Atlas Resource Partners Q1 Loss Widens; Commences Public Offering - Quick Facts

(RTTNews) - Atlas Resource Partners, L.P. (ARP) reported that its first-quarter net loss attributable to common limited partners and the general partner widened to $15.16 million from a loss of $7.33 million, last year. Net loss to common limited partners per unit was $0.28 compared to a loss of $0.17 per unit, a year ago.

Adjusted EBITDA, including discretionary adjustments by the Board of the General Partner, was $64.5 million compared to $31.4 million, prior year. The company noted that its results during the quarter were adversely impacted by approximately $3.5 million due to constrained production volumes caused by severe winter weather conditions.

On average, seven analysts polled by Thomson Reuters expected the company to report a loss per unit of $0.12 for the quarter. Analysts' estimates typically exclude special items.

Total revenues increased to $157.34 million from $112.05 million. Analysts expected revenue of $161.19 million for the quarter. Atlas Resource Partners, L.P. also announced that it has commenced an underwritten public offering of 13.5 million common units representing limited partner interests. The underwriters have been granted a 30-day option to purchase up to an additional 2.025 million common units. The company intends to use the net proceeds to fund a portion of its previously-announced acquisition of oil assets in the Rangely Field in NW Colorado.