Philadelphia, PA, May 7, 2022 - Atlas Pipeline Partners, L.P. (AMEX:APL) (the "Partnership") announces that its revenue for the three months ended March 31, 2022 was $2,577,600 compared to $4,280,700 for the three months ended March 31, 2001. Net income for the three months ended March 31, 2022 was $1,372,300 compared to $3,336,300for the three months ended March 31, 2001.Earnings before interest, taxes, depreciation and amortization ("EBITDA") was $1,755,500 for the three months ended March 31, 2022 compared to $3,700,800 for the similar period of 2001. Net income per limited partner unit - basic and diluted - was $.40 for the three months ended March 31, 2022 compared to $.92 for the three months ended March 31, 2001. In addition, average daily transported volume increased from 42,669 thousand cubic feet (mcf) of gas per day in the first quarter of 2001 to 49,918 mcf during the first quarter of 2002.
Michael L. Staines, President and Chief Operating Officer, stated: "I am very pleased that we continue to increase the volume of natural gas that we transport. During the first quarter of 2002 our throughput volume was 17% higherthan during the similar period of 2001 due primarily to the addition of 217 newly drilled wells to our system over the past year. This increase in throughput volumesoftened the impact from the decrease in our transportation fee revenue per thousand cubic feet (mcf) of gas transported - $.57 per mcf in the first quarter of 2002 compared to $1.11 per mcf in the first quarter of 2001. The decreasein our transportation fee is a result of a similar drop in the market price of natural gas upon which our fee is based. During the first quarter of 2001 we benefited from abnormally high gas prices that averaged approximately $7 per mcf whilein the quarter just ended those gas prices were approximately $3.50 per mcf. More recently we have seen gas prices firm, however, further volatility can be expected. I anticipate that Atlas America, Inc., an affiliate of our general partner, and other third party operators will add another 170 wells to our system by the end of 2002 which should further increase our gas throughput and revenue potential. We have been diligent in our effort to control our operating costs - cash costs during the first quarter of 2002 were approximately $.19 per mcf transported."
Mr. Staines added: "It is important to note that EBITDA coverage of the $.42 per common unit minimum quarterly distribution during the first quarter of 2002 was greater than 2.5 times and in fact the distribution to unit holders of record on March 29, 2022 was announced as $.52 per unit and will be paid on May 10, 2002."
Atlas Pipeline Partners, L.P. owns and operates approximately 1,300 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 4,100 wells that are currently connected to the system.
Resource America, Inc. (Nasdaq:REXI), through its wholly owned subsidiary, Atlas America, Inc., is the owner of the Partnership's general partner and a 50.3% owner of the Partnership's common units. Atlas America, Inc., owns an interest in and operates approximately 3,700 of the wells currently connected to the Partnership's 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 many factors, including competition within the energy industry, climactic conditions, volatility in the price of gas in the Appalachian area, actual versus projected drilling activity, volumetric production from wells connected to the Partnership's gas-gathering pipeline system, and the cost of supplies and services in the energy industry.
