Targa Transaction Overview October 13, 2014 Confidential
Safe Harbor Additional Information on the Transaction In connection with the proposed transaction, Targa Resources Corp. (TRGP) will file with the U.S. Securities and Exchange Commission (the SEC) a registration statement on Form S-4…
Transaction overview Consistent with its long history, Atlas Energy today announced a series of transactions designed to create and maximize unitholder value Atlas Energy, L.P. (NYSE: ATLS; ATLS or the Company) has executed a…
Combination with Targa benefits ATLS unitholders 1.9 billion total consideration drives immediate value uplift Cash consideration crystallizes value of APL GP and LP interests at an attractive valuation TRGP equity consideration…
Value in General Partner Interests Atlas non-midstream assets and interests include: 100% of the general partner and incentive distribution rights of Atlas Resource Partners L.P. (NYSE: ARP) Approximately 25mm ARP units, including…
Still a Unique Business Model Multiple paths to enhance distribution growth without capital investment LP and GP interests in ARP LP and GP interests in ATLS E&P Development Subsidiary LP and GP interests in ARCX Only publicly…
Distributions Poised for Growth Post-closing, annualized distributions from the non-midstream assets is expected to be 1.25 per common unit Upon ARPs achievement of a 0.60/unit LP distribution in Q4 2014 (currently 0.59), the high…
History of repeatedly identifying and realizing value 2011 2012 2013 2014 Atlas sold former parent ARP announced company, Atlas Energy, Inc., 750 million in to Chevron for acquisitions, further 4.3 billion Atlas created a…
Atlas entities have continued to deliver value to unitholders Realized in 2011 Partially Realized in 2014 Atlas America / Atlas Energy Atlas Pipeline Atlas Energy Resources, LLC Holdings / Atlas Atlas Pipeline Inc. / Atlas Energy…
Atlas Resource Partners Update ARP is a highly diversified E&P MLP with operations in 17 states Has completed 8 acquisitions totaling 2.15 billion in value since becoming a public company Direct investment programs provide unique…
Summary Atlas retains multiple strong levers to grow cash flow Valuable ownership of General Partners Exposure to multiple business lines and opportunities Management team that has a demonstrated track record of…
APPENDIX 14 Confidential
Atlas Resource Partners Overview ARP Asset Summary 1.7 Tcfe proved reserves (1) 65% gas 65% developed 282 MMcfe/d net production Powder River 81% gas Basin Marcellus, Utica, Devonian New Albany Uinta Basin Current ARP…
Advantaged Business Model Long-lived properties located principally in the Barnett Shale and the Raton, Mississippi Lime, Black High quality, long-lived Warrior, Eagle Ford, and Appalachian basins Annual decline rate of 11% easily…
ARP Acquisition History Purchase Date Seller Price Strategic Benefits Proven success in Established nat gas position March 2012 187MM in Barnett consummating, assimilating, and Expanded Barnett position; May 2012 193MM founded…
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