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Re: THE_YAK post# 113641

Monday, 03/02/2009 9:21:05 AM

Monday, March 02, 2009 9:21:05 AM

Post# of 704570
ATPG - ATP Announces Record Net Income, Revenues and Asset Sales

March 2, 2009 3:16 AM ET

In 2008, ATP Oil & Gas Corporation ATPG achieved record net income and revenues, replaced 214% of its oil and gas production, and received $472 million in cash proceeds from asset sales. Additionally, last Friday ATP and GE Energy Financial Services jointly announced a new infrastructure partnership. The partnership will include the ATP Innovator, the floating production platform servicing ATP’s deepwater Gomez Hub. This transaction does not include any oil and gas reserves, and ATP continues to operate and hold a 100% working interest in the Gomez field.

Highlights include:

Record annual net income of $122 million or $3.43 per basic and $3.39 per diluted share with record annual revenues of $618 million Total additions to reserves from all sources of 20 MMBoe (123 Bcfe), contributing to a production replacement ratio of 214% Asset sales of $472 million, representing 11 MMBoe and resulting in a 2008 gain on sale of $119 million with an additional $59 million of deferred revenue to be recognized in the future Results of Operations
ATP recorded net income of $122 million or $3.43 per basic and $3.39 per diluted share for 2008, compared to net income of $49 million or $1.58 per basic and $1.55 per diluted share for 2007. ATP recorded net income of $50 million or $1.41 per basic and diluted share for the fourth quarter of 2008, compared to net income of $13 million or $0.39 per basic and $0.38 per diluted share for the fourth quarter of 2007.

Total revenues were $618 million for 2008 and $81 million for the fourth quarter of 2008, compared to $608 million for 2007 and $213 million for the fourth quarter of 2007. Production and realized prices, which account for the oil and gas revenues portion of total revenues for 2008 and 2007, are included in the Selected Operating Statistics table within this release.

Oil and gas production totaled 10 MMBoe (57 Bcfe) for 2008 and 1 MMBoe (5 Bcfe) for the fourth quarter of 2008, compared to 11 MMBoe (64 Bcfe) for 2007 and 3 MMBoe (20 Bcfe) for the fourth quarter of 2007. Production in 2008 from August through December was impacted by 2 MMBoe (10 Bcfe) due to hurricane related damage to third-party downstream pipelines, which caused reserves from the third and fourth quarters to be deferred to future periods. Lease operating expenses were impacted on a per unit basis in the fourth quarter of 2008 due to decreased production volumes and additional hurricane related costs in the Gulf of Mexico. As of March 2, 2009, one Gulf of Mexico shelf property remains shut-in since the hurricane, but is expected to return to production once third-party infrastructure repairs are completed.

ATP's selected operating statistics and financial information below contain additional information on the company’s activities for the year and fourth quarter of 2008 and the comparable periods in 2007.


http://news.moneycentral.msn.com/ticker/article.aspx?Feed=BW&Date=20090302&ID=9654334&Symbol=ATPG

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