Exhibit 99.1
ATP Announces Third Quarter 2009 Results
HOUSTON--(BUSINESS WIRE)--November 5, 2009--ATP Oil & Gas Corporation (NASDAQ:ATPG) today announced third quarter 2009 results reflecting a net loss attributable to common shareholders of $9.1 million, or $(0.20) per basic and diluted share for the third quarter 2009, compared to a net profit of $36.5 million or $1.03 per basic and $1.02 per diluted share for the third quarter 2008. Oil and gas production for the third quarter 2009 was 1.4 MMBoe (56% oil) versus 2.0 MMBoe (40% oil) for the third quarter 2008. Revenues from oil and gas production were $75.0 million for the third quarter 2009, compared to $118.3 million for the third quarter 2008. This is the ninth consecutive quarter that oil revenues have accounted for more than half of ATP’s revenues. In the North Sea, the partial sale of producing properties coupled with the deliberate curtailment of production due to lower than anticipated gas prices led to lower volumes in 2009 compared with the previous periods. In the Gulf of Mexico unplanned maintenance on the turbine-compressors at Gomez and normal declines in production rates contributed to lower production volumes during the same comparable periods.
Operationally, ATP continued to focus on its Telemark Hub. Since the end of the second quarter, 2009 ATP:
- Discovered additional pay sands at Mississippi Canyon (“MC”) 941 in the Telemark Hub;
- On November 1, 2009, ATP’s new deepwater drilling and production facility, the ATP Titan, sailed out of dry dock and should arrive on location at MC 941 next week.
During the nine months ended September 30, 2009, ATP incurred $339.1 million of capital expenditures toward its capital expenditure budget. Additionally, ATP’s vendors agreed to defer payment of $23.6 million of property development costs and contributed services in exchange for net profits interests in Telemark totaling $101.7 million during the year. Total capital expenditures during the period were $559.6 million, including capitalized interest of approximately $71.5 million and foreign exchange gains and other noncash additions totaling $23.5 million. These costs were incurred primarily at the Telemark Hub for the activities mentioned above, the Gomez Hub and the Canyon Express Hub in the Gulf of Mexico and the Cheviot development in the North Sea. We are revising our 2009 estimated capital expenditure budget, which excludes capitalized interest, to a range of $400 to $450 million from the previously announced range of $350 million to $400 million.
From a financial standpoint, ATP was extremely active with asset monetization, capital market transactions and financing activities. Since the end of the second quarter of 2009 ATP:
- Executed an agreement with its contractor to defer $99 million of Octabuoy hull construction costs without delaying the construction schedule;
- Realized $74.5 million, net of fees and expenses, from monetizing both the oil and natural gas pipelines that service ATP’s Gomez Hub;
- Conveyed an overriding royalty interest for $15 million;
- Raised $93.4 million by selling common stock and $135.5 million by selling perpetual convertible preferred stock, net of fees and expenses;
- Amended its senior secured term loan facilities to improve financial flexibility;
- Reduced outstanding Term Loans by $112.6 million since June 30, 2009.
ATP had working capital of approximately $73.2 million as of September 30, 2009, an increase of approximately $36.7 million from December 31, 2008. Working capital, as defined in our Senior Secured Credit Facility, was $235.2 million as of September 30, 2009, compared to $72.6 million as of December 31, 2008. ATP had cash of $317.1 million at September 30, 2009, compared to $215.0 million at December 31, 2008.
ATP amended its agreement with COSCO Nantong Shipyard Ltd. (“COSCO”) of China to defer $99 million of primarily 2010 construction costs for the Octabuoy hull. This amendment will keep construction of the Octabuoy hull on pace for a 2011 delivery and facilitates ATP’s objective to achieve first oil production at Cheviot in 2012.
ATP executed an asset sale agreement in the third quarter of 2009 for net proceeds of $74.5 million for the oil and gas pipelines that service the Gomez Hub at MC 711. ATP used $42.2 million of net proceeds from this asset sale to reduce indebtedness. This transaction has been accounted for as a financing obligation in our financial statements.
ATP executed an asset sale agreement in October 2009 for net proceeds of $15.0 million for a dollar-denominated limited-term override in the Gomez Hub. ATP used $10.9 million of net proceeds from this asset sale to reduce indebtedness.
On September 29, 2009, ATP closed a public offering of 5.3 million shares of its common stock at a public offering price of $18.50 per share and a private placement of a new series of 8.0% convertible perpetual preferred stock. Net proceeds from the offerings were approximately $228.9 million. In the fourth quarter, ATP sold an additional 515,000 shares at $18.50 per share for $9.1 million in net proceeds pursuant to the underwriters’ overallotment option. ATP used $59.5 million of net proceeds from these equity offerings to reduce indebtedness.
On November 2, 2009, ATP added flexibility to its Senior Secured Credit Facility by widening its covenants for the reporting periods from December 31, 2009 through December 31, 2010. General terms of the amendment expand the Net Debt to EBITDAX ratio from 3.0x to 4.0x, the EBITDAX to Interest ratio from 2.5x to 2.0x and the current ratio from 1.0x to 0.8x. During this period, the spread on the rate for ATP’s Term Loans will increase by 2.75% through December 31, 2010. Beginning January 1, 2011, the spread on the rate for ATP’s Term Loans will decrease by 1.75% through final maturity in July 2014. ATP paid an initial fee to the lenders of a half percent at closing.
ATP's selected financial data schedule included within this press release contains additional information on the company’s activities for the third quarter 2009 and comparable period in 2008.
| Selected Financial Data | | Three Months Ended | | Nine Months Ended |
| (Unaudited) | | September 30, | | September 30, |
| | 2009 | | 2008 | | 2009 | | 2008 |
| | | | | | | | |
| Production | | | | | | | | |
| Natural gas (MMcf) | | | 3,689 | | | | 7,267 | | | | 12,113 | | | | 29,080 | |
| Gulf of Mexico | | | 2,925 | | | | 3,794 | | | | 9,811 | | | | 15,734 | |
| North Sea | | | 764 | | | | 3,473 | | | | 2,302 | | | | 13,346 | |
| | | | | | | | | | | | | | | | |
| Oil and condensate (MBbls) | | | 792 | | | | 821 | | | | 2,605 | | | | 3,857 | |
| Gulf of Mexico | | | 791 | | | | 817 | | | | 2,598 | | | | 3,829 | |
| North Sea | | | 1 | | | | 4 | | | | 7 | | | | 28 | |
| | | | | | | | |
| Natural gas, oil and condensate | | | | | | | | |
| MMcfe | | | 8,438 | | | | 12,190 | | | | 27,740 | | | | 52,219 | |
| MBoe | | | 1,406 | | | | 2,032 | | | | 4,623 | | | | 8,703 | |
| | | | | | | | |
| Average Prices (1) | | | | | | | | |
| Natural gas (per Mcf) | | $ | 3.92 | | | $ | 7.32 | | | $ | 4.33 | | | $ | 8.20 | |
| Gulf of Mexico | | | 3.54 | | | | 9.39 | | | | 4.08 | | | | 9.55 | |
| North Sea | | | 5.38 | | | | 5.06 | | | | 5.39 | | | | 6.60 | |
| Oil and condensate (per Bbl) | | | 64.28 | | | | 64.01 | | | | 53.49 | | | | 72.18 | |
| | | | | | | | |
| Natural gas, oil and condensate | | | | | | | | |
| Per Mcfe | | $ | 7.75 | | | $ | 8.67 | | | $ | 6.91 | | | $ | 9.90 | |
| Per Boe | | | 46.50 | | | | 52.02 | | | | 41.46 | | | | 59.40 | |
| | | | | | | | |
| Deferred Revenue Recognized ($000's) | | | | | | | | |
| Natural gas | | $ | 1,789 | | | $ | 2,434 | | | $ | 6,045 | | | $ | 3,843 | |
| Oil and condensate | | | 7,931 | | | | 10,161 | | | | 26,350 | | | | 15,608 | |
| Total | | | 9,720 | | | | 12,595 | | | | 32,395 | | | | 19,451 | |
| | | | | | | | |
| Gain (Loss) on Oil and Gas Derivatives ($000's) | | | | | | | | |
| Natural gas contracts | | | | | | | | |
| Realized or settled during the period | | $ | 2,801 | | | $ | (3,605 | ) | | $ | 39,627 | | | $ | (3,605 | ) |
| Unrealized | | | (557 | ) | | | 17,261 | | | | (17,209 | ) | | | (16,718 | ) |
| Oil and condensate contracts | | | | | | | | |
| Realized or settled during the period | | | (1,289 | ) | | | 19,032 | | | | (1,744 | ) | | | 16,713 | |
| Unrealized | | | (4,413 | ) | | | 8,336 | | | | (5,675 | ) | | | (5,509 | ) |
| Total | | | (3,458 | ) | | | 41,024 | | | | 14,999 | | | | (9,119 | ) |
| | | | | | | | |
| | | | | | | | | |
| (1) Includes the effect of cash flow hedges in 2008. Effective January 1, 2009, four U.K. contracts are accounted for as hedges and aggregate net settlements of $0.9 million and $1.5 million are reflected in the average oil and gas prices noted above for the three and nine months ended September 30, 2009, respectively. |
3rd Quarter 2009 Conference Call
ATP Oil & Gas Corporation (NASDAQ:ATPG) will host a live conference call on Thursday, November 5th at 11:00 am CT to discuss the company’s third quarter results followed by a Q&A session.
Date: Thursday, November 5, 2009
Time: 12:00 pm ET; 11:00 am CT; 10:00 am MT and 9:00 am PT
ATP invites interested persons to listen to the live webcast on the company’s website at www.atpog.com. Phone participants should dial 800-263-0877. A digital replay of the conference call will be available at 888-203-1112, ID# 7814540, for a period of 24 hours beginning at 1:00 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 an international offshore oil and gas development and production company with operations 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) |
| | September 30, | | December 31, |
| | 2009 | | 2008 |
| Assets | | | | |
| | | | |
| Current assets: | | | | |
| Cash and cash equivalents | | $ | 317,129 | | | $ | 214,993 | |
| Restricted cash | | | 7,534 | | | | - | |
| Accounts receivable (net of allowance of $290 and $352, respectively) | | | 50,804 | | | | 93,915 | |
| Deferred tax asset | | | 35,371 | | | | 39,150 | |
| Derivative asset | | | 2,755 | | | | 15,366 | |
| Other current assets | | | 24,571 | | | | 11,954 | |
| Total current assets | | | 438,164 | | | | 375,378 | |
| | | | |
| Oil and gas properties: | | | | |
| Oil and gas properties (using the successful efforts method of accounting): | | | | |
| Proved properties | | | 3,349,352 | | | | 2,802,315 | |
| Unproved properties | | | 15,061 | | | | 14,705 | |
| | | 3,364,413 | | | | 2,817,020 | |
| Less accumulated depletion, impairment and amortization | | | (1,069,008 | ) | | | (944,817 | ) |
| Oil and gas properties, net | | | 2,295,405 | | | | 1,872,203 | |
| | | | |
| Furniture and fixtures (net of accumulated depreciation) | | | 391 | | | | 470 | |
| Deferred financing costs, net | | | 14,517 | | | | 13,493 | |
| Other assets, net | | | 14,628 | | | | 14,066 | |
| Total assets | | $ | 2,763,105 | | | $ | 2,275,610 | |
| | | | |
| Liabilities and Equity | | | | |
| | | | |
| Current liabilities: | | | | |
| Accounts payable and accruals | | $ | 199,399 | | | $ | 277,914 | |
| Current maturities of term loans | | | 109,949 | | | | 10,500 | |
| Asset retirement obligation | | | 30,156 | | | | 32,854 | |
| Derivative liability | | | 5,648 | | | | 8,114 | |
| Deferred tax liability | | | 27 | | | | - | |
| Other current liabilities | | | 19,789 | | | | 9,537 | |
| Total current liabilities | | | 364,968 | | | | 338,919 | |
| | | | |
| Term loans | | | 1,203,265 | | | | 1,356,130 | |
| Other long-term obligations | | | 189,712 | | | | 2,582 | |
| Asset retirement obligation | | | 111,138 | | | | 99,254 | |
| Deferred tax liability | | | 99,219 | | | | 101,953 | |
| Derivative liability | | | 3,730 | | | | 1,194 | |
| Deferred revenue | | | 26,834 | | | | 59,229 | |
| Total liabilities | | | 1,998,866 | | | | 1,959,261 | |
| | | | |
| | | | |
| Temporary equity-redeemable noncontrolling interest | | | 139,598 | | | | - | |
| | | | |
| Shareholders' equity: | | | | |
| Preferred stock, $0.001 par value, at liquidation value | | | 140,000 | | | | - | |
| Common stock, $0.001 par value | | | 50 | | | | 36 | |
| Additional paid-in capital | | | 563,558 | | | | 400,334 | |
| Retained earnings | | | 17,855 | | | | 29,644 | |
| Accumulated other comprehensive loss | | | (95,911 | ) | | | (112,754 | ) |
| Treasury stock, at cost | | | (911 | ) | | | (911 | ) |
| Total shareholders' equity | | | 624,641 | | | | 316,349 | |
| Total equity | | | 764,239 | | | | 316,349 | |
| Total liabilities and equity | | $ | 2,763,105 | | | $ | 2,275,610 | |
| CONSOLIDATED INCOME STATEMENTS |
| (In Thousands, Except Per Share Amounts) |
| (Unaudited) |
| | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | September 30, | | September 30, |
| | 2009 | | 2008 | | 2009 | | 2008 |
| | | | | | | | |
| Oil and gas revenues | | $ | 75,010 | | | $ | 118,347 | | | $ | 224,163 | | | $ | 536,193 | |
| Other | | | - | | | | - | | | | 13,664 | | | | 897 | |
| | | 75,010 | | | | 118,347 | | | | 237,827 | | | | 537,090 | |
| | | | | | | | |
| Costs and operating expenses: | | | | | | | | |
| Lease operating | | | 22,891 | | | | 24,723 | | | | 60,463 | | | | 73,111 | |
| Exploration | | | - | | | | 48 | | | | 267 | | | | 48 | |
| General and administrative | | | 6,945 | | | | 9,212 | | | | 25,153 | | | | 27,279 | |
| Depreciation, depletion and amortization | | | 37,460 | | | | 52,825 | | | | 120,433 | | | | 222,097 | |
| Impairment of oil and gas properties | | | - | | | | - | | | | 8,748 | | | | - | |
| Accretion of asset retirement obligation | | | 2,995 | | | | 4,211 | | | | 8,940 | | | | 12,792 | |
| Loss on abandonment | | | 1,936 | | | | 896 | | | | 2,949 | | | | 2,309 | |
| Other, net | | | 408 | | | | (149 | ) | | | 696 | | | | (259 | ) |
| | | 72,635 | | | | 91,766 | | | | 227,649 | | | | 337,377 | |
| Income from operations | | | 2,375 | | | | 26,581 | | | | 10,178 | | | | 199,713 | |
| | | | | | | | |
| Other income (expense): | | | | | | | | |
| Interest income | | | 182 | | | | 1,079 | | | | 555 | | | | 2,951 | |
| Interest expense (net) | | | (9,000 | ) | | | (26,606 | ) | | | (31,797 | ) | | | (78,969 | ) |
| Derivative income (expense) | | | (3,458 | ) | | | 40,963 | | | | 14,999 | | | | (9,187 | ) |
| Loss on extinguishment of debt | | | - | | | | - | | | | - | | | | (24,220 | ) |
| | | (12,276 | ) | | | 15,436 | | | | (16,243 | ) | | | (109,425 | ) |
| | | | | | | | |
| Income (loss) before income taxes | | | (9,901 | ) | | | 42,017 | | | | (6,065 | ) | | | 90,288 | |
| Income tax (expense) benefit: | | | | | | | | |
| Current | | | (376 | ) | | | 6,710 | | | | (22 | ) | | | (3,648 | ) |
| Deferred | | | 4,770 | | | | (12,244 | ) | | | 4,116 | | | | (15,092 | ) |
| Total | | | 4,394 | | | | (5,534 | ) | | | 4,094 | | | | (18,740 | ) |
| | | | | | | | |
| Net income (loss) | | | (5,507 | ) | | | 36,483 | | | $ | (1,971 | ) | | | 71,548 | |
| Less net income attributable to the redeemable noncontrolling interest | | | (3,552 | ) | | | - | | | | (9,818 | ) | | | - | |
| Net income (loss) attributable to shareholders | | | (9,059 | ) | | | 36,483 | | | | (11,789 | ) | | | 71,548 | |
| Less preferred stock dividends | | | (62 | ) | | | - | | | | (62 | ) | | | - | |
| Net income (loss) attributable to common shareholders | | $ | (9,121 | ) | | $ | 36,483 | | | $ | (11,851 | ) | | $ | 71,548 | |
| | | | | | | | |
| Net income (loss) per share attributable to common shareholders: | | | | | | | | |
| Basic | | $ | (0.20 | ) | | $ | 1.03 | | | $ | (0.30 | ) | | $ | 2.02 | |
| Diluted | | $ | (0.20 | ) | | $ | 1.02 | | | $ | (0.30 | ) | | $ | 1.99 | |
| | | | | | | | |
| Weighted average shares outstanding: | | | | | | | | |
| Basic | | | 44,520 | | | | 35,452 | | | | 39,038 | | | | 35,441 | |
| Diluted | | | 44,520 | | | | 35,815 | | | | 39,038 | | | | 35,871 | |
| CONSOLIDATED CASH FLOW DATA |
| (In Thousands) |
| (Unaudited) |
| | Nine Months Ended |
| | September 30, |
| | 2009 | | 2008 |
| | | | Restated |
| Cash flows from operating activities: | | | | |
| Net income | | $ | (1,971 | ) | | $ | 71,548 | |
| Adjustments to operating activities | | | 145,670 | | | | 292,852 | |
| Changes in assets and liabilities | | | (18,547 | ) | | | 36,303 | |
| Net cash provided by operating activities | | | 125,152 | | | | 400,703 | |
| | | | |
| Cash flows from investing activities: | | | | |
| Additions to oil and gas properties | | | (464,983 | ) | | | (691,531 | ) |
| Additions to furniture and fixtures | | | (126 | ) | | | (129 | ) |
| Proceeds from disposition of oil and gas properties | | | - | | | | 82,644 | |
| Decrease in restricted cash | | | (7,534 | ) | | | 13,864 | |
| Net cash used in investing activities | | | (472,643 | ) | | | (595,152 | ) |
| | | | |
| Cash flows from financing activities: | | | | |
| Proceeds from term loans | | | - | | | | 1,608,750 | |
| Principal payments of term loans | | | (61,289 | ) | | | (1,404,278 | ) |
| Deferred financing costs | | | - | | | | (15,523 | ) |
| Proceeds from sale of noncontrolling interest | | | 148,751 | | | | - | |
| Partner distributions | | | (15,408 | ) | | | - | |
| Pipeline transaction | | | 74,511 | | | | - | |
| Net profits interest payments | | | (1,211 | ) | | | (13,602 | ) |
| Sale of common stock, net of issuance costs | | | 161,592 | | | | - | |
| Sale of convertible preferred stock, net of issuance costs | | | 135,549 | | | | - | |
| Exercise of stock options | | | 83 | | | | 33 | |
| Net cash provided by financing activities | | | 442,578 | | | | 175,380 | |
| | | | |
| Effect of exchange rate changes on cash | | | 7,049 | | | | (2,022 | ) |
| | | | |
| Net increase (decrease) in cash and cash equivalents | | | 102,136 | | | | (21,091 | ) |
| Cash and cash equivalents, beginning of period | | | 214,993 | | | | 199,449 | |
| | | | |
| Cash and cash equivalents, end of period | | $ | 317,129 | | | $ | 178,358 | |
Hedges and Derivatives Contracts |
| | | | | | | | | | | | | | |
| | | | | | 2010 |
| | 4Q | | FY | | 1Q | | 2Q | | 3Q | | 4Q | | FY |
| Gulf of Mexico | | | | | | | | | | | | | | |
| Fixed Forwards & Swaps | | | | | | | | | | | | | | |
| Natural Gas | | | | | | | | | | | | | | |
| Volumes (MMMBtu) | | | 1,912 | | | 1,912 | | | 1,800 | | | 905 | | | 910 | | | 910 | | | 4,525 |
| Price ($/MMBtu) | | $ | 4.93 | | $ | 4.93 | | $ | 5.37 | | $ | 5.73 | | $ | 5.73 | | $ | 5.73 | | $ | 5.58 |
| | | | | | | | | | | | | | |
| Crude Oil | | | | | | | | | | | | | | |
| Volumes (MBbls) | | | 460 | | | 460 | | | 450 | | | 455 | | | 184 | | | 184 | | | 1,273 |
| Price ($/Bbl) | | $ | 67.60 | | $ | 67.60 | | $ | 67.60 | | $ | 67.60 | | $ | 70.00 | | $ | 70.00 | | $ | 68.29 |
| Reparticipation calls ($/Bbl) | | $ | 95.00 | | $ | 95.00 | | $ | 95.00 | | $ | 95.00 | | $ | 110.00 | | $ | 110.00 | | $ | 99.34 |
| | | | | | | | | | | | | | |
| Collars | | | | | | | | | | | | | | |
| Natural Gas | | | | | | | | | | | | | | |
| Volumes (MMMBtu) | | | 460 | | | 460 | | | 450 | | | 1,365 | | | 1,380 | | | 1,380 | | | 4,575 |
| Floor Price ($/MMBtu) | | $ | 4.00 | | $ | 4.00 | | $ | 4.00 | | $ | 4.75 | | $ | 4.75 | | $ | 4.75 | | $ | 4.68 |
| Ceiling Price ($/MMBtu) | | $ | 7.00 | | $ | 7.00 | | $ | 7.00 | | $ | 7.95 | | $ | 7.95 | | $ | 7.95 | | $ | 7.86 |
| | | | | | | | | | | | | | |
| Puts | | | | | | | | | | | | | | |
| Crude Oil | | | | | | | | | | | | | | |
| Volumes (MBbls) | | | 460 | | | 460 | | | 90 | | | 91 | | | 92 | | | 92 | | | 365 |
| Floor Price ($/Bbl) | | $ | 29.75 | | $ | 29.75 | | $ | 24.70 | | $ | 24.70 | | $ | 24.70 | | $ | 24.70 | | $ | 24.70 |
| | | | | | | | | | | | | | |
| North Sea | | | | | | | | | | | | | | |
| Fixed Forwards & Swaps | | | | | | | | | | | | | | |
| Natural Gas | | | | | | | | | | | | | | |
| Volumes (MMMBtu) | | | 759 | | | 759 | | | 270 | | | 273 | | | 276 | | | 276 | | | 1,095 |
| Price ($/MMBtu)(1) | | $ | 6.50 | | $ | 6.50 | | $ | 7.26 | | $ | 7.26 | | $ | 7.26 | | $ | 7.26 | | $ | 7.26 |
| | | | | | | | | | | | | | |
| Collars | | | | | | | | | | | | | | |
| Natural Gas | | | | | | | | | | | | | | |
| Volumes (MMMBtu) | | | | | | | 450 | | | 455 | | | 460 | | | 460 | | | 1,825 |
| Floor Price ($/MMBtu)(1) | | | | | | $ | 6.27 | | $ | 6.27 | | $ | 6.27 | | $ | 6.27 | | $ | 6.27 |
| Ceiling Price ($/MMBtu)(1) | | | | | | $ | 9.41 | | $ | 9.41 | | $ | 9.41 | | $ | 9.41 | | $ | 9.41 |
| | | | | | | | | | | | | | | |
| 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. |
| (1) Assumes USD $1.65 to GBP 1.00 currency translation rate. |
| | | | | | | |
| | | | | | | |
| | 2011 |
| | 1Q | | 2Q | 3Q | 4Q | FY |
| Gulf of Mexico | | | | | | | |
| Fixed Forwards & Swaps | | | | | | | |
| Natural Gas | | | | | | | |
| Volumes (MMMBtu) | | | | | | | |
| Price ($/MMBtu) | | | | | | | |
| | | | | | | |
| Crude Oil | | | | | | | |
| Volumes (MBbls) | | | 90 | | | 91 | | | | 181 |
| Price ($/Bbl) | | $ | 72.00 | | $ | 72.00 | | | $ | 72.00 |
| Reparticipation calls ($/Bbl) | | $ | 115.00 | | $ | 115.00 | | | $ | 115.00 |
| | | | | | | |
| Collars | | | | | | | |
| Natural Gas | | | | | | | |
| Volumes (MMMBtu) | | | 1,350 | | | | | | 1,350 |
| Floor Price ($/MMBtu) | | $ | 4.75 | | | | | $ | 4.75 |
| Ceiling Price ($/MMBtu) | | $ | 7.95 | | | | | $ | 7.95 |
| | | | | | | |
| Puts | | | | | | | |
| Crude Oil | | | | | | | |
| Volumes (MBbls) | | | | | | | |
| Floor Price ($/Bbl) | | | | | | | |
| | | | | | | |
| North Sea | | | | | | | |
| Fixed Forwards & Swaps | | | | | | | |
| Natural Gas | | | | | | | |
| Volumes (MMMBtu) | | | | | | | |
| Price ($/MMBtu)(1) | | | | | | | |
| | | | | | | |
| Collars | | | | | | | |
| Natural Gas | | | | | | | |
| Volumes (MMMBtu) | | | 270 | | | | | | 270 |
| Floor Price ($/MMBtu)(1) | | $ | 6.27 | | | | | $ | 6.27 |
| Ceiling Price ($/MMBtu)(1) | | $ | 9.41 | | | | | $ | 9.41 |
| | | | | | | | |
| 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. |
| (1) Assumes USD $1.65 to GBP 1.00 currency translation rate. |
CONTACT:
ATP Oil & Gas Corporation, Houston
Chairman and CEO
T. Paul Bulmahn, 713-622-3311
or
Chief Financial Officer
Albert L. Reese Jr., 713-622-3311
www.atpog.com
