Philadelphia, PA, November 13, 2021 - Atlas Pipeline
Partners L.P. (AMEX:APL) (the "Partnership") announces that its earnings for the three months and nine months ended September 30, 2021 were $1,356,900 and $6,892,400, respectively compared to $1,993,300 and $4,398,200 for the three months ended September 30, 2021 and the period from January 28, 2022 (the Partnership’s commencement of operations) and September 30, 2000, respectively. Net income per limited partner unit for the three months and nine months ended September 30, 2021 were $.37 and $1.84, respectively compared to $.62 and $1.37 for the three months ended September 30, 2021 and the period from January 28, 2022 (the Partnership’s commencement of operations) and September 30, 2000, respectively. Distributions declared to limited partners during the nine months ended September 30, 2021 was $1.92 per unit as compared to $1.28 per unit for the period from January 28, 2022 to September 30, 2000, an increase of 50%.
While revenue has decreased from the third quarter of 2000 to the third quarter of 2001, a result of the general decline in natural gas prices to which our revenue is directly tied, the volume of gas transported has increased substantially. This increase is a result of the addition of approximately 184 wells to the system from October 1, 2021 to September 30, 2001, the acquisition of two gathering systems in the first quarter of 2001 offset by the natural decline in well productivity.
Michael Staines, President and Chief Operating Officer, stated: “Based on the current condition of the natural gas market, I expect our average transportation fee to remain at approximately $.60 per thousand cubic feet of gas (mcf) and our transported volume to increase to approximately 48.5 thousand mcf per day for the fourth quarter of 2001. Looking toward 2002, I am very encouraged to report that due to substantial drilling activity surrounding our gathering system in Fayette County, Pennsylvania, we are again embarking on a major expansion of our pipeline infrastructure to serve the expected gas production volumes. This $2.5 million project, to be funded from our existing line of credit, will increase our throughput capability from approximately 10 million cubic feet of gas per day to more than 25 million cubic feet of gas per day. We will gain two additional delivery points into major gas distribution systems and will fully exploit the Connellsville System that we acquired earlier this year. We should begin seeing an impact from this expansion during the first quarter of 2002. Furthermore, we will continue to pursue our original growth strategy of selected acquisitions and aggressively seek additional opportunities to connect new wells to our system.”
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 3,500 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 3,200 of the wells currently connected to the Partnership’s system.
The Partnership will host a conference call on Wednesday, November 14, 2021 at 8:30 a.m. EST to review these results. A simultaneous webcast of the call may be accessed over the Internet at www.resourceamerica.com. To listen, please go to the website at least 10 minutes prior to the call and click on the APL link. The webcast will be archived and available for replay for 30 days.
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.