Exhibit 99.1
ATP Announces Second Quarter 2008 Results
HOUSTON--(BUSINESS WIRE)--ATP Oil & Gas Corporation (NASDAQ:ATPG) today announced second quarter 2008 results and hedging update.
Highlights include:
- A production increase of 26% over second quarter 2007;
- An increase in oil and gas revenues of 45% over second quarter 2007;
- The sale of an interest in our Gomez Hub for $82.0 million representing 4.5% of our Gomez Hub proved reserves at December 31, 2007;
- The acquisition of proved reserves at Clipper for a minimal upfront investment;
- The refinancing of our debt, significantly extending the maturity; and
- The addition in July 2008 of costless oil collars for 2010 and 2011 with $105 per Bbl floor prices and ceiling prices ranging from $187 to $197 per Bbl.
Oil and gas production increased 26% to 3.1 MMBoe (18.5 Bcfe) for the second quarter of 2008, compared to 2.4 MMBoe (14.6 Bcfe) for the second quarter of 2007. Oil production was 1.4 MMBbls and natural gas production was 10.0 Bcf for the second quarter of 2008, compared to 1.0 MMBbls and 8.4 Bcfe for the second quarter of 2007. Oil and gas production increased 31% to 6.7 MMBoe (40.0 Bcfe) for the six months ended June 30, 2008, compared to 5.1 MMBoe (30.5 Bcfe) for the six months ended June 30, 2007.
Revenues from oil and gas production increased 45% to $191.8 million for the second quarter of 2008, compared to $132.2 million for the second quarter of 2007. Revenues from oil and gas production increased 51% to $417.8 million for the six months ended June 30, 2008, compared to $276.9 million for the six months ended June 30, 2007.
ATP recorded a net loss of $11.8 million or $0.33 per basic and diluted share for the second quarter of 2008, compared to net income of $6.1 million or $0.20 per basic and diluted share for the second quarter of 2007. ATP recorded net income of $35.1 million or $0.98 per basic share and $0.97 per diluted share for the six months ended June 30, 2008, compared to $33.6 million or $1.12 per basic share and $1.10 per diluted share for the six months ended June 30, 2007.
Results for the second quarter of 2008 were impacted by two items that research analysts typically exclude from their published estimates, a charge related to the extinguishment of our prior debt of $24.2 million ($15.7 million after tax) and a net unrealized loss on derivatives no longer accounted for as hedges of $49.2 million ($26.8 million after tax). The $24.2 million charge related to the costs of our previous debt which was required to be written off as a result of the closing of a new senior secured term loan facility which extended the maturity of ATP’s long-term debt and will provide flexibility with regard to the announced asset monetization program. Net income before these items, a non-GAAP measure, in the second quarter of 2008 was $30.8 million or $0.87 per basic share and $0.86 per diluted share. The same metric in the second quarter of 2007 is $11.9 million or $0.40 per basic and $0.39 per diluted share. A non-GAAP reconciliation is provided near the end of this press release.
In the second quarter of 2008, ATP sold a limited term overriding royalty interest at its Gomez Hub in the Gulf of Mexico for $82.0 million representing 5.8 Bcfe of proved reserves from this property. While this transaction is considered a sale for accounting purposes, the relevant guidance prevents ATP from recognizing a gain on this transaction. As such, the sale proceeds are recorded as deferred revenue on the balance sheet and will be recognized as oil and gas revenues as the reserves attributable to the sold interest are produced. During the second quarter of 2008 the production attributable to the sold interest was 0.5 Bcfe. The related reserves attributable to the sold interest have been removed from ATP’s proved reserves and the production will be excluded from ATP’s reported production.
Due to the sale, ATP’s forecasted production from the Gomez Hub has been reduced accordingly. In addition, as a result of changes in timing of forecasted production related to the U.K. derivatives, certain contracts were restructured. In each case the derivative contracts related to the previously forecasted production no longer qualify for hedge accounting treatment and, as a result, unrealized losses previously deferred were charged to earnings in the current period. Accordingly, during the second quarter of 2008, ATP recorded derivatives expense of $50.2 million, which consists of the previously noted $49.2 million noncash unrealized loss and a $1.0 million realized loss. Subsequent changes in the fair value of these derivatives will be recorded on a mark-to-market basis in the income statement. In conjunction with changes in the timing of forecasted production in the UK, ATP unwound 2.2 Bcfe of natural gas swaps with an average price of $7.35 scheduled from October 2008 through March 2009, and replaced them with 3.1 Bcfe of natural gas swaps with an average price of $9.28 from April 2009 through March 2010.
During the second quarter of 2008, ATP acquired a 55% working interest in Clipper (Green Canyon Blocks 299 and 300), which includes proved reserves. ATP acquired a 100% working interest in Mississippi Canyon Block 304, expanding the Canyon Express Hub.
ATP has expanded its oil hedging program to include costless collars. These are listed below. A detailed hedge and derivative schedule is provided near the end of this press release.
Gulf of Mexico Oil Collars
- 3,000 Bbls/day calendar year 2010, $105/Bbl (floor) to $195 - $197/Bbl (ceiling)
- 2,000 Bbls/day calendar year 2011, $105/Bbl (floor) to $187 - $188/Bbl (ceiling)
ATP's selected operating statistics and financial information, included within this press release, contain additional information on the company’s activities for the second quarter of 2008 and the comparable period of 2007.
| Three Months Ended | | Six Months Ended |
| June 30, | | June 30, |
| | 2008 | | | | 2007 | | | 2008 | | | 2007 |
| Selected Operating Statistics (Unaudited) | | | | | | | |
| | | | | | | |
| Production | | | | | | | |
| Natural gas (MMcf) | | 9,969 | | | | 8,426 | | | 21,813 | | | 18,250 |
| Gulf of Mexico | | 5,475 | | | | 6,937 | | | 11,940 | | | 13,074 |
| North Sea | | 4,494 | | | | 1,489 | | | 9,873 | | | 5,176 |
| Oil and condensate (MBbls) | | 1,414 | | | | 1,027 | | | 3,036 | | | 2,039 |
| Gulf of Mexico | | 1,402 | | | | 1,024 | | | 3,012 | | | 2,029 |
| North Sea | | 12 | | | | 3 | | | 24 | | | 10 |
| Natural gas equivalents (MMcfe) | | 18,455 | | | | 14,590 | | | 40,029 | | | 30,486 |
| Gulf of Mexico | | 13,892 | | | | 13,082 | | | 30,014 | | | 25,251 |
| North Sea | | 4,564 | | | | 1,508 | | | 10,015 | | | 5,235 |
| | | | | | | |
| Average Prices (includes effect of cash flow hedges) | | | | | | | |
| Natural gas (per Mcf) | $ | 7.93 | | | $ | 8.24 | | $ | 8.49 | | $ | 8.74 |
Gulf of Mexico | | 9.99 | | | | 8.47 | | | 9.61 | | | 8.47 |
| North Sea | | 5.42 | | | | 7.19 | | | 7.14 | | | 9.40 |
| Oil and condensate (per Bbl) | | 74.89 | | | | 60.80 | | | 74.39 | | | 57.48 |
| Natural gas, oil and condensate (per Mcfe) | | 10.02 | | | | 9.05 | | | 10.26 | | | 9.07 |
| | | | | | | |
| Other Expenses, per Mcfe | | | | | | | |
| Lease operating expense | $ | 1.29 | | | $ | 1.38 | | $ | 1.21 | | $ | 1.35 |
| Gulf of Mexico | | 1.29 | | | | 1.25 | | | 1.19 | | | 1.26 |
| North Sea | | 1.27 | | | | 2.45 | | | 1.28 | | | 1.77 |
| Depreciation, depletion and amortization | | 4.33 | | | | 3.61 | | | 4.23 | | | 3.48 |
| Gulf of Mexico | | 3.59 | | | | 3.52 | | | 3.53 | | | 3.32 |
| North Sea | | 6.57 | | | | 4.32 | | | 6.31 | | | 4.22 |
| | | | | | | |
| Selected Unaudited Financial Data (Unaudited) | | | | | | | |
| (In Thousands, Except Per Share Data) | | | | | | | |
| | | | | | | |
| Oil and gas revenues (1) | $ | 191,809 | | | $ | 131,919 | | $ | 417,846 | | $ | 276,593 |
| Net income (loss) | | (11,780 | ) | | | 6,125 | | | 35,065 | | | 33,559 |
| | | | | | | |
| Net income (loss) per share: | | | | | | | |
| Basic | $ | (0.33 | ) | | $ | 0.20 | | $ | 0.98 | | $ | 1.12 |
| Diluted | $ | (0.33 | ) | | $ | 0.20 | | $ | 0.97 | | $ | 1.10 |
| | | | | | | |
| Weighted average shares outstanding: | | | | | | | |
| Basic | | 35,440 | | | | 30,058 | | | 35,631 | | | 30,031 |
| Diluted | | 35,440 | | | | 30,639 | | | 36,072 | | | 30,612 |
__________________ | | | | | | | |
| (1) Includes settlements on derivatives qualifying for hedge accounting. |
2nd Quarter 2008 Conference Call
ATP Oil & Gas Corporation (NASDAQ:ATPG) will host a conference call on Thursday, August 7 at 10:00 am central time to discuss the company’s second quarter results, followed by a Q&A session.
Date: Thursday, August 7, 2008
Time: 11:00 am ET;10:00 am CT; 9:00 am MT and 8:00 am PT
ATP invites interested persons to listen to the live Internet webcast on the company’s website, www.atpog.com, linking through the Investor Info page and the Conference Calls link. Phone participants should dial (800) 524-3357. A digital replay of the conference call will be available at (888) 203-1112, ID number 4053448, for a period of 24 hours beginning at 12:00 pm CT, and the webcast will be archived for 30 business days at www.atpog.com.
About ATP Oil & Gas Corporation
ATP Oil & Gas is focused on development and production of oil and natural gas in the Gulf of Mexico and the North Sea. The Company trades publicly as ATPG on the NASDAQ Global Select Market. For more information about ATP Oil & Gas Corporation, visit www.atpog.com.
Forward-looking Statements
Certain statements included in this news release are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. ATP cautions that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those ATP expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as ATP’s ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business. More information about the risks and uncertainties relating to ATP’s forward-looking statements are found in the Company’s SEC filings.
| CONSOLIDATED BALANCE SHEETS |
| (In thousands) |
| (Unaudited) |
| | | | |
| | June 30, | | December 31, |
| | 2008 | | 2007 | |
| Assets | | | | |
| Current assets: | | | | |
| Cash and cash equivalents | | $ | 278,323 | | | $ | 199,449 | |
| Restricted cash | | | 14,027 | | | | 13,981 | |
| Accounts receivable (net of allowances of $382 and $382) | | | 92,255 | | | | 127,891 | |
| Deferred tax assets | | | 43,312 | | | | 84,110 | |
| Derivative assets | | | 40 | | | | 1,286 | |
| Other current assets | | | 13,404 | | | | 15,934 | |
| Total current assets | | | 441,361 | | | | 442,651 | |
| | | | |
| Oil and gas properties: | | | | |
Oil and gas properties (using the successful efforts method of accounting) | | | 2,977,575 | | | | 2,556,938 | |
| Less: Accumulated depletion, impairment and amortization | | | (897,550 | ) | | | (726,358 | ) |
| Oil and gas properties, net | | | 2,080,025 | | | | 1,830,580 | |
| | | | |
| Furniture and fixtures, net | | | 700 | | | | 860 | |
| Derivative assets | | | 1,315 | | | | 673 | |
| Deferred tax assets | | | 25,134 | | | | - | |
| Deferred financing costs, net | | | 15,348 | | | | 19,873 | |
| Other assets, net | | | 12,681 | | | | 12,496 | |
| Total assets | | $ | 2,576,564 | | | $ | 2,307,133 | |
| | | | |
| Liabilities and Shareholders' Equity | | | | |
| | | | |
| Current liabilities: | | | | |
| Accounts payable and accruals | | $ | 188,642 | | | $ | 270,557 | |
| Current maturities of long-term debt | | | 10,500 | | | | 12,165 | |
| Asset retirement obligation | | | 19,007 | | | | 28,194 | |
| Derivative liabilities | | | 54,397 | | | | 11,335 | |
| Deferred tax liabilities | | | 476 | | | | - | |
| Other current liabilities | | | 13,650 | | | | 23,512 | |
| Total current liabilities | | | 286,672 | | | | 345,763 | |
| | | | |
| Long-term debt | | | 1,598,365 | | | | 1,391,846 | |
| Asset retirement obligation | | | 169,480 | | | | 158,577 | |
| Deferred tax liabilities | | | 64,963 | | | | 85,256 | |
| Derivative Liabilities | | | 34,126 | | | | 13,242 | |
| Deferred revenue | | | 75,144 | | | | - | |
| Other liabilities | | | 2,582 | | | | 2,583 | |
| Total liabilities | | | 2,231,332 | | | | 1,997,267 | |
| | | | |
| Shareholders' equity: | | | | |
| Preferred stock: $0.001 par value | | | - | | | | - | |
| Common stock: $0.001 par value | | | 36 | | | | 36 | |
| Additional paid-in capital | | | 394,072 | | | | 388,250 | |
| Accumulated deficit | | | (56,996 | ) | | | (92,061 | ) |
| Accumulated other comprehensive income | | | 9,031 | | | | 14,552 | |
| Treasury stock, at cost | | | (911 | ) | | | (911 | ) |
| Total shareholders' equity | | | 345,232 | | | | 309,866 | |
| Total liabilities and shareholders' equity | | $ | 2,576,564 | | | $ | 2,307,133 | |
| CONSOLIDATED INCOME STATEMENTS |
| (In Thousands, Except Per Share Amounts) |
| (Unaudited) |
| | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, | | June 30, |
| | 2008 | | | | 2007 | | | | 2008 | | | | 2007 | |
| | | | | | | |
| Oil and gas revenues | $ | 191,809 | | | $ | 132,153 | | | $ | 417,846 | | | $ | 276,902 | |
| Other revenues | | - | | | | - | | | | 897 | | | | 1,598 | |
| Total revenues | | 191,809 | | | | 132,153 | | | | 418,743 | | | | 278,500 | |
| | | | | | | |
| Costs and operating expenses: | | | | | | | |
| Lease operating | | 23,770 | | | | 20,105 | | | | 48,388 | | | | 41,174 | |
| Exploration | | - | | | | 10,605 | | | | - | | | | 11,336 | |
| General and administrative | | 8,831 | | | | 6,572 | | | | 18,067 | | | | 15,340 | |
| Depreciation, depletion and amortization | | 79,873 | | | | 52,612 | | | | 169,272 | | | | 106,012 | |
| Impairment of oil and gas properties | | - | | | | 5,770 | | | | - | | | | 5,770 | |
| Accretion of asset retirement obligation | | 4,281 | | | | 3,020 | | | | 8,581 | | | | 5,980 | |
| Loss on abandonment | | 1,036 | | | | 2 | | | | 1,413 | | | | 79 | |
| Other, net | | (264 | ) | | | - | | | | (110 | ) | | | - | |
| Total costs and operating expenses | | 117,527 | | | | 98,686 | | | | 245,611 | | | | 185,691 | |
| Income from operations | | 74,282 | | | | 33,467 | | | | 173,132 | | | | 92,809 | |
| | | | | | | |
| Other income (expense): | | | | | | | |
| Interest income | | 644 | | | | 2,550 | | | | 1,872 | | | | 4,618 | |
| Interest expense | | (24,236 | ) | | | (31,025 | ) | | | (52,363 | ) | | | (57,824 | ) |
| Derivatives expense | | (50,190 | ) | | | - | | | | (50,150 | ) | | | - | |
| Loss on debt extinguishment | | (24,220 | ) | | | - | | | | (24,220 | ) | | | - | |
| Total other income (expense) | | (98,002 | ) | | | (28,475 | ) | | | (124,861 | ) | | | (53,206 | ) |
| | | | | | | |
| Income (loss) before income taxes | | (23,720 | ) | | | 4,992 | | | | 48,271 | | | | 39,603 | |
| Income tax (expense) benefit: | | | | | | | |
| Current | | 2,078 | | | | 22 | | | | (10,358 | ) | | | (34 | ) |
| Deferred | | 9,862 | | | | 1,111 | | | | (2,848 | ) | | | (6,010 | ) |
| Total | | 11,940 | | | | 1,133 | | | | (13,206 | ) | | | (6,044 | ) |
| | | | | | | |
| Net income (loss) | $ | (11,780 | ) | | $ | 6,125 | | | $ | 35,065 | | | $ | 33,559 | |
| | | | | | | |
| Net income (loss) per share: | | | | | | | |
| Basic | $ | (0.33 | ) | | $ | 0.20 | | | $ | 0.98 | | | $ | 1.12 | |
| Diluted | $ | (0.33 | ) | | $ | 0.20 | | | $ | 0.97 | | | $ | 1.10 | |
| | | | | | | |
| Weighted average shares outstanding: | | | | | | | |
| Basic | | 35,440 | | | | 30,058 | | | | 35,631 | | | | 30,031 | |
| Diluted | | 35,440 | | | | 30,639 | | | | 36,072 | | | | 30,612 | |
| CONSOLIDATED CASH FLOW DATA |
| (In Thousands) |
| (Unaudited) |
| | | | |
| | Six Months Ended |
| | June 30, |
| | | 2008 | | | | 2007 | |
| Cash flows from operating activities: | | | | |
| Net income | | $ | 35,065 | | | $ | 33,559 | |
| Adjustments to operating activities | | | 255,865 | | | | 141,536 | |
| Changes in assets and liabilities | | | (126,138 | ) | | | 2,434 | |
| Net cash provided by operating activities | | | 164,792 | | | | 177,529 | |
| | | | |
| Cash flows from investing activities: | | | | |
| Additions to oil and gas properties | | | (349,008 | ) | | | (389,972 | ) |
| Additions to furniture and fixtures | | | (93 | ) | | | (207 | ) |
| Proceeds from disposition of oil and gas properties | | | 82,450 | | | | - | |
| Decrease in restricted cash | | | - | | | | 1 | |
| Net cash used in investing activities | | | (266,651 | ) | | | (390,178 | ) |
| | | | |
| Cash flows from financing activities: | | | | |
| Proceeds from long-term debt | | | 1,608,750 | | | | 375,000 | |
| Principal payments of long-term debt | | | (1,401,653 | ) | | | (181,369 | ) |
| Deferred financing costs | | | (15,391 | ) | | | (8,445 | ) |
| Principal payments of capital lease | | | - | | | | (23,950 | ) |
| Net profits interest payments | | | (10,871 | ) | | | - | |
| Exercise of stock options | | | 28 | | | | 1,140 | |
| Net cash provided by financing activities | | | 180,863 | | | | 162,376 | |
| | | | |
| Effect of exchange rate changes on cash | | | (130 | ) | | | 283 | |
| | | | |
| Net increase (decrease) in cash and cash equivalents | | | 78,874 | | | | (49,990 | ) |
| Cash and cash equivalents, beginning of period | | | 199,449 | | | | 182,592 | |
| | | | |
| Cash and cash equivalents, end of period | | $ | 278,323 | | | $ | 132,602 | |
| Reconciliation of Non-GAAP Net Income |
| (In Thousands, Except Per Share Amounts) |
| (Unaudited) |
| | | | | | | | |
| | Three Months Ended | | Six Months Ended |
| | June 30, | | June 30, |
| | 2008 | | | 2007 | | 2008 | | 2007 |
| | | | | | | | |
| Net income (loss) | | $ | (11,780 | ) | | $ | 6,125 | | $ | 35,065 | | $ | 33,559 |
| Impairment of oil and gas properties | | | - | | | | 5,770 | | | - | | | 5,770 |
| Loss on debt extinguishment, net of tax | | | 15,743 | | | | - | | | 15,743 | | | - |
| Unrealized derivatives expense, net of tax | | | 26,826 | | | | - | | | 26,826 | | | - |
| Pro forma net income | | $ | 30,789 | | | $ | 11,895 | | $ | 77,634 | | $ | 39,329 |
| | | | | | | | |
| Pro forma net income per share: | | | | | | | | |
Basic | | $ | 0.87 | | | $ | 0.40 | | $ | 2.18 | | $ | 1.31 |
Diluted | | $ | 0.86 | | | $ | 0.39 | | $ | 2.15 | | $ | 1.28 |
| | | | | | | | |
| Weighted average shares outstanding: | | | | | | | | |
| Basic | | | 35,440 | | | | 30,058 | | | 35,631 | | | 30,031 |
| Diluted | | | 35,848 | | | | 30,639 | | | 36,072 | | | 30,612 |
Reconciliation of Non-GAAP Cash Flow Measures |
| (In Thousands) |
| (Unaudited) |
| | | | |
| | Six Months Ended |
| | June 30, |
| | 2008 | | 2007 |
| Cash flows from operating activities: | | | | |
| Net income | | $ | 35,065 | | | $ | 33,559 |
| Adjustments to operating activities | | | 255,865 | | | | 141,536 |
Pro forma cash flows from operating activities before changes in assets and liabilities | | | 290,930 | | | | 175,095 |
| Changes in assets and liabilities | | | (126,138 | ) | | | 2,434 |
| Net cash provided by operating activities | | $ | 164,792 | | | $ | 177,529 |
| 2008 | 2009 |
| 3Q | 4Q | 1Q | 2Q | 3Q | 4Q |
| Gulf of Mexico | | | | | | |
| Fixed Forwards & Swaps | | | | | | |
| Natural Gas | | | | | | |
| Volumes (MMMBtu) | | 3,960 | | 3,055 | | 2,700 | | 1,815 | | 1,830 | | 1,830 |
| Price ($/MMBtu) | $ | 8.63 | $ | 8.62 | $ | 8.63 | $ | 7.56 | $ | 7.57 | $ | 8.10 |
| Crude Oil | | | | | | |
| Volumes (MBbls) | | 1,135 | | 982 | | 788 | | 705 | | 713 | | 621 |
| Price ($/Bbl) | $ | 77.84 | $ | 79.50 | $ | 78.61 | $ | 75.83 | $ | 75.83 | $ | 76.61 |
| Equivalents | | | | | | |
| Volumes (MMMBtue) | | 10,770 | | 8,947 | | 7,425 | | 6,047 | | 6,108 | | 5,556 |
| Price ($/MMBtue) | $ | 11.38 | $ | 11.67 | $ | 11.48 | $ | 11.12 | $ | 11.12 | $ | 11.23 |
| | | | | | |
| Puts | | | | | | |
| Crude Oil | | | | | | |
| Volumes (MBbls) | | 626 | | 626 | | 369 | | 373 | | 377 | | 377 |
| Floor Price ($/Bbl) | $ | 54.67 | $ | 54.67 | $ | 54.00 | $ | 54.00 | $ | 54.00 | $ | 54.00 |
| | | | | | |
| Collars | | | | | | |
| Crude Oil | | | | | | |
| Volumes (MBbls) | | - | | - | | - | | - | | - | | - |
| Ceiling Price ($/Bbl) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
| Floor Price ($/Bbl) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
| | | | | | |
| North Sea | | | | | | |
| Fixed Forwards & Swaps | | | | | | |
| Natural Gas | | | | | | |
| Volumes (MMMBtu) | | 4,610 | | 4,370 | | 3,668 | | 1,843 | | 1,863 | | 1,219 |
| Price ($/MMBtu) | $ | 6.65 | $ | 8.55 | $ | 8.39 | $ | 8.72 | $ | 8.72 | $ | 8.42 |
| | | | | | | |
| Exchange rate = 2 USD/GBP |
| The above are ATP's outstanding financial and physical commodity contracts. |
| Additional hedges, derivatives and fixed price contracts, if any, will be announced during the year. |
| | | | | | |
| Recent North Sea Natural Gas Swaps unwound: |
| June 30, 2008: 70,000 Btu/day October 2008 to March 2009 at £3.00/MMBtu |
| June 30, 2008: 50,000 Btu/day October 2008 to March 2009 at £4.64/MMBtu | | |
| | | | | | |
| Recent North Sea Natural Gas Swaps entered: |
| June 30, 2008: 120,000 Btu/day April 2009 to September 2009 at £4.65/MMBtu |
| June 30, 2008: 50,000 Btu/day October 2009 to March 2010 at £4.65/MMBtu |
| | | | | | |
| Recent Gulf of Mexico Oil Collars: |
| July 10, 2008: 1,000 Bbls/day calendar year 2010, $105/Bbl to $195/Bbl |
| July 10, 2008: 1,000 Bbls/day calendar year 2010, $105/Bbl to $196/Bbl |
| July 10, 2008: 1,000 Bbls/day calendar year 2010, $105/Bbl to $197/Bbl |
| July 10, 2008: 1,000 Bbls/day calendar year 2011, $105/Bbl to $187/Bbl |
| July 10, 2008: 1,000 Bbls/day calendar year 2011, $105/Bbl to $188/Bbl |
| 2010 | | 2011 |
| 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | 4Q |
| Gulf of Mexico | | | | | | | | | | | | | | | |
| Fixed Forwards & Swaps | | | | | | | | | | | | | | | |
| Natural Gas | | | | | | | | | | | | | | | |
| Volumes (MMMBtu) | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - |
| Price ($/MMBtu) | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - |
| Crude Oil | | | | | | | | | | | | | | | |
| Volumes (MBbls) | | 90 | | | 91 | | | 92 | | | 92 | | | 90 | | | 91 | | | 92 | | | - |
| Price ($/Bbl) | $ | 68.20 | | $ | 68.20 | | $ | 68.20 | | $ | 68.20 | | $ | 68.20 | | $ | 68.20 | | $ | 68.20 | | $ | - |
| Equivalents | | | | | | | | | | | | | | | |
| Volumes (MMMBtue) | | 540 | | | 546 | | | 552 | | | 552 | | | 540 | | | 546 | | | 552 | | | - |
| Price ($/MMBtue) | $ | 11.37 | | $ | 11.37 | | $ | 11.37 | | $ | 11.37 | | $ | 11.37 | | $ | 11.37 | | $ | 11.37 | | $ | - |
| | | | | | | | | | | | | | | |
| Puts | | | | | | | | | | | | | | | |
| Crude Oil | | | | | | | | | | | | | | | |
| Volumes (MBbls) | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - |
| Floor Price ($/Bbl) | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - |
| | | | | | | | | | | | | | | |
| Collars | | | | | | | | | | | | | | | |
| Crude Oil | | | | | | | | | | | | | | | |
| Volumes (MBbls) | | 270 | | | 273 | | | 276 | | | 276 | | | 180 | | | 182 | | | 184 | | | 184 |
| Ceiling Price ($/Bbl) | $ | 196.00 | | $ | 196.00 | | $ | 196.00 | | $ | 196.00 | | $ | 187.50 | | $ | 187.50 | | $ | 187.50 | | $ | 187.50 |
| Floor Price ($/Bbl) | $ | 105.00 | | $ | 105.00 | | $ | 105.00 | | $ | 105.00 | | $ | 105.00 | | $ | 105.00 | | $ | 105.00 | | $ | 105.00 |
| | | | | | | | | | | | | | | |
| North Sea | | | | | | | | | | | | | | | |
| Fixed Forwards & Swaps | | | | | | | | | | | | | | | |
| Natural Gas | | | | | | | | | | | | | | | |
| Volumes (MMMBtu) | | 450 | | | - | | | - | | | - | | | - | | | - | | | - | | | - |
| Price ($/MMBtu) | $ | 9.30 | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - |
| |
| Exchange rate = 2 USD/GBP |
| The above are ATP's outstanding financial and physical commodity contracts. |
| Additional hedges, derivatives and fixed price contracts, if any, will be announced during the year. |
CONTACT:
ATP Oil & Gas Corporation, Houston
T. Paul Bulmahn, 713-622-3311
Chairman and CEO
Albert L. Reese Jr., 713-622-3311
Chief Financial Officer
www.atpog.com
