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2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P.

Atlas Resource Partners, L.P. · Aug 22, 2012 · 26 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. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 1
    2012 Citi MLP Conference August 22-23, 2012 <
  2. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 2
    Organizational Structure Atlas Energy L.P. (NYSE: ATLS) Public Unitholders 52% LP & 100% GP Interest 48% LP Interest NYSE: ARP 3 <
  3. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 3
    ARP: Opportunity Overview Atlas Resource Partners (NYSE: ARP) Recently formed E&P MLP with significant base of stable cash flow and identified growth opportunities Stability Growth Experience Long-lived reserve Accretive…
  4. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 4
    ARP Profile Atlas Resource Partners (NYSE: ARP) Market Capitalization 1.1 billion (39.8 MM common units outstanding)(1) Debt Outstanding 144 million (310 million borrowing base) Enterprise Value 1.2 billion Proved Reserves 700…
  5. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 5
    The First Four Months ARP has already demonstrated its ability to provide strong value to its unitholders through accretive transactions 3/14/2012 The first day ARP units are distributed to ATLS unitholders Two weeks later ARP…
  6. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 6
    Balanced Approach to Risk Management & Strategic Growth Pro forma R/P Ratio of 23x Long-lived reserves Maintain Low Risk Profile Strong hedging program Substantial hedges through 2017 Fee-based income from partnerships Fundraising =…
  7. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 7
    Focused Acquisition Strategy ARP has already begun executing on its strategic plan to acquire proved natural gas & oil reserves at deep value Criteria for Strategic Acquisitions Aggressively Growth in Long-lived Minimal reserve…
  8. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 8
    Strong Initial Value Creation Recent acquisition activity at ARP has created substantial value, while maintaining financial discipline Initial Metrics: Current Metrics: 12/31/11 Net Proved Reserves 167 Bcfe 700 Bcfe Net Daily…
  9. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 9
    Barnett Shale Transactions ARP completed several recent acquisitions in Texass Barnett Shale for a total of approximately 374 million Both acquisitions combined to provide ARP with long-lived reserves at an average cost below…
  10. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 10
    CRZO Acquisition Assets Atlas Asset Details Chesapeake Energy Devon Energy EOG Resources Majority of the assets located in the EVEP Quicksilver Resources Core portion of the Barnett Shale Atlas Position Most assets located in the…
  11. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 11
    Titan Acquisition Asset Details Atlas Position 250 Bcfe of proved reserves; 34% PDP 84% natural gas, 16% NGLs 90% held by production Lease operating expenses and taxes of approximately 0.65/mcfe 300 potential future locations…
  12. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 12
    Mississippi Lime JV Position ARP entered into a joint venture with Equal Energy (NYSE, TSX: EQU) to acquire a 50% interest in 14,500 acres in the core of the Mississippi Lime play in northwestern OK Acreage is located in Alfalfa,…
  13. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 13
    Ohio Operations in Utica Fairway ARP Has Over 2,900 Wells In Ohio ARPs legacy Ohio operations: Over 2,900 producing shallow wells Long lived reserves with low decline (9 MMcf/d of gross production) Deerfield District Office ARP…
  14. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 14
    Other Core Producing Assets NY Appalachia: 8,500 producing wells OH PA 39.1 Mmcfe/d of net production as of Q2 2012 Atlas connected 16 Marcellus wells in Q2 2012 in southwestern PA Atlas also plans to drill several new Marcellus…
  15. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 15
    Partnership Management: Strong History of Growth Over 1.5B in 40 year history funds raised in of fundraising the past 5 years Partnership Management Business Over 50,000 120+ broker individual dealers selling investors…
  16. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 16
    Syndication Business Model Value to Value to Drilling Partners Atlas Resource Substantial 1st year tax deduction Upfront fees from fundraising; 15% (94% of investment) against over costs paid by partners ordinary income Carried…
  17. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 17
    Financial Overview <
  18. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 18
    Financial Overview Following the recent transactions, ARPs capital structure is still well-positioned to take advantage of future opportunities, while maintaining proper liquidity Capitalization June 30, 2012 Cash & Cash…
  19. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 19
    Strong Gas Hedge Position Natural Gas ARP has significantly hedged its future 4.78 production, enhancing its overall risk 5.88 4.60 management strategy: 5.54 Barnett production is 90% hedged 4.45 5.71 4.61 5.55 for the…
  20. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 20
    Projected Accretion to Common Unitholders The acquisition of the Barnett Shale assets will be accretive to ARP common unit distributions 2H 2012 Common Unit Distributions 2013 Common Unit Distributions 2H 2012 Accretion 2013 %…
  21. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 21
    Projected Distribution Growth Compared to its peers, ARP is projecting over 50% distribution growth from the current annualized distribution level of 1.60 per unit Projected 2013 distribution growth 50.0% 40.0% 30.0% 20.0%…
  22. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 22
    Comparable Peer Credit Profiles ARP intends to maintain financial flexibility to take advantage of new opportunities that present themselves in the marketplace 2012E Debt / EBITDA Ratios for E&P MLP Peer Group Source: Company…
  23. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 23
    Improved Operating Efficiency 1.40 ARPs lease operating expense 1.20 LOE/mcfe has decreased over the last 1.20 1.05 several quarters, and is 1.00 expected to further improve in the future 0.80 0.71 0.60 Lease operating…
  24. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 24
    Pro Forma Reserve Summary The Barnett acquisitions increase ARPs proved reserves by more than four times and enhances the long-lived nature of its asset base 1,000 700 Bcfe (1) (1) Total Managed Reserves includes net…
  25. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 25
    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…
  26. 2012 CITI MLP CONFERENCE – Atlas Resource Partners, L.P. – slide 26
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