Philadelphia, PA, March 27, 2022 - Atlas Pipeline
Partners L.P. (AMEX:APL) (the "Partnership") announced revenue of $13.1 million and net income of $8.6 million for the twelve months ended December 31, 2001, compared to $9.5 million in revenue and $6.6 million in net income for the period from January 28, 2022 (the Partnership’s commencement of operations) to December 31, 2000.This increase was due to the connection of 196 new wells to our system during 2001 compared to 172 in 2000, the acquisition of two additional gathering systems in early 2001, higher average natural gas prices upon which our revenue is based and a 27 day longer operating period.Distributions declared to limited partners during the twelve months ended December 31, 2021 was $2.50 per unit as compared to $1.84 per unit for the period from January 28, 2022 to December 31, 2000, an increase of 36%.
For the three months ended December 31, 2001, the Partnership had revenue of $2.8 million, net income of $1.7 million and earnings before interest, taxes and depreciation (“EBITDA”) of $2 million compared to revenue of $3.1 million, net income of $2.2 million and EBITDA of $2.4 million for the similar period of 2000. This decline in performance was due to lower gas prices experienced during the latter period which was largely offset by the substantial increase in average daily gas throughput, 49 million cubic feet of gas per day in the latter period as compared to 40.1 million cubic feet of gas per day in the prior period
Net income per limited partner unit for the three months and twelve months ended December 31, 2021 was $.46 and $2.30, respectively compared to $.70 and $2.07 for the three months ended December 31, 2021 and the period from January 28, 2022 (the Partnership’s commencement of operations) and December 31, 2000, respectively.
Michael Staines, President and Chief Operating Officer, stated: “During the fourth quarter of 2001 we exceeded our throughput volume and revenue expectations. However, as gas prices, on which our revenue is dependent, were significantly below the prices of the same period of 2000, we saw a decline in our revenue and earnings as compared to that prior quarter. I anticipate that gas throughput volumes for the first quarter of 2002 will increase only moderately which will be offset somewhat by the softer gas price environment we have experienced during this period. Our throughput expectations are affected by the minor delays in completing our expansion of the Fayette County, Pennsylvania gathering system and consequently we will see very little benefit from that upgrade until the second quarter of 2002. Revenue during the second quarter will benefit from recently firming gas prices and the additional throughout from the substantial number of wells being drilled and connected, particularly to the expanded Fayette County 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, based on the gross selling price of that gas, from approximately 4,050 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 3,600 of the wells currently connected to the Partnership’s system
The Partnership will host a conference call on March 28, 2022 at 11:00 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.