3,131)
|
|
80,740
|
Total current liabilities
|
164,952
|
|
170,759
|
|
(3,131)
|
|
332,580
|
|
|
|
|
|
|
|
|
Long-term debt,
less current portion
|
−
|
|
1,491,612
|
|
−
|
|
1,491,612
|
Asset retirement
obligations and other
|
5,865
|
|
114,422
|
|
−
|
|
120,287
|
|
|
|
|
|
|
|
|
Unitholders'
equity:
|
|
|
|
|
|
|
|
Common
unitholders' equity
|
105,649
|
|
−
|
|
−
|
|
105,649
|
Series A
preferred equity
|
38,999
|
|
−
|
|
−
|
|
38,999
|
Partners'
capital
|
−
|
|
785,951
|
|
(785,951)
|
|
−
|
Accumulated other
comprehensive
income
|
32,626
|
|
138,350
|
|
(138,350)
|
|
32,626
|
|
177,274
|
|
924,301
|
|
(924,301)
|
|
177,274
|
Non-controlling
interests
|
137,172
|
|
−
|
|
685,913
|
|
823,085
|
Total unitholders' equity
|
314,446
|
|
924,301
|
|
(238,388)
|
|
1,000,359
|
|
$ 485,263
|
|
$ 2,701,094
|
|
$ (241,519)
|
|
$ 2,944,838
|
ATLAS ENERGY
GROUP, LLC
CONDENSED
CONSOLIDATING BALANCE SHEETS
(unaudited; in
thousands)
December 31,
2014
|
|
|
|
Atlas
|
|
Atlas
|
|
|
|
|
ASSETS
|
Energy
|
|
Resource
|
|
Eliminations
|
|
Consolidated
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 43,111
|
|
$ 15,247
|
|
$
−
|
|
$
58,358
|
Accounts
receivable
|
7,007
|
|
114,520
|
|
(6,237)
|
|
115,290
|
Receivable from
(advances to)
affiliates
|
6,638
|
|
(2,249)
|
|
−
|
|
4,389
|
Current portion of
derivative asset
|
−
|
|
144,259
|
|
−
|
|
144,259
|
Subscriptions
receivable
|
−
|
|
32,398
|
|
−
|
|
32,398
|
Prepaid expenses and
other
|
493
|
|
26,296
|
|
−
|
|
26,789
|
Total current assets
|
57,249
|
|
330,471
|
|
(6,237)
|
|
381,483
|
|
|
|
|
|
|
|
|
Property, plant
and equipment, net
|
155,469
|
|
2,263,820
|
|
−
|
|
2,419,289
|
Intangible assets,
net
|
−
|
|
691
|
|
−
|
|
691
|
Goodwill,
net
|
−
|
|
13,639
|
|
−
|
|
13,639
|
Long-term
derivative asset
|
−
|
|
130,602
|
|
−
|
|
130,602
|
Investment in
subsidiaries
|
306,196
|
|
−
|
|
(306,196)
|
|
−
|
Other assets,
net
|
24,293
|
|
50,081
|
|
6,237
|
|
80,611
|
|
$ 543,207
|
|
$ 2,789,304
|
|
$ (306,196)
|
|
$ 3,026,315
|
|
|
|
|
|
|
|
|
LIABILITIES AND
OWNER'S EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Current portion
of long-term debt
|
$ 1,500
|
|
$
−
|
|
$
−
|
|
$
1,500
|
Accounts
payable
|
12,472
|
|
111,198
|
|
−
|
|
123,670
|
Liabilities
associated with drilling
contracts
|
−
|
|
40,611
|
|
−
|
|
40,611
|
Accrued
interest
|
27
|
|
26,452
|
|
−
|
|
26,479
|
Accrued well
drilling and completion
costs
|
12,506
|
|
80,404
|
|
−
|
|
92,910
|
Accrued
liabilities
|
98,364
|
|
78,659
|
|
(6,237)
|
|
170,786
|
Total current liabilities
|
124,869
|
|
337,324
|
|
(6,237)
|
|
455,956
|
|
|
|
|
|
|
|
|
Long-term debt,
less current portion
|
146,625
|
|
1,394,460
|
|
−
|
|
1,541,085
|
Asset retirement
obligations and other
|
4,076
|
|
109,983
|
|
−
|
|
114,059
|
|
|
|
|
|
|
|
|
Owner's
equity:
|
|
|
|
|
|
|
|
Owner's
equity
|
147,308
|
|
−
|
|
−
|
|
147,308
|
Partners'
capital
|
−
|
|
756,066
|
|
(756,066)
|
|
−
|
Accumulated other
comprehensive
income
|
54,008
|
|
191,471
|
|
(191,471)
|
|
54,008
|
|
201,316
|
|
947,537
|
|
(947,537)
|
|
201,316
|
Non-controlling
interests
|
66,321
|
|
−
|
|
647,578
|
|
713,899
|
Total owner's equity
|
267,637
|
|
947,537
|
|
(299,959)
|
|
915,215
|
|
$ 543,207
|
|
$ 2,789,304
|
|
$ (306,196)
|
|
$ 3,026,315
|
|
|
ATLAS ENERGY
GROUP, LLC
Ownership
Interests Summary
|
|
Atlas Energy
Ownership Interests as of August 6, 2015:
|
Amount
|
|
Overall
Ownership
Interest
Percentage
|
|
|
|
|
ATLAS
RESOURCE:
|
|
|
|
General partner
interest
|
100%
|
|
2.0%
|
Common
units
|
20,962,485
|
|
21.2%
|
Preferred
units
|
3,749,986
|
|
3.8%
|
Incentive distribution
rights
|
100%
|
|
N/A
|
Total Atlas Energy ownership interests in Atlas Resource
|
|
|
27.0%
|
|
|
|
|
ATLAS
GROWTH:
|
|
|
|
General partner
interest
|
80.0%
|
|
2.0%
|
Common
units
|
500,010
|
|
2.1%
|
Incentive distribution
rights
|
80.0%
|
|
N/A
|
Total Atlas Energy ownership interests in Atlas
Growth
|
|
|
4.1%
|
|
|
|
|
LIGHTFOOT CAPITAL
PARTNERS, GP LLC:
|
|
|
|
Approximate general
partner ownership interest
|
|
|
15.9%
|
Approximate limited
partner ownership interest
|
|
|
12.0%
|
CONTACT:
|
|
Brian J.
Begley
|
|
|
Vice President -
Investor Relations
|
|
|
Atlas Energy Group,
LLC
|
|
|
(877)
280-2857
|
|
|
(215) 405-2718
(fax)
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/atlas-energy-group-llc-reports-operating-and-financial-results-for-the-second-quarter-2015-300125339.html
SOURCE Atlas Energy Group, LLC