Atlas Energy Group LLC (ATLS)

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Atlas Energy (ATLS)

Q2 2011 Earnings Conference Call

August 4, 2011 09:00 ET


Brian Begley – Head of Investor Relations

Ed Cohen – Chief Executive Officer

Gene Dubay – Senior Vice President - Midstream of the General Partner

Sean McGrath – Chief Financial Officer


Stephen Maresca – Morgan Stanley

Sharon Lui – Wells Fargo



Good day, ladies and gentlemen, and welcome to the Second Quarter 2011 Atlas Energy, L.P. Earnings Conference Call. My name is Jeff and I will be your operator for today. At this time, all participants are in a listen-only mode. Later, we will facilitate a question-and-answer session. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the conference over to your host for today, Mr. Brian Begley, Head of Investor Relations. Please proceed, Mr. Begley.

Brian Begley – Head of Investor Relations

Good morning, everyone, and thank you for joining us for today’s second quarter 2011 earnings call. As we get started, I'd like to remind everyone that during this conference call, we'll make certain forward-looking statements and in this context, forward-looking statements often address our expected future business and financial performance and financial condition and often contains words such as expects, anticipates and similar words or phrases.

Forward-looking statements by their nature address matters that are uncertain and are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected in the forward-looking statements. To discuss these risks in our Quarterly Report on Form 10-Q and our Annual Report also on the Form 10-K, particularly in Item I.

And I’d also like to caution you not to place undue reliance on these forward-looking statements which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly update our forward-looking statement or to publicly release the results of any revisions to forward-looking statements that may be made to reflect events or circumstances after the date thereof or reflect the occurrence of unanticipated events.

Now, before I turn the call over to our management team for their comments, I’d like to remind everyone of our upcoming investor conference appearances later this month. These include Tuohy Brothers Energy Conference on August 9th in New York City, the EnerCom, Oil & Gas Conference in Denver on August 18th and the Citigroup One on One MLP Conference in Las Vegas on August 24th and 25th. And with that I’d like to turn the call over to our Chief Executive Officer, Ed Cohen for his remarks. Ed?

Ed Cohen – President and Chief Executive Officer

Hello everyone operating results for Atlas Energy LP for the second quarter I am glad to report were excellent. Income from continuing operations year-to-year increased more than threefold from $7.3 million to $24.4 million and other initiative were similarly favorable. Gratifying results that our CFO, Sean McGrath will shortly discuss in detail. But the real news for Atlas Energy during the quarter lay in the extraordinary progress the company made toward its overarching goal and that goal is to recreate with even greater inherent value, unique enterprise that was Atlas Energy prior to its sale in part to Chevron in February 2011.

I am here to report now that the second quarter saw enormous progress toward that goal and toward to continue to rapid multiplication of shareholder value at Atlas and in light of this progress we are now reaffirming our prior guidance for 2011. Now then the old Atlas Energy was exceptional, exceptional in its shale assets that included both highly desirable acreage as well as a technical staff of energy professionals, second for its size tonight. It was exceptional on a considerable cash flow drive towards control of Atlas Pipeline APL and from the incentive distribution rates IDRs that a company this control.

Exceptional in the cash flow and other advantages drive from a syndication business that has provided energy investment opportunities to tens of thousands of wealthy individuals. And exceptional and in its inventiveness, the old Atlas Energy always surprised even its admirers with its creative innovation. We held out the new Atlas Energy. As I noted in February in our first conference call after the Chevron sales, our guiding principle remains a revolutionary more of the same, work cash flow, more good acreage, greater professional skills and more innovation all of which were measurably increased in the second quarter. As for acreage, we have obtained farm-out drilling rights already to 185,000 acres of highly perspective Niobrara acreage. This is beyond the residual acreage we retained after the Chevron’s sale. And we are strenuously working to build our Marcellus position in West Virginia.

Our processing and transportation subsidiary, Atlas Pipeline Partners, is once again furnishing incentive distribution payments to Atlas Energy. Cash flow that we believe will increase rapidly and significantly in the near future.

During the second quarter, we signed a number of world-class professionals. Most of them were leaving major multinational companies to fill senior positions at Atlas Energy, cutting-edge drilling and completion engineers, senior geologist, senior land executives and so forth joining the talented group who restarted Atlas Energy in February 2011.

Most importantly perhaps, our reconstituted land department now headed by a former senior executive of Shell with over 30 years of experience at building strong positions in new basins, this revitalized department should enhance our strategic acreage position providing sites and drilling leases and farm-outs worthy of our dream team energy professionals and Matt Jones, President of our E&P Division shortly will address our success in assembling this team.

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