OilVoice - ATP Announces Record Earnings and Operating Results For First Quarter 2008

ATP Announces Record Earnings and Operating Results For First Quarter 2008

09 May 2008

ATP Oil & Gas Corporation has announced first quarter 2008 results which include record production, record revenues and record earnings.

Highlights include:

• 3.6 MMBoe (21.6 Bcfe) of production, a 36% increase over first quarter 2007;
• $226.0 million of oil and gas revenue, a 56% increase over first quarter 2007;
• $46.8 million of net income, a 71% increase over first quarter 2007;
• Net income of $1.29 per diluted share.

Oil and gas production increased 36% to 3.6 MMBoe (21.6 Bcfe) for the first quarter of 2008, compared to 2.6 MMBoe (15.9 Bcfe) for the first quarter of 2007. Oil production was 1.6 MMBbls and natural gas production was 11.8 Bcf for the first quarter of 2008, compared to 1.0 MMBbls and 9.8 Bcfe for the first quarter of 2007.

Revenue from oil and gas production totaled $226.0 million for the first quarter of 2008, compared to $144.7 million for the first quarter of 2007. Revenue from oil and condensate sales was $119.9 million and revenue from and natural gas sales was $106.1 million for the first quarter of 2008. Revenue from oil and condensate sales was $54.7 million and revenue from natural gas sales was $89.9 million for the first quarter of 2007.

ATP recorded net income of $46.8 million or $1.31 per basic and $1.29 per diluted share for the first quarter of 2008, compared to $27.4 million or $0.92 per basic and $0.89 per diluted share for the first quarter of 2007.

Net income for the first quarter of 2008 was impacted by one item research analysts typically exclude from their published estimates, a loss on abandonment of $0.4 million. Accordingly, net income before this item, a non-GAAP measure, in the first quarter of 2008 was $47.2 million or $1.32 per basic and $1.30 per diluted share. For the same metric in the first quarter of 2007, ATP recorded $27.5 million or $0.92 per basic and $0.90 per diluted share. A non-GAAP reconciliation is provided near the end of this press release.