Atlas Energy, L.P. reported operating and financial results for the second quarter 2012.
Second Quarter 2012 Highlights
-- Atlas Energy's E&P subsidiary, A tlas Resource Partners, L.P ., recently closed two acquisitions in the Barnett Shale (TX), which added a total of approximately 527 Bcfe of net proved reserves, bringing ARP's total pro forma net proved reserves to approximately 700 Bcfe, or an increase of almost four times the amount of ARP's initial net proved reserves in March 2012. ARP reached record average net production of 62.5 Mmcfe/d for the second quarter 2012, a 57% increase from the sequential quarter and a 71% increase from the prior year quarter. Following the second quarter 2012, pro forma average net daily production reached a peak rate of approximately 102 Mmcfe/d, due to the closing of the Titan transaction in the Barnett Shale.
-- A tlas Pipeline Partners, L.P ., Atlas Energy's midstream subsidiary, announced record processing volumes at each of its systems of 681 Mmcf/d and natural gas liquids (NGL) production of 61,350 bpd for the second quarter 2012.
-- ATLS declared a cash distribution of $0.25 per limited partner unit for the second quarter 2012. The second quarter 2012 distribution represents a $0.03 per unit increase, or 14%, over the prior year comparable quarter.
Edward E. Cohen , Chief Executive Officer of Atlas Energy, stated, "Both our operating subsidiaries, Atlas Resource and Atlas Pipeline, continue to execute on their substantial growth initiatives. Atlas Resource completed two accretive acquisitions to establish our new position in the Barnett Shale, and Atlas Pipeline has made significant progress on its organic growth projects to expand their systems in Oklahoma and Texas. We expect these and further positive announcements to enhance the cash flow to our subsidiaries and, ultimately, to Atlas Energy."
-- On June 28, 2012, ARP declared a quarterly cash distribution for the second quarter 2012 of $0.40 per unit, which is payable August 14, 2012 to holders of record as of July 12, 2012. ATLS earned approximately $8.6 million of cash distributions based upon ARP's recently announced second quarter 2012 distribution.
-- On July 17, 2012, APL declared a distribution for the second quarter of 2012 of $0.56 per common limited partner unit to holders of record on August 7, 2012, which will be paid on August 14, 2012. ATLS earned approximately $5.4 million of cash distributions based upon APL's recently