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Enercom London Oil Gas Conference – Atlas Energy, L.P

Atlas Energy, L.P · Jun 10, 2014 · 38 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. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 1
    The London Oil & Gas Conference June 10, 2014
  2. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 2
    Atlas Organizational Structure Market Capitalization: 2.2B NYSE: ATLS 2.0% GP & 100% IDRs 2.0% GP & 100% IDRs; 28% LP 16% GP & 12% LP 6.0% LP Arc Logistics, L.P. (NYSE: NYSE: APL NYSE: ARP ARCX) 83% GP interest Market…
  3. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 3
    ATLS: Developments in Last Several Years Sold former parent company, Atlas Energy, Inc., to Chevron for 4.3 billion (USD) in February 2011 Rebuilt the E&P business with new senior operating personnel in a newly formed entity, Atlas…
  4. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 4
    Atlas Energy A Different Kind of Company Only MLP with general partner (GP) interests in both E&P and Midstream assets (ARP & APL); distribution growth to ATLS from Incentive Distribution Rights (IDRs) Subsidiaries are self-financed…
  5. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 5
    Company Overview Atlas Energy, L.P. (NYSE: ATLS) Enterprise value: 2.2 billion Market capitalization: 2.4 billion Net Debt: 190 million GP to two MLP subsidiaries Atlas Resource Partners, L.P. (NYSE: ARP): E&P subsidiary Atlas…
  6. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 6
    ATLS Distribution Growth 2.50 2.00 CAGR: 50% 1.95 - 2.35 Distribution / Unit 1.50 1.47 1.00 1.01 0.50 0.64 0.00 2011 2012 2013 2014E ATLS distributions have increased substantially over the past several years…
  7. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 7
    ARP and APL: Expansion Through Acquisitions Purchase Date Seller Strategic Benefits Price Established nat gas position in March 2012 187MM Barnett Expanded Barnett position; May 2012 193MM founded Ft Worth operating team ARP…
  8. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 8
    ATLAS PIPELINE PARTNERS 9
  9. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 9
    APL: U.S. Asset Overview 1 Western Oklahoma system 2 Permian system 1 3 Eagle Ford system 4 4 Southern Oklahoma system 2 3 Tulsa Headquarters Gathering & Processing Facility Basin Area NGL and Natural Gas Pipelines Treating…
  10. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 10
    APL Asset Overview (cont.) WestOK system: 458 MMcf/d of processing capacity; 5,700 miles of pipeline Services Mississippi Lime region of NW Oklahoma; SandRidge is primary customer WestTX system: 455 MMcd/d of processing capacity…
  11. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 11
    ATLAS RESOURCE PARTNERS 12
  12. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 12
    ARP: Advantaged Business Model Expand and diversify production base through acquisition of mature, long-lived properties 2.0B(1) in acquisitions since March 2012 Diversified asset base offers operating scale and significant…
  13. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 13
    ARP: Pro Forma Asset Map ARP Standalone Asset Summary Rangely Field Asset Summary 1.2 Tcfe proved reserves (1) 47 MMBoe net oil and NGL 83% gas reserves (2) 68% developed 92% oil, 8% NGL 250Mmcfe/d net production 52% proved…
  14. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 14
    Sector Leading Growth ARP has executed on its growth strategy to drive substantial production and distribution increases Production(Mmcfe/d) Annualized Distributions per Unit 300 0.60 250 250 0.55 2.32 200 614% 45% 0.50 150…
  15. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 15
    ARP: Demonstration of Structural Advantages Growth through Acquisition Focus on low-decline, mature Drilling Operations production Diverse asset position in multiple Drilling focus on high margin basins liquids rich areas and…
  16. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 16
    Partnership Management Advantages Over 40 years of raising Strong History partnership funds Programs are sold in all 50 Breadth of Market Access states; over 50,000 active investors Atlas internal resources handle all regulatory…
  17. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 17
    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…
  18. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 18
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  19. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 19
    APPENDIX I: ATLS 20
  20. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 20
    Arkoma Detail Acquired by Atlas Energy Kansas Missouri 106,600 net acres with 63% average working interest 97% operated Q4 2013 average production of 12.2 Oklahoma Arkansas Mmcfe/d 39 Bcfe of proved reserves(1), 100% PDP…
  21. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 21
    APPENDIX II: ARP SEGMENT 22
  22. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 22
    Geographic Diversification ARP has robust geographic coverage operations in 17 states Scale of operations creates opportunities for add-on acquisitions and organic expansion Q1 2012 Production Q1 2014 Production Other 10%…
  23. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 23
    Cash Flow Stability Total Company Gross Margin Natural Gas Hedge Positions (1) 4.23 - 60.0 4.72 4.80 Unhedged Partnership 5.13 4.22 - 4.70 Production Fee Margin 5.12 17% 50.0 Margin 4.60 Average Swap Price (/mcf) 4.53…
  24. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 24
    Benefits of the Rangely Acquisition Predictable cash flow stream from high margin production Long-lived, low-decline production further stabilizes overall production decline Oil/NGL production adds strong cash flow and…
  25. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 25
    Rangely Summary An Ideal Asset 25% WI, 23% NRI Chevron Corporation operates the assets and owns a 68% working interest Approximately 380 producing wells and 270 Rangely Field injector wells 1P: 47 Mmboe Shallow base decline of…
  26. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 26
    Mississippi Lime Overview 20,000 net acres in the core of the Mississippi Lime play in northwestern OK Alfalfa, Grant and Garfield counties; oil & liquids rich portion of the play; HBP by Hunton production Drilled 34 wells to date…
  27. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 27
    Marble Falls Overview 88,000 net acres primarily concentrated in Jack County, Texas Liquids rich production and drilling Marble Falls Position opportunities Drilled 106 wells to date with 96 turned in line Barnett Position…
  28. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 28
    Utica & Marcellus Shale Positions Pennsylvania ARPs Utica acreage Lycoming County positions Lundy Rhodes Oil & Wet Gas Wet Dry Gas Gas Utica Shale Marcellus Shale Legacy Ohio operations include over 2,500 3,000 net…
  29. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 29
    Raton / Black Warrior (EP Assets) Stable producing, shallow decline assets with low operating costs Assets include gathering systems Q1 2014 production of 108 MMcf/d Raton Black Warrior County Line WY CO NM Taos Colfax…
  30. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 30
    APPENDIX III: APL SEGMENT 31
  31. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 31
    APL Fixed-Fees Up Considerably in Recent Years Pre-Elk City & LMM Sale (3Q 2010)* Current 4Q 2013 Contract Mix* Expected YE 2014 Contract Mix* Keep-Whole: 1% Fixed Keep- Fee Keep- Whole 17% Whole Fixed 13% Fixed 32% Fee Fee Percent…
  32. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 32
    APL Hedging Overview Gross Margin Coverage for 2014 is 83% including Hedges and Fee Business Unhedged 1% Keep-Whole Hedged 5% 4% 83% of run-rate Gross Margin is under Fee-Based arrangement or Hedged to Limit Commodity Price…
  33. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 33
    SouthTX Update Overview SouthTX System Map Geographical Area: Eagle Ford Shale Miles of Pipeline: Approx. 500 Processing Capacity: 200,000 Mcfd Joint Venture Partner*: TexStar Cash Flow Mix / Avg. Processed Volume (mcf/d)…
  34. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 34
    WestOK Update Overview WestOK System Geographical Area: Anadarko Basin / Mississippi Lime Key Producers In Area Miles of Pipeline: Approx. 5,700 Processing Capacity: 458,000 Mcfd Number of Rigs Running: 28 Average Processed…
  35. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 35
    SouthOK Update (Velma & Arkoma) SouthOK Overview SouthOK System Geographical Area: Woodford Shale/Arkoma/SCOOP Miles of Pipeline: Approx. 1,300 Processing Capacity: 380,000 Mcfd (gross)1 Number of Rigs Running: 20 SouthOK Average…
  36. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 36
    WestTX Update Overview WestTX System Key Producers Geographical Area: Permian Basin In Area Miles of Pipeline: Approx. 3,600 Current Processing Capacity: 455,000 Mcfd Number of Rigs Running: 64 Average Processed Volume (mcf/d)…
  37. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 37
    West Texas LPG NGL Pipeline Overview West Texas LPG Geographical Area: Permian Basin, Barnett Shale Miles of Pipeline: Approx. 2,200 Transportation Capacity: 240,000 bbls/day Delivery to: Mont Belvieu Driver Plant Average Volume…
  38. Enercom London Oil Gas Conference – Atlas Energy, L.P – slide 38
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