ARP
Atlas Resource Partners, L.P.NYSE
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  • Mon, Aug. 29, 12:19 PM
    • Atlas Resource Partners (NYSE:ARP) receives bankruptcy court approval of its prepackaged restructuring, and expects to emerge as Titan Energy on Sept. 1.
    • The prepackaged plan was approved by 100% of lenders in ARP's revolving credit facility and by all of its lenders in a second lien credit facility.
    | Mon, Aug. 29, 12:19 PM | 18 Comments
  • Thu, Jul. 28, 7:40 AM
    • Atlas Resource Partners (NYSE:ARP) files for Chapter 11 bankruptcy after negotiating a plan to cut ~$900M in debt off its books.
    • ARP’s proposed restructuring plan is a debt-for-equity swap with senior bondholders, 80% of which have formally signed on to the deal.
    • Under the plan, ARP unitholders will receive no recovery and their ownership stakes will be canceled; also, as unitholders in a partnership rather than shareholders in a corporation, the investors could face a tax bill for the debt that ARP cancels in Chapter 11.
    | Thu, Jul. 28, 7:40 AM | 3 Comments
  • Mon, Jul. 25, 3:38 PM
    • Atlas Resource Partners (ARP -68.2%) says it has entered into a restructuring support agreement and expects to file for Chapter 11 bankruptcy on Wednesday.
    • ARP says it reached the RSA with all of its revolving credit facility lenders, all of its second-lien lenders and ~80% of its senior noteholders.
    • ARP says the agreement would immediately reduce its debt by $900M and interest expense by $80M/year.
    • ARP plans to emerge from the restructuring as a publicly traded company called Titan Energy.
    | Mon, Jul. 25, 3:38 PM | 32 Comments
  • Tue, Jul. 12, 5:15 PM
    • The NYSE says it is delisting Atlas Resource Partners (NYSE:ARP), effective immediately; shares are halted.
    • The Exchange cites the company's failure to cure its non-compliance with the continued listing standard requiring listed companies to maintain an average closing price of at least $1 over a consecutive 30 trading day period.
    • Citi's Faisel Khan warned last week that ARP was "running out of options" and could be forced into bankruptcy.
    | Tue, Jul. 12, 5:15 PM | 38 Comments
  • Wed, Jul. 6, 12:29 PM
    • Energy MLPs had one of the strongest quarters ever in Q2, with the Alerian MLP Infrastructure Index surging 18.1% in a major recovery since the losses seen early in the year, and the index is now up 8% YTD.
    • DA Davidson’s Poe Fratt sees tempered MLP growth “on full display,” and remains positive on crude oil prices through 2017 despite recent weakness, believing that non-OPEC production finally is declining and lower capex has set the stage for better supply demand.
    • Fratt’s best current ideas include Enterprise Products Partners (NYSE:EPD), Genesis Energy (NYSE:GEL), Magellan Midstream Partners (NYSE:MMP), and Spectra Energy Partners (NYSE:SEP), all of which he rates Buy.
    • But Citi's Faisel Khan says investors should stay cautious given that the group faces tight liquidity and stretched balance sheets; he considers Legacy Reserves (NASDAQ:LGCY), Vanguard Natural Resources (NASDAQ:VNR) and EV Energy Partners (NASDAQ:EVEP) among the higher risk names, and that Atlas Resources Partners (NYSE:ARP) is "running out of options" and could be forced into bankruptcy.
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    | Wed, Jul. 6, 12:29 PM | 15 Comments
  • Mon, May 16, 10:40 PM
    • Atlas Resource Partners (NYSE:ARP): Q1 EPS of $0.09 may not be comparable to consensus of -$0.09.
    • Revenue of $103.21M (-57.6% Y/Y) misses by $23.21M.
    | Mon, May 16, 10:40 PM | 121 Comments
  • Thu, May 5, 6:45 PM
    | Thu, May 5, 6:45 PM | 87 Comments
  • Tue, Mar. 29, 5:50 PM
    • Atlas Resource Partners (NYSE:ARP) declares $0.0125/share monthly dividend, in line with previous.
    • Forward yield 22.06%
    • Payable April 14; for shareholders of record April 8; ex-div April 6.
    | Tue, Mar. 29, 5:50 PM | 16 Comments
  • Mon, Mar. 21, 3:16 PM
    • Upstream MLPs likely will continue to face “an extremely challenging 2016" with low liquidity and high levels of debt, CIti analyst Faisel Khan says, expecting the group to exit Q1 with an average of ~80% drawn on their bank credit facilities.
    • Khan downgrades Atlas Resource Partners (ARP -5.9%) to Sell from Neutral with a $0.25 price target, slashed from $3, saying ARP seems to be “running out of options to address leverage and liquidity concerns” and likely will be forced to file for Chapter 11 “either after the next round of borrowing base redetermination or post a potential breach of its debt covenants early next year."
    • Cut to Neutral from Buy are EV Energy (EVEP -6.8%), which Faisel says has sufficient liquidity to survive the next round of borrowing base redetermination and has a strong sponsor that may come to its rescue but sees a potential breach of debt covenants next year, and Memorial Production Partners (MEMP -9%), which is drawn more than 70% on its credit facility and a potential borrowing base cut could "wipe out the entire liquidity."
    | Mon, Mar. 21, 3:16 PM | 30 Comments
  • Tue, Mar. 8, 9:17 AM
    | Tue, Mar. 8, 9:17 AM | 3 Comments
  • Mon, Feb. 29, 3:57 PM
    • Atlas Resource Partners (ARP -5.1%) is downgraded to Sell from Hold with a $0.50 price target at Stifel, which views the challenges mounting for ARP to continue to survive in the current environment.
    • Stifel sees three main difficulties ARP must battle: production declines from its asset base with a minimal capex budget, significantly lower margins from its drilling partnership program in FY 2016, and the risk of triggering amended credit facility in H2 2016.
    | Mon, Feb. 29, 3:57 PM | 36 Comments
  • Thu, Feb. 25, 11:10 PM
    • Atlas Resource Partners (NYSE:ARP): Q4 EPS of -$2.81 may not be comparable to consensus of $0.04.
    • Revenue of $142.42M (-26.9% Y/Y) misses by $26.99M.
    | Thu, Feb. 25, 11:10 PM | 13 Comments
  • Wed, Feb. 24, 6:50 PM
    • Atlas Resource Partners (NYSE:ARP) declares $0.0125/share monthly dividend, in line with previous.
    • Forward yield 21.25%
    • Payable March 16; for shareholders of record March 9; ex-div March 7.
    | Wed, Feb. 24, 6:50 PM | 15 Comments
  • Thu, Feb. 18, 11:48 AM
    • Wells Fargo cuts its rating on all upstream MLPs in its coverage to Underperform, the firm's equivalent to a Sell rating, and downgrades its sector rating to Underweight, citing the MLPs' high default risk and its belief that many "could have zero equity value" when their hedges expire over the next 1-2 years.
    • The upstream MLP's could have "very high" debt-to-EBITDA ratios over the next 12-24 months, and all could default on their debt payments during that time frame, according to Wells analyst Praneeth Satish.
    • Satish says Mid-Con Energy (MCEP -1.9%), Linn Energy (LINE -14.9%) and Atlas Resource Partners (ARP -2.6%) have the greatest risk of default in the near-term, while Breitburn Energy (BBEP +2.4%), EV Energy (EVEP -6.9%), Legacy Reserves (LGCY -7.9%), Memorial Production Partners (MEMP -6.4%), LINE and MCEP have the greatest risk of default in the medium term.
    • The analyst cuts his rating on all the above companies, plus LinnCo (LNCO -10.7%), to Underperform from Market Perform.
    | Thu, Feb. 18, 11:48 AM | 76 Comments
  • Wed, Jan. 13, 7:05 PM
    • Atlas Energy (NYSE:ATLS) and Atlas Resource Partners (NYSE:ARP) say they received notice from the NYSE that each had fallen below the NYSE's continued listing standards relating to a $1 minimum average closing price over a consecutive 30-day trading period.
    • ARP -7.9% AH.
    | Wed, Jan. 13, 7:05 PM | 21 Comments
  • Dec. 28, 2015, 12:40 PM
    | Dec. 28, 2015, 12:40 PM | 4 Comments