Morgan Stanley Corporate Access Event March 5, 2013
ARP Profile Atlas Resource Partners (NYSE: ARP) Market Capitalization 1.1 billion (48.7 MM units outstanding)(1) 350 million ( 75 million Revolver outstanding on 370 million Debt Outstanding borrowing base) (2) Enterprise Value 1.45…
Organizational Structure Atlas Energy, L.P. (NYSE:ATLS) Public Unitholders 43% LP & 100% GP Interest 57% LP Interest NYSE: ARP 4
ARP: Opportunity Overview Atlas Resource Partners (NYSE: ARP) E&P MLP with significant base of stable cash flow and identified growth opportunities in rich U.S. basins Stability Growth Experience Long-lived reserve base Accretive…
Investment Highlights Long-lived reserves Maintain Low Risk Profile Strong hedging program through 2017 Fee-based income from partnerships Enhance Value through Leader in oil & gas fundraising Unique Business Model Enhanced IRRs…
Strong Initial Record of Accretive Growth ARPs acquisition activity has created substantial value, while maintaining financial discipline Current March 2012 Increase in proved 170 Bcfe 911 Bcfe 425% reserves Increase in net 35…
ARP Producing Assets & Drilling Activity Total Proved Reserves: 911 Bcfe Percent Developed: 50% Daily Production: 130 Mmcfe/d Ohio Reserve Life Index: 19 years Pennsylvania/W. VA Utica Shale Producing Wells: Over 10,200 Marcellus…
2012 Transactions 2012 Carrizo and Titan acquisitions combined to provide ARP with long-lived reserves at an average cost below 0.75/mcfe, while the DTE acquisition was approximately 7/Boe of reserves acquired Acquired production was…
Atlas Acreage Growth in Key Basins ARP Acreage in Key Basins is Primarily Held by Production Barnett 28,000 Acres 160,000 400+ Drill Sites 140,000 Marble Falls 120,000 Marble Falls 88,500 Acres 100,000 MS Lime 700+ Drill Sites…
Barnett Shale Position 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) 95% held by production 28,000 acres 30-day…
DTE Acquisition is complementary to ARPs existing Fort Worth Basin assets DTE had accumulated 88,000 net acres in Jack, Clay, Denton, Wise, Erath, Parker, Hood and Palo Pinto Counties in Texas 75,000 net acres in the Marble Falls…
Mississippi Lime Position 20,000 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 primarily held…
Utica Position Legacy Ohio operations: 2,500 producing shallow wells Long lived reserves with low decline (10 MMcf/d of net production as of Stark Q4 2012) County Office 4,500 net acres in Harrison, Tuscarawas Tuscarawas & Stark…
Marcellus Shale Position ARP has 3,000 net Marcellus acres in Lycoming County ARP has completed construction of three pad sites that will each accommodate multiple wells 25 potential Marcellus horizontal wells Total Appalachia…
FINANCIAL OVERVIEW 16
Financial Overview Following the recent transactions, ARPs capital structure is still well-positioned to take advantage of future opportunities, while maintaining proper liquidity Capitalization (1) December 31, 2012 Cash & Cash…
Syndication Business Model Value to Drilling Partners Value to Atlas Resource Partners Substantial 1st year tax deduction Upfront fees from fundraising; 15% against ordinary income (100% of over costs paid by partners investment…
Projected Distribution Growth ARP is projecting distribution growth in 2013 superior to its peer group 50.0% FY 2013 Estimated Distributions 40.0% 30.0% 20.0% 10.0% 0.0% ARP E&P MLP Peers 19 Source : Wells Fargo…
Reserve Summary 2012 acquisitions have increased ARPs proved reserves by more than four times and enhanced the long-lived nature of its asset base 1800 1,600 1600 1400 1200 1000 911 PUD/PDNP 800 PDP 600 400 200 0 Net…
Summary Proven business model for providing leading value to stakeholders Acquisition growth strategy in markets with significant opportunities Organic growth in high-returning regions Strong balance sheet with low leverage…
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