Atlas Pipeline Partners, L.P. Reports Earnings for Quarter and Period Ended September 30, 2000.Business Editors PHILADELPHIA--(BUSINESS WIRE)--Nov. 13, 2000 Atlas Atlas, in Greek mythology Atlas (ăt`ləs), in Greek mythology, a Titan; son of Iapetus and Clymene and the brother of Prometheus. Pipeline Partners, L.P. (AMEX AMEX See: American Stock Exchange :APL (A Programming Language) A high-level mathematical programming language noted for its brevity and matrix generation capabilities. Developed by Kenneth Iverson in the mid-1960s, it runs on micros to mainframes and is often used to develop mathematical models. )(the "Partnership") announces that its net income for the period from July July: see month. 1, 2000 to September September: see month. 30, 2000 was $1,993,300, while net income for the period from January January: see month. 28, 2000 (commencement of operations) to September 30, 2000 was $4,398,200. Net income per limited partner unit - basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. - was $0.62 for the quarter ended September 30, 2000 and $1.37 for the period from January 28, 2000 to September 30, 2000. Further, on September 21, 2000, the Partnership declared a cash distribution of $0.535 per limited partner unit. The distribution was paid on November 10, 2000 to unit holders of record on September 29, 2000. Michael L. Staines, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the Partnership stated: "Revenues to the Partnership continued to grow as a result of strong natural gas prices in our Appalachian Basin operating area. I anticipate that prices will remain strong through the coming winter months and that the Partnership's gathering system will transport additional natural gas volumes as a result of expected drilling activity adjacent to the system." Atlas Pipeline Partners, L.P. owns and operates approximately 900 miles of natural gas gathering pipelines in western Pennsylvania Western Pennsylvania consists of the western third of the state of Pennsylvania in the United States. Pittsburgh is the largest city in the region, with a metropolitan area of about 2.4 million people, and is the cultural center for Western Pennsylvania. , western New York
Western New York refers to the westernmost region of New York State. and eastern Ohio. The Partnership is paid a fee for the natural gas volumes that are gathered and transported through its pipeline system from approximately 3,000 wells that are currently connected to the system. Statements made in this release may include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which involve substantial risks and uncertainties. The Partnership's actual results, performance or achievements could differ materially from those expressed or implied in this release as a result of changes in market demand for and the prices of the natural gas transported by the Partnership, a decrease in actual drilling activity over that expected and other factors. Third Fiscal Quarter Ended September 30, 2000 Results At A Glance:
Period from
Three Months January 28,
Ended to
Sept. 30, 2000 Sept. 30, 1999
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(Unaudited)
Revenues $ 2,938,200 $ 6,383,500
Cost and Expenses:
Transportation and compression 352,300 697,500
General and administrative 250,600 429,100
Other 12,800 14,800
Depreciation and amortization 329,200 843,900
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Total cost and expenses 944,900 1,985,300
Income from operations 1,993,300 4,398,200
Provision for income taxes - -
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Net income $ 1,993,300 $ 4,398,200
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Net income per limited partner unit $ .62 $ 1.37
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Average daily volume throughput
(mcfs) 42,908 42,893
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Average gross gas sales price $ 4.44 $ 3.56
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Average revenue per mcf $ .71 $ .57
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