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CITI MLP CONFERENCE – Atlas Resource Partners, L.P.

Atlas Resource Partners, L.P. · Aug 21, 2013 · 27 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 1
    Citi MLP Conference August 21-22, 2013
  2. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 2
    Organizational Structure Atlas Energy, L.P. (NYSE:ATLS) Public Unitholders 37% LP & 100% GP Interest 63% LP Interest NYSE: ARP 3
  3. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 3
    ARP Business Model: Scalable, Low-Risk, High Return Gas and Oil Production Partnership Management Operate in high IRR basins: Leading sponsor of tax advantaged Barnett Shale / Marble Falls, investment partnerships Mississippi Lime,…
  4. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 4
    Strong Record of Accretive Growth ARPs acquisition and operating activities have created substantial value, while maintaining financial discipline March 2012 Current Increase in proved 170 Bcfe 1.4 Tcfe 723% reserves Increase…
  5. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 5
    ARP Profile Atlas Resource Partners (NYSE: ARP) Market Capitalization 1.4 billion (67.0 MM units outstanding)(1) 929 million (404 million Revolver outstanding on 835 million Debt Outstanding borrowing base + 525MM senior notes)…
  6. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 6
    ARP Asset Overview ARP Asset Summary(1) 1.4 Tcfe proved reserves 81% gas 64% developed 252 Mmcfe/d production 90% gas Pennsylvania/ W VA Marcellus Shale County line Utica Shale Raton Mississippi Lime Black Warrior…
  7. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 7
    ARP Transactions Acquisitions typically financed with 50-70% equity, preserving conservative capital structures Date Seller Purchase Price Financing March 2012 187MM 65% Equity Recent ARP transactions May 2012 193MM 100%…
  8. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 8
    EP Acquisition Overview Atlas Resource Partners acquired certain natural gas assets from EP Energy for 733 million This acquisition is transformative for ARP: Immediately accretive: transaction increases future cash flows and…
  9. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 9
    Raton Detail(1) Direct mineral ownership of 605,000 net acres 94% net revenue interest CO 100% operated NM Shallow base decline, low opex and Taos maintenance capex May 2013 monthly average production of Colfax 76…
  10. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 10
    Attractive Production Decline Profile ARPs stability of cash flows is significantly enhanced as a result of the EP acquisition The acquired assets have a decline profile of 8 10% ARPs pro forma decline profile will improve to 11%…
  11. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 11
    Black Warrior Detail(1) Stable production profile, low base Tennessee decline, long R/P, base optimization and future drilling opportunities Mississippi Alabama Georgia 82% operated Lost Creek White Oak Creek May 2013…
  12. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 12
    County Line Detail(1) 5,832 net acres (non-operated) in Johnson County, Wyoming 5 Mmcf/d production Johnson County, WY Atlas Acreage WY 13 (1) Based on internal reserve and production estimates prepared in connection…
  13. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 13
    Marcellus Shale Overview 3,000 net Marcellus acres in Lycoming County Recently completed 8 horizontal wells, including 131 frac stages (scheduled for production in Q3 2013) Average initial flow rates of 20 MMcf/d per well Up to…
  14. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 14
    Utica Shale Overview Legacy Ohio operations: Trumbull County Site 2,500 producing shallow wells Columbiana Co. Long lived reserves with low decline site Stark County Site ARP controls 5,500 net acres prospective for the Utica…
  15. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 15
    Barnett Shale Overview Majority of the assets located in the Core portion of the Barnett Shale 60 Mmcfe/d of current production 560 Bcfe of proved reserves(1) 93% gas, 7% NGLs & Oil(1) 94% of all Barnett Shale acreage is held by…
  16. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 16
    Marble Falls Overview Acquired in December 2012 from DTE Energy 88,000 net acres in Jack, Clay, Denton, Wise, Erath, Parker, Hood and Palo Pinto Counties in Texas 75,000 net acres, primarily concentrated in Jack County Close…
  17. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 17
    Mississippi Lime Detail 20,000 net acres in the core of the Mississippi Lime play in northwestern OK Acreage is located in Alfalfa, Grant and Garfield counties; oil & liquids rich portion of the play ARP Position is held by…
  18. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 18
    FINANCIAL OVERVIEW 19
  19. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 19
    Diversified Cash Flow Mix Production by Basin(1) Margin By Segment(1) Mississippi Lime/Hunton Other Partnership 3% County Line 3% Fee Income 2% 15% Barnett/Marble Falls Appalachia 34% 13% Black Warrior 15% Production…
  20. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 20
    Partnership Management: Strong History of Growth Over 1.2B in 40 year history funds raised in of fundraising the past 5 years Partnership Management Business Over 50,000 Broker dealers individual selling programs in…
  21. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 21
    Fee-Based Partnership Business Model Value to Atlas Resource Partners Value to Drilling Partners Upfront fees from fundraising; 15% over Substantial 1st year tax deduction (90- costs paid by partners 100% of investment) against…
  22. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 22
    Capital Structure ARPs capital structure is well-positioned to take advantage of future opportunities, while maintaining proper liquidity Capitalization (1) June 30, 2013 Cash & Cash Equivalents 43.0 Credit Facility Borrowings…
  23. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 23
    Significantly Hedged Future Production Profile Natural Gas (1) Disciplined and comprehensive 70.0 4.22 - 5.12 hedge strategy enhances the 60.0 4.23 - Swaptions 5.13 Collars stability of ARPs future cash flow Volume Hedged…
  24. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 24
    2013 Capital Program 2013 Program Overview Well Drilling Land & Seismic 85 million 30 MM Drill 53 Barnett Shale / Marble Falls and 10 Mississippi Lime direct wells Includes 26 million of Maintenance Capex Well Drilling 85 MM…
  25. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 25
    Meaningful Scale Relative to Peers Reserves (bcfe) Current production (mmcfe/d) 1,012 6,477 310 1,377 252 1,161 1,047 1,044 200 198 905 165 159 595 522 106 179 37 87 16 LINE ARP PF BBEP MEMP VNR EVEP QRE…
  26. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 26
    Conservative Capitalization Debt / Cap Debt / EBITDA (x) Debt / Proved Reserves (/mcfe) MCEP 19% VNR 34% EVEP 35% 4.4x 1.64 ARP PF 35% 4.1x 1.53 LGCY 35% 4.1x 1.48 4.0x QRE 37% 3.9x 3.9x 3.8x LRE 41% 3.4x 1.24 MEMP 45%…
  27. CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 27
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