27.04.2005 16:13:00
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Atlas Pipeline Partners, L.P. Announces Product Hedges Through 2007
Business Editors/Energy Editors
PHILADELPHIA--(BUSINESS WIRE)--April 27, 2005--Atlas Pipeline Partners, L.P. (NYSE:APL) (the "Partnership") announces that it has increased its hedge position on its equity production (gas, natural gas liquid and condensate) produced from its Velma, Oklahoma gas processing facility and has entered into initial hedges on its natural gas liquid equity production from the recently acquired Elk City, Oklahoma gas processing facility. Equity production is the amount of each product of the well-head gas stream that the Partnership retains and owns pursuant to various contracts with gas producers.
In addition, Atlas America, Inc. (Nasdaq:ATLS) has increased its hedged position on natural gas production transported on the Partnership's Appalachian system through additional forward sales. Atlas Pipeline Partners receives transportation fees from Atlas America generally based upon a percentage of the selling price received by Atlas America, which are impacted by these physical hedges. Atlas America provides substantially all of the natural gas Atlas Pipeline Partners transports on its Appalachian system.
APL owns and processes natural gas in the mid-continent where its hedging activity is intended to enhance the stability of our revenue stream, particularly that derived from our percent of proceeds contracts with various gas producers. In Appalachia, while APL does not own the gas, it does consult with Atlas America and, in an effort to enhance revenue stability associated with the percent of proceeds contracts that apply to APL's Appalachian throughput, supports the physical sale forward of that gas.
The following table summarizes the Partnership's total hedge positions as of this date:
Atlas Pipeline Partners, L.P. - Summary hedge position as of April 27, 2005 ---------------------------------------------------------------------- 2005 2006 ------------ ------------------------- ------------------------------- 2Q 3Q 4Q 1Q 2Q 3Q 4Q ------------ ------- -------- -------- ------- ------- ------- ------- Natural Gas ---------------------------------------------------------------------- Appalachia ---------------------------------------------------------------------- % of total 1Q2005 throughput hedged 57% 57% 54% 54% 41% 40% 40% ------------ ------- -------- -------- ------- ------- ------- ------- Average price per mcf $6.88 $6.88 $6.92 $6.94 $7.26 $7.26 $7.26 ------------ ------- -------- -------- ------- ------- ------- ------- Velma System ---------------------------------------------------------------------- % of total 1Q2005 equity gas hedged 53% 79% 79% 67% 66% 66% 66% ------------ ------- -------- -------- ------- ------- ------- ------- Average price/dth @Henry Hub $6.24 $6.24 $6.24 $6.95 $6.95 $7.02 $7.02 ------------ ------- -------- -------- ------- ------- ------- ------- Hedged Basis to Henry Hub ($/dth) $(.50) $(.50) $(.50) $(.58) $(.58) $(.53) $(.53) ------------ ------- -------- -------- ------- ------- ------- ------- Natural Gas Liquid ---------------------------------------------------------------------- Velma System ---------------------------------------------------------------------- % of total 1Q2005 equity NGL hedged 77% 76% 76% 67% 66% 65% 65% ------------ ------- -------- -------- ------- ------- ------- ------- Average price/ gallon $.586 $.586 $.586 $.643 $.643 $.683 $.683 ------------ ------- -------- -------- ------- ------- ------- ------- Elk City System ---------------------------------------------------------------------- % of total 1Q2005 equity NGL hedged 38% 38% 38% 38% 38% 38% ------------ ------- -------- -------- ------- ------- ------- ------- Average price/ gallon $.727 $.727 $.681 $.681 $.681 $.681 ------------ ------- -------- -------- ------- ------- ------- ------- Condensate ---------------------------------------------------------------------- Velma System ---------------------------------------------------------------------- % of total 1Q2005 equity NGL hedged 68% 67% 67% 55% 54% 40% 40% ------------ ------- -------- -------- ------- ------- ------- ------- Average $34.25 $34.25 $34.25 price/bbl $30.00 $30.00 $30.00 (collar) (collar) (collar) $44.77 $44.56 $46.12 $45.91 ------------ ------- -------- -------- ------- ------- ------- ------- Elk City System ---------------------------------------------------------------------- % of total 1Q2005 equity NGL hedged 49% 49% 40% 40% 39% 39% ------------ ------- -------- -------- ------- ------- ------- ------- Average price/bbl $57.00 $57.00 $55.15 $55.15 $55.15 $55.15 ------------ ------- -------- -------- ------- ------- ------- -------
2007 ---------------------------------------------------------------------- 1Q 2Q 3Q 4Q ----------------------------------- ---------- ------- ------- ------- Natural Gas ---------------------------------------------------------------------- Appalachia ---------------------------------------------------------------------- % of total 1Q2005 throughput hedged 41% ----------------------------------- ---------- ------- ------- ------- Average price per mcf $7.26 ----------------------------------- ---------- ------- ------- ------- Velma System ---------------------------------------------------------------------- % of total 1Q2005 equity gas hedged 40% 40% 39% 39% ----------------------------------- ---------- ------- ------- ------- Average price/dth @Henry Hub $7.10 $7.10 $7.10 $7.10 ----------------------------------- ---------- ------- ------- ------- Hedged Basis to Henry Hub ($/dth) $(.52) $(.52) $(.52) $(.52) ----------------------------------- ---------- ------- ------- ------- Natural Gas Liquid ---------------------------------------------------------------------- Velma System ---------------------------------------------------------------------- % of total 1Q2005 equity NGL hedged 39% 38% 38% 38% ----------------------------------- ---------- ------- ------- ------- Average price/gallon $.685 $.685 $.685 $.685 ----------------------------------- ---------- ------- ------- ------- Elk City System ---------------------------------------------------------------------- % of total 1Q2005 equity NGL hedged ----------------------------------- ---------- ------- ------- ------- Average price/gallon ----------------------------------- ---------- ------- ------- ------- Condensate ---------------------------------------------------------------------- Velma System ---------------------------------------------------------------------- % of total 1Q2005 equity NGL hedged 14% 14% 14% 14% ----------------------------------- ---------- ------- ------- ------- Average price/bbl $53.50 $53.50 $53.50 $53.50 ----------------------------------- ---------- ------- ------- ------- Elk City System ---------------------------------------------------------------------- % of total 1Q2005 equity NGL hedged 33% 33% 33% 33% ----------------------------------- ---------- ------- ------- ------- Average price/bbl $52.30 $52.30 $52.30 $52.30 ----------------------------------- ---------- ------- ------- -------
Terms:
mcf - thousand cubic feet.
mmcf - million cubic feet
dth - dekatherm; equivalent to 1 million British Thermal Units or approximately 1 thousand cubic feet (mcf) of natural gas
bbl - barrel; equivalent to 42 gallons
Atlas Pipeline Partners, L.P. is active in the gas gathering and processing segment of the mid-stream natural gas industry. In Appalachia, it owns and operates more than 1,440 miles of natural gas gathering pipelines in western Pennsylvania, western New York and eastern Ohio to which more than 4,800 wells are currently connected. APL gathers approximately 52.4 million cubic feet ("mmcf") of gas per day from these wells. In the Mid-Continent region of Oklahoma and northern Texas and, including the April 14, 2005 acquisition of the Elk City system, APL owns and operates approximately 2,200 miles of gas gathering pipeline. APL transports approximately 325 million cubic feet of gas per day from more than 880 receipt points or wells to its gas processing and treating facilities in Velma, Elk City and Prentiss, Oklahoma where natural gas liquids (NGL) and impurities are removed. APL then sells the resulting residue gas and NGL and remits a portion of those proceeds to the producer. In Appalachia and the Mid-Continent, the fees paid to APL are based on a percentage of the gross selling price of the gas or NGL, fixed fee per mcf transported or on percent of index. For more information, visit our website at www.atlaspipelinepartners.com or contact pschreiber@atlaspipelinepartners.com.
Atlas America, Inc. (Nasdaq:ATLS), the parent company of Atlas Pipeline Partners, L.P.'s general partner, and owner of 1,641,026 units of limited partner interest of APL, is an energy company engaged primarily in the development and production of natural gas in the Appalachian Basin for its own account and for its investors through the offering of tax advantaged investment programs. For more information, please visit our website at www.atlasamerica.com, or contact investor relations at pschreiber@atlasamerica.com.
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 and mid-continent 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 and the other factors disclosed under "risk factors" in our most recent 10-K.
--30--RB/ph*
CONTACT: Atlas Pipeline Partners, L.P., Philadelphia Michael L. Staines, 215-546-5005 Facsimile: 215-546-4785
KEYWORD: PENNSYLVANIA OKLAHOMA INDUSTRY KEYWORD: OIL/GAS BANKING ENERGY UTILITIES SOURCE: Atlas Pipeline Partners, L.P.
Copyright Business Wire 2005
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