Chief Operating Officer
Atlas Pipeline Partners
1521 Locust St. - 5th Floor
Philadelphia, PA 19102
(215) 546-5388 (facsimile)
Atlas Pipeline Partners, L.P. Declares
Fourth Quarter Distribution Of $.56 Per Common Unit
Philadelphia, PA, December 19, 2021 - Atlas Pipeline Partners, L.P. (AMEX:APL)(the "Partnership") announces that the Managing Board of Directors of its General Partner has declared a distribution for the quarter ending December 31, 2021 of $.56 per common unit - an increase of 5% and 24% over the distributions for the prior quarters ended September 30, 2021 and June 30, 2000, respectively. The current distribution, on an annualized basis, equates to $2.24 per common unit. The distribution for the quarter, and on an annualized basis, is 33% higher than the $.42 per quarter and $1.68 per year distribution originally anticipated and guaranteed by the Atlas Pipeline Partners Agreement of Limited Partnership.
The distribution will be paid on February 9, 2022 to unit holders of record at the close of business on December 29, 2000.
Michael Staines, Chief Operating Officer of the Partnership said, "This increase in our quarterly distribution reflects the continuing strength of natural gas prices and the ability of Atlas America, Inc., an affiliate of our General Partner, to drill and connect new wells onto our system. Atlas America is now in the process of drilling 83 wells in our operating area of which 38 wells are already connected to our system. We should begin to see the impact of that gas throughput in the first quarter of 2001. In addition, the Partnership has recently begun the second significant upgrade of the Fayette County, Pennsylvania segment of our system in the last year to accommodate anticipated gathering demand from the accelerated nearby drilling activity. Upon completion, we will have increased our delivery capability into the Texas Eastern Transmission Company's interstate line by 400%."
Mr. Staines further stated: "The Partnership recently acquired, from a third party, a 50% interest in a natural gas gathering system in eastern Ohio that connects the Partnership's existing system to other market delivery points. In addition, the Partnership has executed a Letter of Intent to acquire the remaining 50% interest, on similar terms, from an affiliate of its General Partner. When completed, this acquisition will allow additional operating efficiencies as well as additional existing and potential gas throughput and will be accretive to the Partnership's earnings from the outset."
Atlas Pipeline Partners, L.P. owns and operates more than 900 miles of natural gas gathering pipelines in western Pennsylvania, western New York and eastern Ohio. The Partnership is paid a fee for the natural gas volumes that are gathered and transported through its pipeline system from approximately 3,000 wells that are currently connected to the system.
Statements made in this release may include forward-looking statements, which involve substantial risks and uncertainties. The Partnership's actual results, performance or achievements could differ materially from those expressed or implied in this release as a result of certain factors, including competition within the energy industry, climactic conditions and the price of gas in the Appalachian area, actual versus projected drilling activity and volumetric production from wells connected to the Partnership's gas-gathering pipeline system, and the cost of supplies and services in the energy industry.