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Tue, Aug. 5, 9:58 AM
- Atlas Pipeline Partners (APL -1.6%) opens lower even as Q2 earnings rise nearly sixfold Y/Y, mainly due to a $48.5M gain recognized on the sale of its subsidiaries that held a 20% interest in West Texas LPG Pipeline Limited Partnership.
- Adjusted EBITDA for Q2 was $92.9M, up 8% Y/Y.
- Q2 processed gas volumes of ~1.5B cf/day was an all-time APL record.
- Expanded company-wide processing capacity by 21% with the addition of Stonewall and Silver Oak II plants to serve increasing producer activities.
- Gross margin from operations was $136.8M vs. $108.7M for the prior-year period, a result of increasing producer activity in APL's areas of operations and the start-up of the Stonewall plant in May.
Mon, Aug. 4, 11:55 PM
Sun, Aug. 3, 5:35 PM
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Wed, Jul. 2, 3:53 PM
- Atlas Energy (ATLS +2.1%) is initiated with an Outperform rating and $55 price target at RBC, which believes ATLS can maintain a top-tier distribution growth over the next few years even if underlying MLP distribution growth is below expectations due to IDRs in the deep splits and significant future equity needs at both.
- Also, RBC starts the Atlas Pipeline (APL -0.1%) MLP at Sector Perform with a $36 target, seeing low-to-mid single-digit distribution growth through the next several years due to expected strong volume growth on its systems but offset by equity capital needs and a future preferred equity conversion, factors which likely will keep a lid on distribution growth through the forecast period.
Tue, May. 6, 12:36 AM| Comment!
Mon, May. 5, 4:43 PM
- Martin Midstream Partners (MMLP) agrees to acquire Atlas Pipeline (APL) subsidiaries that own a 20% stake in West Texas LPG Limited Partnership for $135M; Chevron (CVX) will continue to own the remaining 80%.
- West Texas LPG owns a 2,300-mile pipeline system originating in the Permian Basin continuing across north and east Texas with delivery to Mont Belvieu, Tex., for fractionation, with long-haul capacity of 240K bbl/day and volumes that have been at or near capacity since 2011.
- MMLP will fund the deal through a public offering of 3.6M common units.
Sun, May. 4, 5:35 PM
- AEIS, AIG, APC, APL, ARE, AXLL, BDE, BNFT, CATM, CFN, CKEC, CKP, CRK, DATA, ECOL, ECOM, EGOV, ELNK, ENH, EOG, EOX, FLDM, FN, G, HCLP, HGR, HI, IDTI, ININ, KAR, LF, MCEP, MED, MR, NLS, OAS, OTTR, PIKE, PRI, PSMI, QLYS, RBC, RGR, ROSE, RWT, SALE, SKH, SMG, SNHY, STAG, SZYM, THC, TXRH, UAM, VECO, VNO, VVUS, WG, YY, ZIPR.
Mon, Apr. 21, 1:13 PM
- Atlas Energy's (ATLS -6.6%) only material source of income is distributions from Atlas Pipeline Partners (APL -2.7%) and Atlas Resource Partners (ARP -5.4%), says Hedgeye's Kevin Kaiser, but the majority of APL's and ARP's distributable cash flow is a function of aggressive non-GAAP accounting.
- "In our view, ARP and APL’s distributions are funded with capital raises – not real profits – and that can only go on for so long." The downside is considerable, concludes Kaiser, for all three MLPs, particularly ATLS.
Tue, Mar. 11, 6:24 PM
- Atlas Pipeline Partners (APL) says it has retained Citigroup to begin a strategic review of its ownership interest in West Texas LPG Pipeline, which owns a 2,295-mile common carrier natural gas liquids pipeline operated by Chevron (CVX); APL owns a 20% interest.
- APL says potential proceeds in the event of a sale would be used to fund part of its growth opportunities in its core operating areas.
Wed, Feb. 26, 2:59 PM
- Atlas Pipeline Partners (APL +0.2%) is initiated with a Hold rating and $35 price target at Deutsche Bank as a “premier midstream MLP" with gathering and processing assets and pipelines in liquids-rich shale plays.
- The firm APL's solid earnings growth bolstered by its diversified well-positioned assets, sizable high-return expansion projects, and accretive acquisitions coupled with a strong hedging program and continued focus on de-risking the operations and financials support a 5%-7% distribution growth over the next few years.
- However, DB is cautious about APL's 60% of EBITDA exposed to commodities, an elevated leverage ratio and 11% cost of capital vs. the 8% sector average.
Wed, Feb. 19, 12:34 PM
- Atlas Pipeline Partners (APL -3%) falls for a second straight day following a disappointing Q4 earnings report, and Barclays today downgrades APL to Equal Weight from Overweight and cuts its price target to $35 from $41.
- Barclays notes that APL reduced its previous 2014 guidance by 13% and pushed it out by a year; upside or downside to forecasts will come mostly from realized volume performance, as a majority of APL's 2014 commodity price exposure is hedged, but the firm sees execution risk given a lack of signed contracts to support visibility.
- APL's Q4 operating expenses jumped 61% Y/Y, and gross margin fell to 20.6% from 22.6% in the prior-year quarter.
Tue, Feb. 18, 4:56 AM
Fri, Jan. 17, 2:32 PM
- Chevron (CVX +1.1%) is seeking to sell pipeline and storage operations in Texas and Louisiana that together may fetch more than $1B, Bloomberg reports.
- CVX is said to be working with Jefferies to sell the West Texas LPG Pipeline, a natural gas pipeline 20% owned by Atlas Pipeline Partners (APL -0.2%), and is seeking buyers for a gas storage facility in West Texas, a crude oil terminal close to the Gulf of Mexico, and at least one of its pipelines in Louisiana.
Nov. 4, 2013, 6:16 PM| Comment!
Oct. 17, 2013, 11:43 AM
- Atlas Energy (ATLS -7.5%) and Atlas Resource Partners (ARP -2.6%) are downgraded to Neutral from Outperform with respective target prices of $50 and $22 at Robert W. Baird, citing a substantially reduced return profile and a worsened outlook.
- ARP followed in the "ignominious steps" of its sister midstream partnership Atlas Pipeline Partners (APL +0.1%) with an H2 profit warning, the firm says, precipitating the downgrades. (earlier)
Oct. 15, 2013, 12:20 PM
- Atlas Pipeline (APL -4.5%) is downgraded to Neutral from Outperform with a $38 price target, down from $43, at Robert W. Baird after APL's lower, cloudier outlook.
- APL's negative Q3 pre-announcement underscores the growing effects of ethane rejection across APL's midstream footprint, the firm says; despite burgeoning volumes, the effects of weaker processing economics have become more pronounced in the current quarter.
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