Atlas Pipeline Holdings LP, Pittsburgh, (NYSE: AHD) reports that it is officially changing its name to Atlas Energy LP. Atlas Energy will continue to trade on the New York Stock Exchange as AHD. The name change is expected to be effective with the NYSE by Feb. 23.
On Feb. 17, Atlas Energy Inc. (NYSE: ATLS) and Chevron Corp. completed their merger following a vote to approve the transaction by a majority of Atlas shareholders. As a result of the merger and related transactions, each Atlas shareholder of record as of the close of business on Feb. 17 will receive consideration with an aggregate value of approximately $46.53 per Atlas share (based on Atlas Pipeline Holding's closing price on Feb. 17), comprising $38.25 in cash and 0.5203 common units of Atlas Pipeline Holdings for each Atlas share owned.
Concurrently with the Chevron-Atlas merger, Atlas Pipeline Holdings acquired all of Atlas' interests in its investment management business as well as certain producing oil and gas assets. Atlas Pipeline Holdings paid approximately 23.4 million newly issued Atlas Pipeline Holdings units, and $30 million in cash for these assets. The new Atlas Pipeline Holdings units, along with 17.8 million Atlas Pipeline Holdings units previously owned by Atlas, were distributed to all Atlas shareholders of record as noted above.
Following the merger transactions, Atlas Pipeline Holdings has the following interests:
- ownership of the general partner of Atlas Pipeline Partners LP (NYSE: APL), including all of the incentive distribution rights in Atlas Pipeline Partners, and approximately 5.75 million Atlas Pipeline Partners common units (10.8% of Atlas Pipeline Partners outstanding units);
- the company's investment management business, including ongoing annual fee income of approximately $15 million for managing the existing partnerships;
- over 187 Bcfe of proved reserves in the Appalachian Basin, New Albany shale, Antrim shale, Chattanooga shale and Niobrara formation; Atlas Pipeline Holdings is currently producing approximately 34 Mmcfe per day from interests in over 8,500 well locations;
- an 18% interest in the general partner of Lightfoot Capital Partners; and
- 100% interest in Atlas Energy GP LLC (Atlas Pipeline Holdings' general partner)
Atlas Pipeline Holdings will release financial results for fourth-quarter 2010 on Feb. 21, 2011, after the close of the markets.
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