HOUSTON--(BUSINESS WIRE)--ATP Oil & Gas Corporation (NASDAQ:ATPG) today announced third quarter 2011 results.
Oil and gas production for the third quarter 2011 was 2.2 million barrels of oil equivalent (Boe), or 24,200 Boe per day, compared to 1.9 MMBoe (21,100 Boe per day) for the third quarter 2010, reflecting a 15% increase. Revenues from oil and gas production were $170.1 million for the third quarter 2011 compared to $102.1 million for the third quarter 2010. Increased revenues from production were attributable to higher production volumes and higher oil prices. Oil represented 69% of total production for the third quarter 2011, compared to 58% of total production for the third quarter 2010. ATP continues to sell a majority of its oil production at prices close to Louisiana Light Sweet pricing (LLS), currently trading at a substantial premium to West Texas Intermediate pricing (WTI).
The Mississippi Canyon (MC) Block 942 #2, located in approximately 4,000 feet of water, was completed at a measured depth of 21,400 feet in the Miocene S sand at ATP’s deepwater Telemark Hub in the Gulf of Mexico. This will be the fourth well tied back to the ATP Titan floating drilling and production platform located at MC Block 941. ATP encountered 167 feet of additional net pay sands above pre-drill estimates. These sands are in addition to the 72 feet of logged net oil pay seen in the original target sand at the Morgus well located at MC 942 #2. Because of the considerable additional hydrocarbon-bearing sands, ATP is adjusting its completion plan to include two new gravel packs which will extend the projected completion time to late January 2012, and ATP expects a positive effect on production by extending the production life and third-party reserve estimates associated with MC 942. ATP operates the deepwater Telemark Hub with a 100% working interest and owns 100% of the subsidiary that owns the ATP Titan and associated pipelines and infrastructure.
The second Clipper well, located at Green Canyon (GC) 300 #4, in approximately 3,450 feet of water, encountered 56 feet of logged net oil pay confirming reserves previously booked. The 9-5/8 inch casing has been set at 15,778 feet measured depth through the pay intervals. The well will now be completed and tested. In July 2011, ATP successfully completed and flow tested the first Clipper well, GC 300 #2 ST #1, at a rate of 45.6 MMcf per day and 4,656 Bbls per day. The pipeline lay barge for the Clipper wells is contracted for third quarter 2012 and will tie in both the GC 300 #4 and #2 wells to the Murphy Oil operated Front Runner production facility. ATP operates Clipper and presently owns a 100% working interest.
Lease operating expense for the third quarter 2011 was $27.7 million ($23.5 million recurring and $4.2 million workover expenses) compared to $27.5 million ($21.6 million recurring and $5.9 million workover expenses) for the third quarter 2010. Recurring operating expenses per Boe for the third quarter 2011 were $10.55 compared to $11.10 for the third quarter 2010, a 5% decrease. Per-unit costs improved as fixed costs were spread over increased production volumes. Workover expenses in the third quarter of 2011 were primarily from well work and pipeline remediation at the company’s Gomez Hub.
ATP recorded a net loss attributable to common shareholders of $5.6 million or $(0.11) per basic and diluted share for the third quarter 2011, compared to $58.4 million or $(1.15) per basic and diluted share for the same 2010 period. The net loss attributable to common shareholders for the third quarter of 2011 and 2010 was impacted by items analysts sometimes exclude from their published estimates. For the third quarter of 2011, those items include workover expenses of $4.2 million, a loss on abandonment of $2.7 million, and $77.2 million related to unrealized derivative income for the quarter. For the third quarter of 2010, those items include a gain on disposal of properties of $15.0 million, a property impairment of $3.0 million, and workover expenses of $5.9 million.
Cash flow from operating activities for the third quarter 2011 was $86.3 million compared to $20.2 million for the same period a year ago.
During September 2011, ATP’s wholly owned subsidiary, ATP Titan, LLC, entered into a Second Amendment to its term loan agreement. The lender advanced the remaining $50.0 million ($44.5 million, net of transactions costs and discount) under the terms of the original agreement.
At September 30, 2011, ATP’s net profits interests (NPI) and Override obligations amounted to $388.0 million. This increased from $379.7 million as of June 30, 2011, primarily from ongoing drilling at Clipper. Both Diamond Offshore Drilling and another supplier carry a significant portion of these costs and recoup them through their NPI’s with ATP.
During the third quarter, ATP made payments under its NPI’s and Overrides of $60.0 million. Payments for the fourth quarter of 2011 are expected to be comparable to those in the third quarter. The exact payments ATP makes each quarter under its NPI’s and Overrides are dependent on the location, quantity, and pricing of production.
The following schedule summarizes NPI and Override activity during the third quarter.
| Summary of Third Quarter 2011 NPI and Override Activity | ||||
| (In Thousands) | ||||
| (Unaudited) | ||||
|
NPI and Override balance as of June 30, 2011 |
$ |
379,740 |
||
| Additions related primarily to Clipper development | 49,885 | |||
| Interest accretion | 18,355 | |||
| Payments to NPI and Override holders | (59,963 | ) | ||
|
NPI and Override balance as of September 30, 2011 |
$ | 388,017 | ||
ATP incurred $400.0 million of capital expenditures ($379.4 million excluding capitalized interest) on oil and gas properties during the first three quarters of 2011 of which $103.2 million was funded through vendor deferral and net profit interest programs. These capital expenditures were predominantly related to the Gomez and Telemark hubs, Clipper, and the Octabuoy production platform. In the remainder of 2011, ATP anticipates incurring $70.0 million to $120.0 million in total capital expenditures, excluding capitalized interest, of which $35.0 million to $75.0 million will be contributed by vendors through existing NPI programs or deferral programs.
In the third quarter of 2011, ATP terminated certain oil swaps and received $10.7 million in proceeds. The transaction terminated 322,000 barrels swapped in 2011 and 915,000 barrels swapped in 2012. The weighted average barrel price was $91.50. Subsequent to the transaction, in the fourth quarter ATP added swaps for additional volumes of 214,000 barrels swapped in 2011 and replaced the 915,000 barrels swapped in 2012. The weighted average barrel price was $101.45. The primary purpose of the transactions was to re-price the oil swaps from a WTI basis to a LLS basis which more accurately reflects the pricing received for ATP’s oil sales.
During July, September and October 2011, ATP entered into crude oil prepaid swap transactions for 274,500, 292,800, and 146,400 barrels, respectively, at net prices of $111.84, $107.92 and $100.41 per barrel, respectively. ATP received $30.7 million, $31.6 million and $14.7 million for these swaps, respectively, at closing. During the future settlement months, ATP will deliver cash to the counterparty based on prevailing prices in the settlement months, which may be higher or lower than those at which ATP was paid.
A schedule summarizing ATP’s outstanding oil and gas derivatives can be found near the end of this press release. ATP's selected financial data schedule below contains additional information on the company’s activities for the third quarter 2011 and comparable period in 2010.
| Selected Financial Data | Three Months Ended | Nine Months Ended | |||||||||||||
| (Unaudited) | September 30, | September 30, | |||||||||||||
| 2011 | 2010 | 2011 | 2010 | ||||||||||||
| Production | |||||||||||||||
| Natural gas (MMcf) | 4,107 | 4,900 | 12,651 | 14,665 | |||||||||||
| Gulf of Mexico | 3,586 | 4,338 | 10,988 | 12,223 | |||||||||||
| North Sea | 521 | 562 | 1,663 | 2,442 | |||||||||||
| Oil and condensate (MBbls) | 1,540 | 1,127 | 4,601 | 2,933 | |||||||||||
| Gulf of Mexico | 1,539 | 1,126 | 4,598 | 2,927 | |||||||||||
| North Sea | 1 | 1 | 3 | 6 | |||||||||||
| Natural gas, oil and condensate | |||||||||||||||
| MMcfe | 13,346 | 11,657 | 40,257 | 32,262 | |||||||||||
| Boe | 2,224 | 1,944 | 6,709 | 5,377 | |||||||||||
|
Average Prices |
|||||||||||||||
| Natural gas (per Mcf) | $ | 4.82 | $ | 4.73 | $ | 5.01 | $ | 4.83 | |||||||
| Gulf of Mexico | 4.31 | 4.50 | 4.47 | 4.65 | |||||||||||
| North Sea | 8.35 | 6.46 | 8.57 | 5.72 | |||||||||||
| Oil and condensate (per Bbl) | 97.63 | 69.30 | 96.97 | 70.26 | |||||||||||
| Natural gas, oil and condensate | |||||||||||||||
| Per Mcfe | $ | 12.75 | $ | 8.69 | $ | 12.66 | $ | 8.58 | |||||||
| Per Boe | 76.50 | 52.09 | 75.94 | 51.50 | |||||||||||
| Deferred Revenue Recognized ($000's) | |||||||||||||||
| Natural gas | $ | - | $ | - | $ | - | $ | 1,517 | |||||||
| Oil and condensate | - | 852 | - | 17,819 | |||||||||||
| Total | - | 852 | - | 19,336 | |||||||||||
| Gain (Loss) on Oil and Gas Derivatives ($000's) | |||||||||||||||
| Natural gas contracts | |||||||||||||||
| Realized or settled during the period | $ | 520 | $ | 2,441 | $ | 1,118 | $ | 6,430 | |||||||
| Unrealized | 3,520 | 4,477 | 2,828 | 3,748 | |||||||||||
| Oil and condensate contracts | |||||||||||||||
| Realized or settled during the period | 8,972 | (553 | ) | (8,180 | ) | (5,992 | ) | ||||||||
| Unrealized | 73,681 | (19,030 | ) | 76,583 | 10,613 | ||||||||||
| Total | 86,693 | (12,665 | ) | 72,349 | 14,799 | ||||||||||
Third Quarter 2011 Conference Call
ATP Oil & Gas Corporation (NASDAQ: ATPG) will host a conference call on Wednesday, November 9th at 10:00 am CST to discuss the company’s third quarter results followed by a Q&A session.
3rd Quarter Results Conference Call
Date: Wednesday, November 9, 2011
Time: 11:00 am EST; 10:00 am CST; 9:00 am MST and 8:00 am PST
ATP invites interested persons to listen to the live webcast on the company’s website at www.atpog.com. Phone participants should dial 888-334-3020. A digital replay of the conference call will be available at 888-203-1112, ID# 7348227, for a period of 24 hours beginning at 1:00 pm CST.
About ATP Oil & Gas Corporation
ATP Oil & Gas is an international offshore oil and gas development and production company focused in the Gulf of Mexico, Mediterranean Sea and North Sea. The company trades publicly as ATPG on the NASDAQ Global Select Market. For more information about ATP Oil & Gas Corporation, visit www.atpog.com.
Forward-looking Statements
Certain statements included in this news release are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. ATP cautions that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those ATP expects include changes in oil and natural gas prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting its business. While ATP does not file reports with the SEC containing probable and possible reserve quantities, ATP occasionally will include them in presentations and discuss such reserves publicly. ATP and its independent third party reservoir engineers use the term “probable” to describe volumes of reserves potentially recoverable through additional drilling or recovery techniques that, by their nature, are more speculative than estimates of proved reserves. Any estimates of reserves in this news release have been prepared by our independent third party engineers. More information about the risks and uncertainties relating to ATP's forward-looking statements is found in the company's SEC filings.
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (In Thousands) | ||||||||
| (Unaudited) | ||||||||
| September 30, | December 31, | |||||||
| 2011 | 2010 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 172,175 | $ | 154,695 | ||||
| Restricted cash | 12,660 | 30,270 | ||||||
| Accounts receivable (net of allowance of $225 and $225, respectively) | 95,905 | 92,737 | ||||||
| Deferred tax asset | - | 8,191 | ||||||
| Derivative asset | 1,880 | 1,688 | ||||||
| Other current assets | 35,252 | 26,408 | ||||||
| Total current assets | 317,872 | 313,989 | ||||||
| Oil and gas properties (using the successful efforts method of accounting): | ||||||||
| Proved properties | 4,687,122 | 4,291,440 | ||||||
| Unproved properties | 23,530 | 20,402 | ||||||
| 4,710,652 | 4,311,842 | |||||||
| Less accumulated depletion, depreciation, impairment and amortization | (1,685,647 | ) | (1,407,206 | ) | ||||
| Oil and gas properties, net | 3,025,005 | 2,904,636 | ||||||
| Derivative asset | 4,176 | - | ||||||
| Deferred tax asset | 16,899 | - | ||||||
| Restricted cash | 10,000 | 10,000 | ||||||
| Deferred financing costs, net | 43,934 | 48,353 | ||||||
| Other assets, net | 13,270 | 13,124 | ||||||
| Total assets | $ | 3,431,156 | $ | 3,290,102 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accruals | $ | 286,086 | $ | 230,703 | ||||
| Current maturities of long-term debt | 31,989 | 21,625 | ||||||
| Asset retirement obligation | 61,255 | 43,386 | ||||||
| Deferred tax liability | 17,038 | - | ||||||
| Derivative liability | 28,653 | 37,893 | ||||||
| Current maturities of other long-term obligations | 153,004 | 86,521 | ||||||
| Total current liabilities | 578,025 | 420,128 | ||||||
| Long-term debt | 1,983,704 | 1,857,784 | ||||||
| Other long-term obligations | 414,015 | 472,500 | ||||||
| Asset retirement obligation | 95,488 | 123,472 | ||||||
| Deferred tax liability | 47,768 | 16,956 | ||||||
| Derivative liability | 642 | 6,425 | ||||||
| Total liabilities | 3,119,642 | 2,897,265 | ||||||
| Temporary equity-redeemable noncontrolling interest | 115,406 | 140,851 | ||||||
| Temporary Convertible preferred stock, $0.001 par value | 68,153 | - | ||||||
| Shareholders' equity: | ||||||||
| Convertible preferred stock, $0.001 par value | 224,583 | 140,000 | ||||||
| Common stock, $0.001 par value | 52 | 51 | ||||||
| Additional paid-in capital | 533,885 | 570,739 | ||||||
| Accumulated deficit | (526,586 | ) | (356,866 | ) | ||||
| Accumulated other comprehensive loss | (103,068 | ) | (101,027 | ) | ||||
| Treasury stock, at cost | (911 | ) | (911 | ) | ||||
| Total shareholders' equity | 127,955 | 251,986 | ||||||
| Total liabilities and equity | $ | 3,431,156 | $ | 3,290,102 | ||||
| CONSOLIDATED INCOME STATEMENTS | ||||||||||||||||
| (In Thousands, Except Per Share Amounts) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Oil and gas production revenues | $ | 170,135 | $ | 102,121 | $ | 509,518 | $ | 296,249 | ||||||||
| Costs, operating expenses and other: | ||||||||||||||||
| Lease operating | 27,707 | 27,493 | 101,754 | 89,423 | ||||||||||||
| Exploration | 66 | 543 | 1,066 | 1,264 | ||||||||||||
| General and administrative | 13,540 | 9,646 | 33,442 | 28,269 | ||||||||||||
| Depreciation, depletion and amortization | 77,715 | 62,505 | 231,353 | 158,621 | ||||||||||||
| Impairment of oil and gas properties | - | 2,988 | 45,704 | 15,078 | ||||||||||||
| Accretion of asset retirement obligation | 3,722 | 3,566 | 11,157 | 10,419 | ||||||||||||
| Drilling interruption costs | - | - | 19,691 | 8,714 | ||||||||||||
| Loss on abandonment | 2,691 | 32 | 4,074 | 233 | ||||||||||||
| Gain on exchange/disposal of properties | (1,000 | ) | (15,000 | ) | (1,000 | ) | (27,020 | ) | ||||||||
| 124,441 | 91,773 | 447,241 | 285,001 | |||||||||||||
| Income from operations | 45,694 | 10,348 | 62,277 | 11,248 | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 68 | 293 | 184 | 591 | ||||||||||||
| Interest expense, net | (77,356 | ) | (69,249 | ) | (249,883 | ) | (146,113 | ) | ||||||||
| Derivative income (expense) | 86,693 | (12,665 | ) | 72,349 | 14,799 | |||||||||||
| Gain (loss) on debt extinguishment | - | - | 1,091 | (78,171 | ) | |||||||||||
| 9,405 | (81,621 | ) | (176,259 | ) | (208,894 | ) | ||||||||||
| Income (loss) before income taxes | 55,099 | (71,273 | ) | (113,982 | ) | (197,646 | ) | |||||||||
| Income tax benefit (expense): | ||||||||||||||||
| Current | - | 297 | - | 70 | ||||||||||||
| Deferred | (44,136 | ) | 19,575 | (38,784 | ) | 76,196 | ||||||||||
| Total | (44,136 | ) | 19,872 | (38,784 | ) | 76,266 | ||||||||||
| Net income (loss) | 10,963 | (51,401 | ) | (152,766 | ) | (121,380 | ) | |||||||||
| Less income attributable to the redeemable noncontrolling interest | (9,829 | ) | (4,129 | ) | (16,954 | ) | (12,355 | ) | ||||||||
| Less convertible preferred stock dividends | (6,725 | ) | (2,820 | ) | (12,270 | ) | (8,420 | ) | ||||||||
| Net loss attributable to common shareholders | $ | (5,591 | ) | $ | (58,350 | ) | $ | (181,990 | ) | $ | (142,155 | ) | ||||
| Net loss per share attributable to common shareholders: | ||||||||||||||||
| Basic | $ | (0.11 | ) | $ | (1.15 | ) | $ | (3.56 | ) | $ | (2.81 | ) | ||||
| Diluted | $ | (0.11 | ) | $ | (1.15 | ) | $ | (3.56 | ) | $ | (2.81 | ) | ||||
| Weighted average number of common shares: | ||||||||||||||||
| Basic | 51,113 | 50,800 | 51,061 | 50,673 | ||||||||||||
| Diluted | 51,113 | 50,800 | 51,061 | 50,673 | ||||||||||||
| CONSOLIDATED CASH FLOW DATA | ||||||||
| (In Thousands) | ||||||||
| (Unaudited) | ||||||||
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2011 | 2010 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (152,766 | ) | $ | (121,380 | ) | ||
| Adjustments to operating activities | 276,569 | 97,938 | ||||||
| Changes in assets and liabilities | 4,826 | 25,831 | ||||||
| Net cash provided by operating activities | 128,629 | 2,389 | ||||||
| Cash flows from investing activities: | ||||||||
| Additions to oil and gas properties | (312,196 | ) | (498,625 | ) | ||||
| Proceeds from disposition of properties | 1,000 | 17,053 | ||||||
| Increase in restricted cash | 17,610 | (16,850 | ) | |||||
| Net cash used in investing activities | (293,586 | ) | (498,422 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from senior second lien notes | - | 1,492,965 | ||||||
| Proceeds from first lien term loans | 59,400 | 147,000 | ||||||
| Proceeds from term loan facility-ATP Titan Assets | 91,000 | 143,250 | ||||||
| Proceeds from term loans | - | 46,000 | ||||||
| Payments of term loans | (18,046 | ) | (1,262,610 | ) | ||||
| Deferred financing costs | (4,536 | ) | (59,294 | ) | ||||
| Proceeds from other long-term obligations | 70,327 | 171,136 | ||||||
| Payments of other long-term obligations | (130,882 | ) | (69,091 | ) | ||||
| Distribution to noncontrolling interest | (36,132 | ) | (10,688 | ) | ||||
| Proceeds from preferred stock issuances, net of costs | 149,781 | - | ||||||
| Purchase of capped-call options on ATP common stock | (26,500 | ) | - | |||||
| Preferred stock dividends | (8,371 | ) | (8,448 | ) | ||||
| Derivative contracts, net | 66,009 | - | ||||||
| Other financings, net | (30,625 | ) | - | |||||
| Exercise of stock options/warrants | 307 | 3,580 | ||||||
| Net cash provided by financing activities | 181,732 | 593,800 | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 705 | 203 | ||||||
| Increase in cash and cash equivalents | 17,480 | 97,970 | ||||||
| Cash and cash equivalents, beginning of year | 154,695 | 108,961 | ||||||
| Cash and cash equivalents, end of period | $ | 172,175 | $ | 206,931 | ||||
| Other Long-term Obligations | ||||||||
| (In Thousands) | ||||||||
| (Unaudited) | ||||||||
| September 30, | December 31, | |||||||
| 2011 | 2010 | |||||||
| Net profits interests | $ | 350,073 | $ | 331,776 | ||||
| Dollar-denominated overriding royalty interests | 37,944 | 52,825 | ||||||
| Total NPI and ORRI obligations | 388,017 | 384,601 | ||||||
| Gomez pipeline obligation | 73,189 | 73,868 | ||||||
| Vendor deferrals – Gulf of Mexico | 10,029 | 7,096 | ||||||
| Vendor deferrals – North Sea | 93,202 | 90,874 | ||||||
| Other | 2,582 | 2,582 | ||||||
| Total | 567,019 | 559,021 | ||||||
| Less current maturities | (153,004 | ) | (86,521 | ) | ||||
| Other long-term obligations | $ | 414,015 | $ | 472,500 | ||||
| Cash Payments Related to Other Long-term Obligations | ||||||||
| (In Thousands) | ||||||||
| (Unaudited) | ||||||||
| Three Months | Nine Months | |||||||
| Ended | Ended | |||||||
| September 30, | September 30, | |||||||
| 2011 | 2011 | |||||||
| Net profits interests | $ | 37,418 | $ | 110,572 | ||||
| Dollar-denominated overriding royalty interests | 22,545 | 94,649 | ||||||
| NPI and ORRI payments | 59,963 | 205,221 | ||||||
| Gomez pipeline financing | 5,827 | 16,419 | ||||||
| Vendor deferrals | 1,408 | 18,846 | ||||||
| Total payments | $ | 67,198 | $ | 240,486 |
((1)) |
|||
|
(1) |
Includes principal of $130,882 and interest of $109,604. The weighted average effective interest rate on our other long-term obligations was 19.2% as of September 30, 2011. | |||||||
| Derivatives Schedule | |||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||
| 2011 | 2012 | 2013 | |||||||||||||||||||||||||
| 4Q | FY | 1Q | 2Q | 3Q | 4Q | FY | 1Q | FY | |||||||||||||||||||
| Gulf of Mexico | |||||||||||||||||||||||||||
| Natural Gas Swaps | |||||||||||||||||||||||||||
| Volumes (MMMBtu) | 1,380 | 1,380 |
|
1,365 | - | - | - | 1,365 | |||||||||||||||||||
| Price ($/MMBtu) | $ | 4.64 | $ | 4.64 |
|
$ | 4.64 | - | - | - | $ | 4.64 | |||||||||||||||
| Natural Gas Calls | |||||||||||||||||||||||||||
| Volumes (MMMBtu) | 920 | 920 | 910 | 910 | 920 | 920 | 3,660 | ||||||||||||||||||||
| Price ($/MMBtu) | $ | 5.10 | $ | 5.10 | $ | 5.30 | $ | 5.30 | $ | 5.30 | $ | 5.50 | $ | 5.35 | |||||||||||||
| Crude Oil Swaps | |||||||||||||||||||||||||||
| Volumes (MBbls) | 766 | 766 | 796 | 774 | 782 | 782 | 3,134 | 90 | 90 | ||||||||||||||||||
| Price ($/Bbl) | $ | 95.53 | $ | 95.53 | $ | 94.60 | $ | 95.34 | $ | 95.34 | $ | 95.34 | $ | 95.15 | $ | 90.40 | $ | 90.40 | |||||||||
| Prepaid Crude Oil Swaps (1) | |||||||||||||||||||||||||||
| Volumes (MBbls) | 167 | 167 | 177 | 177 | 110 | 12 | 477 | ||||||||||||||||||||
| Price ($/Bbl) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
| Crude Oil Reparticipation Calls | |||||||||||||||||||||||||||
| Volumes (MBbls) | 184 | 184 | |||||||||||||||||||||||||
| Price ($/Bbl) | $ | 110.00 | $ | 110.00 | |||||||||||||||||||||||
| North Sea | |||||||||||||||||||||||||||
| Natural Gas Swaps | |||||||||||||||||||||||||||
| Volumes (MMMBtu) | 460 | 460 | 455 | 455 | 460 | 276 | 1,646 | ||||||||||||||||||||
| Price ($/MMBtu)(2) | $ | 9.49 | $ | 9.49 | $ | 9.49 | $ | 8.26 | $ | 8.26 | $ | 9.36 | $ | 8.78 | |||||||||||||
| The above are ATP's financial and physical commodity contracts outstanding as of November 8, 2011 | |||||||||||||||||||||||||||
| Additional hedges, derivatives and fixed price contracts, if any, will be announced during the year. | |||||||||||||||||||||||||||
| (1) ATP received cash proceeds at closing averaging approximately $107.89 per barrel. During the future contract settlement months, ATP will pay cash based on the prevailing market prices in effect at that time, which may be more or less than ATP was paid. | |||||||||||||||||||||||||||
| (2) Assumes currency translation rate of 1.60 USD per GBP which approximates the rate as of November 8, 2011 | |||||||||||||||||||||||||||