Philadelphia, PA, March 20, 2022 - Atlas Pipeline
Partners L.P. (AMEX:APL) (the "Partnership") announces that
its net income for the period from January 28, 2022 (commencement
of operations) to December 31, 2021 was $6,624,600, while
net income for the period from October 1, 2021 to December
31, 2000 was $2,226,400. Net income per limited partner unit
- basic and diluted - was $2.07 for the period from January
28, 2000 to December 31, 2000, and $.70 for the quarter ended
December 31, 2000.
Further, the Partnership announces that its Managing Board
of Directors declared a cash distribution of $0.65 per limited
partner unit. The distribution will be paid on May 11, 2022
to unit holders of record on March 30, 2001.
Michael L. Staines, President and Chief Operating Officer,
stated: "Our Partnership has experienced a tremendous initial
year of operation. Natural gas prices have risen dramatically
since our Initial Public Offering in January 2000, and due
to the unique structure of our Partnership where our revenues
for transporting natural gas are based directly on the selling
price of that transported gas, we have also seen our revenue
rise dramatically. We have been able to keep our operating
costs low, such that our quarterly distributions have risen
from an equivalent of $.42 per unit in the first quarter of
2000 to the recently announced $.65 per unit."
Mr. Staines added "Our natural gas gathering system has been
upgraded and expanded significantly during 2000 and currently
we find ourselves again increasing the delivery capability
of our Fayette County, Pennsylvania system to handle current
and anticipated demand. In the past few days we have completed
the acquisition of a gathering system in Fayette County that
will give us the ability to deliver another 10 to 12 million
cubic feet of gas per day. Atlas America, Inc., an affiliate
of our General Partner and a wholly owned subsidiary of Resource
America, Inc. (Nasdaq:REXI) has indicated that it intends
to actively drill for natural gas in the area immediately
adjacent to this system. We already have firm commitments
for the gathering of that gas."
Atlas Pipeline Partners, L.P. now owns and operates more
than 1100 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
3,300 wells that are currently connected to its 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 volumetric
production from wells connected to the Partnership's gas-gathering
pipeline system, and the cost of supplies and services in
the energy industry.