ATP OIL & GAS CP
SymbolATPG

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ATP Announces Third Quarter 2009 Results

2009-11-05 01:11 ET - News Release


Company Website: http://www.atpog.com
HOUSTON -- (Business Wire)

ATP Oil & Gas Corporation (NASDAQ:ATPG) today announced third quarter 2009 results reflecting a net loss attributable to common shareholders of $9.1 million, or $(0.20) per basic and diluted share for the third quarter 2009, compared to a net profit of $36.5 million or $1.03 per basic and $1.02 per diluted share for the third quarter 2008. Oil and gas production for the third quarter 2009 was 1.4 MMBoe (56% oil) versus 2.0 MMBoe (40% oil) for the third quarter 2008. Revenues from oil and gas production were $75.0 million for the third quarter 2009, compared to $118.3 million for the third quarter 2008. This is the ninth consecutive quarter that oil revenues have accounted for more than half of ATP’s revenues. In the North Sea, the partial sale of producing properties coupled with the deliberate curtailment of production due to lower than anticipated gas prices led to lower volumes in 2009 compared with the previous periods. In the Gulf of Mexico unplanned maintenance on the turbine-compressors at Gomez and normal declines in production rates contributed to lower production volumes during the same comparable periods.

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