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T. Paul Bulmahn, Chairman & CEOMAY 18, 2010
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 natural gas and oil 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 our ability to access them, and uncertainties regarding
environmental regulations or litigation and other legal or regulatory developments affecting our business. The SEC has
generally permitted oil and gas companies, in filings made with the SEC, to disclose only proved reserves that a
company has demonstrated by actual production or conclusive formation tests to be economically and legally
producible under existing economic and operating conditions. We and our independent third party reservoir engineers
use the terms "probable" to describe volumes of reserves potentially recoverable through additional drilling or
recovery techniques that the SEC's guidelines may prohibit us from including in filings with the SEC. These estimates
are by their nature more speculative than estimates of proved reserves. All estimates of probable reserves in this
news release have been prepared by management based on the preliminary December 31, 2009 reports of our
independent third party engineers. PV‐10 is a non‐GAAP financial measure because it excludes income tax effects.
Management believes that the presentation of the non‐GAAP financial measure of PV‐10 provides useful information
to investors because it is widely used by professional analysts and sophisticated investors in evaluating oil and gas
companies. PV‐10 is not a measure of financial or operating performance under GAAP. The most directly comparable
GAAP financial measure is the standardized measure of discounted future net cash flows. PV‐10 should not be
considered as a substitute for the standardized measure of discounted future net cash flows as defined under GAAP,
which is calculated at year end under accounting rules by applying pricing assumptions of the SEC to our proved
reserves. More information about the risks and uncertainties relating to ATP's forward‐looking statements is found in
our SEC filings.
Investor RelationsAl Reese, Jr.
Chief Financial Officer
Brian NelsonVice President, Finance
Isabel PlumeChief Communications Officer
Sheila ThorntonCommunications & Corporate
Affairs Specialist
Corporate Headquarters4600 Post Oak Place, Suite 200
Houston, TX77027‐ 9726
Telephone: (713) 622 3311IR Fax: (713) 622 6829
www.atpog.com
NASDAQ ‐ ATPG
│2│
Overview
│3│
ATP Oil and Gas Corporation is a development‐focused oil company which acquires, develops, and produces oil and natural gas properties in the Gulf of Mexico, the United Kingdom and the Dutch sectors of the North Sea.
ATP has a large inventory of proved reserves to develop
ATP employs an experienced management team and a deep technical team with average experience of over 20 years
ATP has had a 98% success rate in converting undeveloped properties to commercial production
58% Oil 14% UK Gas
28% US Gas
0 20 40 60 80 100 120 140 160 180 200 220
Reserves by Areas of Operation
(1) Based on proved and probable reserves at December 31, 2009 prepared by independent third‐party reserve engineers. │4│
MMBoe % of ReservesGOM Shelf 13 6%GOM Deepwater 131 62%North Sea 68 32%
Total 212 100%
46
88106
119 119135
25
38
61
6278
77
22
22
12
22
32
35
3
0
50
100
150
200
250
300
2004 2005 2006 2007 2008 2009
Proved Probable Cumulative Asset Sales Cumulative Production
Consistent Reserve Growth and Performance
Creating Value Through Reserve Growth
│5│
Net M
MBo
e
31% CAG
R (1)
(1) Represents proved, probable, assets sales and cumulative production.
ATP has booked reserves of 212 MMBoe(1) with a PV-10(2) of $6.4 Billion
Proved Reserves
Probable Reserves
Reserve Base
(1) Based on reports prepared by independent third‐party reserve engineers at 12/31/09.(2) Based on strip pricing at year‐end 2009. See Appendix for price deck.
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Hub Concept Improves Economics and Growth
Our Fleet of Re‐usable Floating Infrastructure
Initial Installation Gomez Hub Telemark Hub Cheviot Hub
Capacity 20 MBbls/d / 100MMcf/d 25 MBbls/d / 50MMcf/d(1) 25 MBbls/d / 50MMcf/dIn Service / Useful life 2006 / >20 yrs 2009 / >40 yrs 2012 / >50 yrsDrilling Capability No Yes YesWater Depth Range 300’ ‐ 3,500’ 1,500’ ‐ 9,500’ 500’ ‐ 9,500’
Total installed cost $300 million $684 million $600 million
Remaining capital cost $0 $80 million $450 million% ownership 51%(²) 100% 100%
│8│(1) Expandable to 100 MMcf/d(2) Created an SPV by selling 49% ownership in the ATP Innovator to GE Financial Services for $150mm
ATP Innovator ‐ Gomez HubComplete & Producing
ATP Titan – Telemark Hub Complete
Octabuoy ‐ Cheviot HubUnder Construction
Gomez Hub (Deepwater Gulf of Mexico)MC 711 #9 and #10 well to spud 4Q10‐1Q11
Canyon Express Hub (Deepwater Gulf of Mexico)MC 305 #3ST on location
Telemark Hub (Deepwater Gulf of Mexico)ATP Titan commissionedAT63# 3MC 941 #3MC 941 #4MC 942 #2
Tors (North Sea)Kilmar 43/22A‐3 well encountered targeted reservoirRig will then move to drill Garrow 42/25A‐G2
│9│
2010 Development Update
($ in millions)
ATP's portion $423of capex (cash capex)
Vendors' portion of 149capex (non‐cash capex)
Total capex $572
2010E Capital Expenditures
│10│(1) Cash capex excluding vendor participation.
2010E Capex breakdown
Our Telemark Hub
0
10
20
30
40
50
60
70
80
Dec '09 Dec '10 Dec '11 Dec '12
ATP Production Growth Profile (MBoe/d)
Capex Spend Profile ($ millions)
Telemark Hub Project StatusCompleted ‐ $1,200 million
Remaining 2010 capex ‐ $317 million
ATP does not anticipate any impact on the timing of it’s development plan from the moratorium on drilling permits
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Average 2009 production – 16.1 MBoe/d
(1) As of 12/31/09
(1)
Base Production Telemark Hub Cheviot Hub
What’s next for ATP?
[12]
North Sea
Skipper
Tors Expansion
Cheviot Hub
25th Licensing Round
North Sea
Skipper
Tors Expansion
Cheviot Hub
25th Licensing Round
Gulf of Mexico
Telemark Expansion
Clipper
Green Canyon 37
Gomez expansion
Canyon Express
Gulf of Mexico
Telemark Expansion
Clipper
Green Canyon 37
Gomez expansion
Canyon Express
$0
$1,500
$3,000
$4,500
$6,000
$7,500
$9,000
Sensitivity Case ($70 oil / $5 gas) Current Strip
$1,000 $1,000
$2,700
$4,000
$1,700
$2,400
Probable PV‐10 Proved PV‐10 Infrastructure
($ in millions)
Net Debt = $1,238
$7,400
$5,400
(2)
Equity Upside = $5,299
Equity Upside = $3,299
Substantial Equity Upside
│13│(1) Enterprise value equals net debt + market capitalization onMay 13, 2010. (2) See “Price Decks” in Appendix for more detail.
Enterprise Value(1) = $2,101
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Summary
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ATP Oil & Gas Corporation4600 Post Oak Place, Suite 200Houston, TX 77027‐9726713‐622‐3311
ATP Oil & Gas (UK) LimitedVictoria House, London Square, Cross LanesGuildford, Surrey GU1 1UJ United Kingdom44 (0) 1483 307200
ATP Oil & Gas (Netherlands) B.V. Water‐Staete GebouwDokweg 31 (B)1976 CA IJmuidenThe Netherlands 31 (0) 255 523377
www.atpog.com
ATP Oil & Gas Corporation NASDAQ: ATPG
Octabuoy
ATP Innovator
ATP Titan
│15│
Price deck
NYMEX UK Gas
Crude ($/Bbl)
Natural gas ($/MMbtu)
Natural gas ($/MMbtu)
2009 SEC $61.18 $3.87 $4.95
2010 $81.94 $5.79 $5.87
2011 $85.81 $6.34 $7.79
2012 & beyond $87.83 $6.53 $8.66
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