Atlas Pipeline Partners, L.P. Reports Record Fourth Quarter 2005 Results.PHILADELPHIA Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. -- 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. (NYSE NYSE See: New York 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") today reported record earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Process of resolving a dispute or a grievance outside a court system by presenting it for decision to an impartial third party. Both sides in the dispute usually must agree in advance to the choice of arbitrator and certify that they will abide by the settlement. The period over period increase in EBITDA was principally related to contributions from the acquisitions of a 75% interest in NOARK Pipeline System, Limited Partnership ("NOARK") in October October: see month. 2005 and ETC ETC - ExTendible Compiler. Fortran-like, macro extendible. "ETC - An Extendible Macro-Based Compiler", B.N. Dickman, Proc SJCC 38 (1971). Oklahoma Oklahoma (ōkləhō`mə), state in SW United States. It is bordered by Missouri and Arkansas (E); Texas, partially across the Red R. (S, W); New Mexico, across the narrow edge of the Oklahoma Panhandle (W); and Colorado and Kansas (N). Pipeline, Ltd. ("Elk City Elk City can refer to:
a. 1. Of or pertaining to a chain of mountains in the United States, commonly called the Allegheny ltname> mountains. Noun 1. operations, partially offset by the absence in the current quarter of the gain recognized on the arbitration settlement. Excluding the net gain on arbitration settlement and solely for purposes of comparing the fourth quarter 2005 to the fourth quarter 2004, the Partnership's distributable cash flow, a non-GAAP measure, of $17.5 million for the fourth quarter 2005 would have represented an increase of $8.6 million, or 97%, compared with adjusted distributable cash flow of $8.9 million for the fourth quarter 2004. A schedule is provided at the end of this release to reconcile net income to adjusted distributable cash flow. On January January: see month. 9, 2006, the Partnership declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a record quarterly cash distribution for the fourth quarter 2005 of $0.83 per limited partner unit, paid February February: see month. 14, 2006 to unitholders of record as of February 7, 2006. Distributions declared for the year ended December December: see month. 31, 2005 of $3.16 per limited partner unit represent an 18% increase compared with distributions declared per limited partner unit for the year ended December 31, 2004. "Our record fourth quarter results demonstrate the continued execution of our growth strategies and the commendable com·mend tr.v. com·mend·ed, com·mend·ing, com·mends 1. To represent as worthy, qualified, or desirable; recommend. 2. To express approval of; praise. See Synonyms at praise. 3. performance of our assets," said Edward Edward killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302] See : Patricide E. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Chairman and Chief Executive Officer of the Partnership's general partner. "Our Mid-Continent operations achieved significant growth quarter over quarter due to a substantial contribution from the NOARK system from its date of acquisition and favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. increases in volumes and processing margins at our Elk City system. We expect that our interest in the NOARK system will continue to add meaningfully to our results and provide us with additional expansion opportunities to fuel our growth in the region. Our Appalachia Appalachia, region: see Appalachian Mountains. Appalachia West Virginia coal mining region known for its abysmal poverty. [Am. Hist.: NCE, 160] See : Poverty system continues to generate strong returns due to its strategic market position. The sustained growth of our cash flow and prospects for future expansion reinforces our decision to increase our quarterly distribution to $0.83 per limited partner unit, representing a 15% increase over the prior year fourth quarter and our seventh consecutive distribution increase. We believe this increase exhibits the strength of our assets and epitomizes our objective to maximize unitholder value." On December 20, 2005, the Partnership issued $250.0 million of 10 year, 8.125% senior unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. notes in a private placement for net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $243.1 million, after underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and other transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). . The Partnership utilized the net proceeds principally to repay indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. under its credit facility. On November November: see month. 28, 2005, the Partnership sold 2,700,000 limited partner units in a public offering for gross proceeds of $113.4 million. In addition, pursuant to an option granted to the underwriters of the offering, the Partnership sold 330,000 limited partner units on December 27, 2005 for gross proceeds of $13.9 million, or aggregate total gross proceeds of $127.3 million. The units were issued under the Partnership's previously filed Form S-3 shelf registration statement. The sale of the units resulted in net proceeds of approximately $121.0 million, after underwriting commissions Underwriting Commission The fee investment bankers charge for underwriting a security issue. and other transaction costs. The Partnership primarily utilized the net proceeds from the sale of the units to repay a portion of the amounts due under its credit facility. On October 31, 2005, the Partnership acquired all of the outstanding equity interests in a subsidiary of OGE OGE Office of Government Ethics OGE Oklahoma Gas and Electric OGE Out of Ground Effect OGE Operational Ground Equipment OGE Outdoor Gear Exchange OGE Österreichische Gesellschaft für Erdbebeningenieurwesen Und Baudynamik Energy Corp., which owns a 75% operating interest in NOARK. NOARK's assets include a FERC-regulated interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. pipeline and an unregulated Adj. 1. unregulated - not regulated; not subject to rule or discipline; "unregulated off-shore fishing" regulated - controlled or governed according to rule or principle or law; "well regulated industries"; "houses with regulated temperature" 2. natural gas gathering system. Total consideration of $179.8 million, including $16.8 million for working capital adjustments and other related transaction costs, was funded through borrowings under the Partnership's amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. credit facility. The remaining 25% interest in NOARK is owned by Southwestern south·west n. 1. Abbr. SW The direction or point on the mariner's compass halfway between due south and due west, or 135° west of due north. 2. An area or region lying in the southwest. 3. Energy Pipeline Company ("Southwestern"), a wholly-owned subsidiary of Southwestern Energy Company (NYSE:SWN SWN Southwestern Energy Company SWN Statewide Wireless Network SWN Seattle Wireless Network SWN Sure Why Not SWN Stop Work Notice SWN Stochastic Well-formed Network SWN Static Wireless Network SWN Secure Wireless Network ). Segment Analysis Mid-Continent The Mid-Continent segment, which was initiated upon the acquisition of the Velma system assets in July July: see month. 2004 and expanded with the acquisitions of the Elk City system assets and the 75% interest in NOARK, recognized total revenue of $128.3 million for the fourth quarter 2005, an increase of $86.2 million from the fourth quarter 2004. This increase principally reflects the contributions from the acquisitions of the 75% interest in NOARK and the Elk City system, higher volumes at the Velma system and an increase in commodity prices. Velma's gross natural gas gathered volume averaged 61.1 million cubic feet per day ("MMcfd") for the fourth quarter 2005, an increase of 6.8% from the prior year's comparable quarter. The Velma system connected 10 new wells to its gas gathering system for the fourth quarter 2005; overall, 63 new wells were connected to the Velma system for the year ended December 31, 2005 compared with 66 new wells connected from its date of acquisition to December 31, 2004. For the Elk City system, gross natural gas gathered volume averaged 266.3 MMcfd, and 16 new wells were connected to the system for the fourth quarter 2005, or 42 new wells since its date of acquisition. For the NOARK system, average throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. volume was 255.8 MMcfd from October 31, 2005, its date of acquisition, to December 31, 2005. The segmented Mid-Continent results include the consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge of NOARK. Minority interest in NOARK represents Southwestern's 25% ownership interest in the net income of NOARK and is classified within costs and expenses within the consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statements of income. Appalachia Total revenue for the Appalachia system increased to $8.0 million for the fourth quarter 2005, a 45% increase from $5.5 million for the fourth quarter 2004. For the fourth quarter 2005, Appalachia segment profit was $5.6 million, or 33% of total segment operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. for the period, compared with $3.8 million, or 45% of total segment operating profit for the prior year fourth quarter. Average transportation rate per thousand cubic feet ("mcf") rose to $1.53 for the fourth quarter 2005 from $1.08 for the prior year fourth quarter due mainly to the rise in natural gas prices. Throughput volume increased to 56.4 MMcfd for the fourth quarter 2005 compared with 55.1 MMcfd for the fourth quarter 2004. The Partnership has recently completed two major transmission line connections and is in the process of completing a third connection that will result in substantial additional natural gas volume to be transported through its Appalachia system. The Partnership estimates that there are approximately 270 wells that were awaiting completion of these expansion projects. During the fourth quarter 2005, 91 new wells were connected to the gathering system. Overall, 451 new wells were connected to the system for the year ended December 31, 2005 compared with 352 wells connected for the prior year. Corporate and Other General and administrative expenses, including amounts reimbursed to affiliates, increased $2.7 million to $4.5 million for the fourth quarter 2005 from $1.8 million for the fourth quarter 2004. This increase was primarily related to general and administrative expenses associated with the operations of the acquired assets in the Mid-Continent region and a $1.5 million increase in non-cash compensation expense related to vesting Vesting The process by which employees accrue non-forfeitable rights over employer contributions that are made to the employee's qualified retirement plan account. Notes: of incentive awards. Depreciation and amortization increased $3.1 million to $5.5 million for the fourth quarter 2005 due principally to the depreciation and amortization of the assets acquired. Interest expense increased to $5.7 million for the fourth quarter 2005, an increase of $4.6 million from the prior year fourth quarter. This increase was primarily related to interest associated with the borrowings under the credit facility used to finance the acquired assets. At December 31, 2005, there was $9.5 million of outstanding borrowings under the credit facility as the majority of the borrowings associated with the acquired assets were repaid with the net proceeds from the Partnership's November 2005 equity offering and December 2005 issuance of $250.0 million of senior unsecured notes. Interested parties are invited to access the live webcast of an investor call with management regarding our fourth quarter and yearend results on Thursday Thursday: see week. morning, March 2, 2006 at 8:30 am EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT by going to the home page of the Partnership's website at www.atlaspipelinepartners.com. An audio replay of the conference call will also be available beginning at 11:00 am EDT on Thursday, March 2, 2006 until 11:59 pm on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , March 31, 2006. To access the replay, dial 1-888-286-8010 and enter conference code 59398584. Atlas Pipeline Partners, L.P. is active in the transmission, gathering and processing segments of the midstream mid·stream n. 1. The middle part of a stream. 2. The part of a course that is neither at the beginning nor at the end: the midstream of life. Noun 1. natural gas industry. In the Mid-Continent region of Oklahoma, Arkansas Arkansas, river, United States Arkansas (ärkăn`zəs, är`kənsô'), river, c.1,450 mi (2,330 km) long, rising in the Rocky Mts., central Colo. , northern Texas and the Texas panhandle panhandle, in geography, a strip of land projecting from the main body of an area and shaped like the handle of a pan, such as the panhandles of West Virginia, Texas, and Alaska. , the Partnership owns and operates approximately 2,565 miles of intrastate in·tra·state adj. Relating to or existing within the boundaries of a state. Adj. 1. intrastate - relating to or existing within the boundaries of a state; "intrastate as well as interstate commerce" gas gathering pipeline and a 565-mile interstate natural gas pipeline. The Partnership also operates two gas processing plants and a treating facility in Velma, Elk City and Prentiss, Oklahoma where natural gas liquids and impurities are removed. In Appalachia, it owns and operates approximately 1,500 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. For more information, visit our website at www.atlaspipelinepartners.com or contact pschreiber@atlaspipelinepartners.com. Atlas America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ATLS ATLS Advanced Trauma Life Support ATLS Aerial Target Launch Ship ), the parent company of Atlas Pipeline Partners, L.P.'s general partner and owner of 1,641,026 units of limited partner interest of APL, is an energy company engaged primarily in the development and production of natural gas in the Appalachian Basin for its own account and for its investors through the offering of tax advantaged investment programs. For more information, please visit our website at www.atlasamerica.com, or contact investor relations Investor relations The process by which the corporation communicates with its investors. at pschreiber@atlasamerica.com. Statements made in this release 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 certain factors, including competition within the energy industry, climactic cli·mac·tic also cli·mac·ti·cal adj. Relating to or constituting a climax. cli·mac  ti·cal·ly adv.Adj. 1. conditions and the price of gas in the Appalachian and Mid-Continent areas, actual versus projected volumetric volumetric /vol·u·met·ric/ (vol?u-met´rik) pertaining to or accompanied by measurement in volumes. vol·u·met·ric adj. Of or relating to measurement by volume. production from wells connected to the Partnership's gas-gathering pipeline system, and the cost of supplies and services in the energy industry.
ATLAS PIPELINE PARTNERS, L.P.
Financial Summary
(in thousands, except per unit amounts)
(unaudited)
Three Months Ended Years Ended
INCOME STATEMENT December 31, December 31,
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
Revenue:
Natural gas and liquids $122,029 $ 42,061 $340,297 $ 72,109
Transportation and
compression - affiliates 7,899 5,432 24,346 18,724
Transportation and
compression - third parties 5,909 24 5,963 76
Interest income and other 542 100 894 382
--------- --------- --------- ---------
Total revenue and other
income 136,379 47,617 371,500 91,291
--------- --------- --------- ---------
Costs and expenses:
Natural gas and liquids 103,602 34,119 288,180 58,707
Plant operating 3,315 1,101 10,557 2,032
Transportation and
compression 1,884 551 4,053 2,260
General and administrative 4,062 1,382 11,825 3,562
Compensation reimbursement -
affiliates 418 360 1,783 1,081
Loss (gain) on arbitration
settlement, net - (4,444) 138 (1,457)
Depreciation and amortization 5,459 2,339 13,954 4,471
Interest 5,697 1,099 14,175 2,301
Minority interest in NOARK 1,083 - 1,083 -
--------- --------- --------- ---------
Total costs and expenses 125,520 36,507 345,748 72,957
--------- --------- --------- ---------
Net income 10,859 11,110 25,752 18,334
Premium on preferred unit
redemption - - - (400)
--------- --------- --------- ---------
Net income attributable to
partners $ 10,859 $ 11,110 $ 25,752 $ 17,934
========= ========= ========= =========
Allocation of net income
attributable to partners:
Limited partners' interest $ 7,352 $ 9,759 $ 16,355 $ 14,864
General partner's interest 3,507 1,351 9,397 3,070
--------- --------- --------- ---------
Net income attributable to
partners $ 10,859 $ 11,110 $ 25,752 $ 17,934
========= ========= ========= =========
Net income attributable to
partners per limited partner
unit:
Basic $ 0.70 $ 1.35 $ 1.86 $ 2.53
========= ========= ========= =========
Diluted $ 0.69 $ 1.35 $ 1.84 $ 2.53
========= ========= ========= =========
Weighted average limited
partner units outstanding:
Basic 10,535 7,205 8,808 5,866
========= ========= ========= =========
Diluted 10,638 7,216 8,872 5,870
========= ========= ========= =========
Capital expenditure data:
-------------------------
Maintenance capital
expenditures $ 812 $ 672 $ 1,922 $ 1,516
Expansion capital
expenditures 17,167 4,952 50,576 8,527
--------- --------- --------- ---------
Total $ 17,979 $ 5,624 $ 52,498 $ 10,043
========= ========= ========= =========
December 31,
-------------------
Balance Sheet Data (at period
end): 2005 2004
----------------------------- --------- ---------
Cash and cash equivalents 34,237 18,214
Total assets 742,726 216,785
Total debt 298,625 54,452
Total partners' capital 329,510 136,704
ATLAS PIPELINE PARTNERS, L.P.
Segment Information
(in thousands - unaudited)
Three Months Ended Years Ended
December 31, December 31,
------------------- ------------------
2005 2004 2005 2004
--------- --------- --------- ---------
Mid-Continent:
--------------
Revenue
Natural gas and liquids $122,029 $ 42,061 $340,297 $ 72,109
Transportation and
compression 5,880 - 5,880 -
Interest income and other 436 36 513 60
--------- --------- --------- ---------
Total revenue and other
income 128,345 42,097 346,690 72,169
--------- --------- --------- ---------
Costs and expenses
Natural gas and liquids 103,602 34,119 288,180 58,707
Plant operating 3,315 1,101 10,557 2,032
Transportation and
compression 952 - 952 -
General and administrative 3,068 454 7,375 1,088
Depreciation and amortization 4,710 1,795 11,307 2,408
Minority interest in NOARK 1,083 - 1,083 -
--------- --------- --------- ---------
Total costs and expenses 116,730 37,469 319,454 64,235
--------- --------- --------- ---------
Segment profit $ 11,615 $ 4,628 $ 27,236 $ 7,934
========= ========= ========= =========
Appalachia:
-----------
Revenue
Transportation and
compression $ 7,928 $ 5,456 $ 24,429 $ 18,800
Interest income and other 106 64 381 322
--------- --------- --------- ---------
Total revenue and other
income 8,034 5,520 24,810 19,122
--------- --------- --------- ---------
Costs and expenses
Transportation and
compression 932 551 3,101 2,260
General and administrative 707 644 3,117 1,777
Depreciation and amortization 749 544 2,647 2,063
--------- --------- --------- ---------
Total costs and expenses 2,388 1,739 8,865 6,100
--------- --------- --------- ---------
Segment profit $ 5,646 $ 3,781 $ 15,945 $ 13,022
========= ========= ========= =========
Reconciliation of segment
profit to net income:
-------------------------
Segment profit
Mid-Continent $ 11,615 $ 4,628 $ 27,236 $ 7,934
Appalachia 5,646 3,781 15,945 13,022
--------- --------- --------- ---------
Total segment profit 17,261 8,409 43,181 20,956
Corporate general and
administrative expense (705) (644) (3,116) (1,778)
Interest expense (5,697) (1,099) (14,175) (2,301)
Loss (gain) on arbitration
settlement, net - 4,444 (138) 1,457
--------- --------- --------- ---------
Net income $ 10,859 $ 11,110 $ 25,752 $ 18,334
========= ========= ========= =========
ATLAS PIPELINE PARTNERS, L.P.
(in thousands - unaudited)
Three Months Ended Years Ended
December 31, December 31,
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
Reconciliation of net income
to non-GAAP measures(1):
Net income attributable to
partners $ 10,859 $ 11,110 $ 25,752 $ 17,934
Depreciation and amortization 5,459 2,339 13,954 4,471
Minority interest share of
depreciation and
amortization and interest
expense for NOARK (735) - (735) -
Interest expense 5,697 1,099 14,175 2,301
--------- --------- --------- ---------
EBITDA 21,280 14,548 53,146 24,706
Interest expense (5,697) (1,099) (14,175) (2,301)
Minority interest share of
interest expense for NOARK 490 - 490 -
Non-cash compensation
expense 1,863 358 4,672 700
Amortization of deferred
financing costs (included
within interest expense) 399 237 2,140 400
Maintenance capital
expenditures (812) (672) (1,922) (1,516)
--------- --------- --------- ---------
Distributable cash flow 17,523 13,372 44,351 21,989
Loss (gain) on arbitration
settlement - (4,444) 138 (1,457)
--------- --------- --------- ---------
Adjusted distributable
cash flow $ 17,523 $ 8,928 $ 44,489 $ 20,532
========= ========= ========= =========
(1) EBITDA, distributable cash flow and adjusted distributable cash
flow are non-GAAP (generally accepted accounting principles)
financial measures under the rules of the Securities and Exchange
Commission ("SEC"). Management of the Partnership believes that
EBITDA, distributable cash flow and adjusted distributable cash
flow provide additional information for evaluating the
Partnership's ability to make distributions to its unitholders and
the general partner, among other things. These measures are widely
used by commercial banks, investment bankers, rating agencies and
investors in evaluating performance relative to peers and pre-set
performance standards. EBITDA is also a financial measurement
that, with certain negotiated adjustments, is utilized within the
Partnership's financial covenants under its credit facility.
EBITDA, distributable cash flow and adjusted distributable cash
flow are not measures of financial performance under GAAP and,
accordingly, should not be considered as a substitute for net
income, operating income, or cash flows from operating activities
in accordance with GAAP.
Three Months Ended Years Ended
December 31, December 31,
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
Reconciliation of net income
to adjusted net income:
Net income $ 10,859 $ 11,110 $ 25,752 $ 18,334
Loss (gain) on arbitration
settlement, net - (4,444) 138 (1,457)
--------- --------- --------- ---------
Adjusted net income 10,859 6,666 25,890 16,877
Premium on preferred unit
redemption - - - (400)
--------- --------- --------- ---------
Adjusted net income
attributable to partners $ 10,859 $ 6,666 $ 25,890 $ 16,477
========= ========= ========= =========
Adjusted net income
attributable to partners
per limited partner unit:
Basic $ 0.70 $ 0.75 $ 1.87 $ 2.29
========= ========= ========= =========
Diluted $ 0.69 $ 0.75 $ 1.86 $ 2.29
========= ========= ========= =========
Weighted average limited
partner units outstanding:
Basic 10,535 7,205 8,808 5,866
========= ========= ========= =========
Diluted 10,638 7,216 8,872 5,870
========= ========= ========= =========
ATLAS PIPELINE PARTNERS, L.P.
Operating Highlights
Three Months Ended Years Ended
December 31, December 31,
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
Mid-Continent - Velma
System(1)
---------------------
Gas
Gross natural gas
gathered - mcf/day 61,093 57,222 67,075 56,441
Gross natural gas
processed - mcf/day 56,475 55,586 62,538 55,202
Gross residue natural gas
- mcf/day 46,160 43,577 50,880 42,659
Natural Gas Liquid
Gross NGL sales -
barrels/day 6,141 5,700 6,643 5,799
Condensate
Gross condensate sales -
barrels/day 219 170 256 185
Mid-Continent - Elk City
System(2)
------------------------
Gas
Gross natural gas
gathered - mcf/day 266,280 - 250,717 -
Gross natural gas
processed - mcf/day 124,196 - 119,324 -
Gross residue natural gas
- mcf/day 113,935 - 109,553 -
Natural Gas Liquid
Gross NGL sales -
barrels/day 5,277 - 5,303 -
Condensate
Gross condensate sales -
barrels/day 137 - 127 -
Mid-Continent - NOARK(3)
------------------------
Throughput - mcf/day 255,777 - 255,777 -
Appalachia
----------
Throughput - mcf/day 56,391 55,125 55,204 53,343
Average transportation
rate per mcf $ 1.53 $ 1.08 $ 1.21 $ 0.96
(1) Included from its date of acquisition on July 16, 2004.
(2) Included from is date of acquisition on April 14, 2005.
(3) Included from its date of acquisition on October 31, 2005.
Mcf - thousand cubic feet
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