Post on 16-Jan-2016
description
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ATP Oil & Gas Corporation
NASDAQ: ATPG
ATPOil & Gas
Corporation
ATP Oil & Gas
Friedland Capital’s
Oil, Gas, and Energy Luncheon
London
January 16, 2003
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Forward-looking Statement
This presentation contains projections and other forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the Company’s current view with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company documents filed with the Securities and Exchange Commission.
This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, or the solicitation of a proxy or an attempt to influence any voting of securities, by any person.
ATPOil & Gas
Corporation
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Company Overview
Development and production company
Offshore solution
provider for exploration
oriented majors and
independents
Unique, repeatable strategy
ATPOil & Gas
Corporation
SMI 189/190
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Our D&P Strategy Works ATPOil & Gas
Corporation
For the Sellers
Eliminates future capital risk
Allows them to recover some sunk
costs
Diverts capital to other core projects
For ATP
Eliminates exploration risk
Reduces acquisition &
development costs
Shortens duration of risked capital
Area of Operations
Over 50 blocks in Gulf of Mexico7 blocks in North Sea
ATPOil & Gas
Corporation
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Company Profile
3-year reserve replacement: 374%
3-year F&D costs:$0.96/Mcfe
ATPOil & Gas
Corporation
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Company History ATPOil & Gas
Corporation
1995 2002200219971991
ATP incorporated on August 8th
ATP completes its first sub-sea development
ATP acquires all Statoil’s properties
on the Outer-Continental Shelf
ATP is one of the first companies to utilize horizontal drilling offshore
1998
ATP acquires additional UKCS
Blocks and begins first North Sea development
ATP was founded in 1991 and completed an initial public offering in February 2001
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ATPOil & Gas
Corporation
History of Producing ResultsProduction and Reserve Growth
PRODUCTION CAGR
95%
37%3-year ('98-'01)
5-year ('96-'01)
RESERVES CAGR
43%
67%3-year ('98-'01)
5-year ('96-'01)
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History of Producing ResultsCash flow and Revenue Growth
ATPOil & Gas
Corporation
REVENUE CAGR
97%
63%3-year ('98-'01)
5-year ('96-'01)
CASH FLOW CAGR
89%
91%3-year ('98-'01)
5-year ('96-'01)
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Focus in 2002 ATPOil & Gas
Corporation
Increasing financial flexibility Reduced bank debt $14 million in 2002 Increased working capital $30 million in 2002 Overall capital liquidity improvement $44 million
Meeting operating goals Beat first, second, and third quarter production
guidance in 2002 Expect to achieve full year 2002 production guidance,
despite curtailed production associated with Hurricanes
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Operating Performance ATPOil & Gas
Corporation
Gross Margin and EBITDA Margin
85%82% 82%
65%62%
67%
2000 2001 2002 (thru - 9/30/02)
Gross Margin EBITDA Margin
Gross Margin = (Net Realized Oil & Gas Revenue - LOE) / (Net Realized Oil & Gas Revenue)EBITDA Margin = (Company-w ide Net Revenue - LOE - Transportation - G&A - Other Cash Expenses) / (Company-w ide Net Revenue)
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Financial Metrics ATPOil & Gas
Corporation
Bank & Subordinated Debt/Proven Reserves(1)
$0.40 / Mcfe
LTM EBITDA / Interest Expense(1)
6.6x
Bank & Subordinated Debt / LTM EBITDA(1)
1.5x
YTD 3Q02 Discretionary Cash Flow / Mcfe(1)
$1.96/Mcfe
(1) At September 30, 2002
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Recent Developments ATPOil & Gas
Corporation
• 3Q02 ActivityRecompletion of EC 240, SM 7 and WC 462
• Production to contribute in 4Q02
• 4Q02 Development of 5 projectsWC 1014 recompletions and stimulations
• Production to contribute in 1Q03
• 1Q03 Development WC 284 and EI 71
Current Developments ATPOil & Gas
Corporation
WC 101 WC 284 EI 71
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Future Developments (2003 – 2005)
Future developments
100% of development projects are ATP operated
ATPOil & Gas
Corporation
North Sea Developments ATPOil & Gas
Corporation
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UK Southern Gas Basin ATPOil & Gas
Corporation
The Tors
Helvellyn
Venture
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HelvellynATPOil & Gas
Corporation
Water Depth: 90’
Working Interest: 50%
Net Revenue Interest: 50%
Platform/Wells: One subsea well, tied back to Amethyst Field
First Production: First Half 2003
Producing Sands: Rotliegend and Carboniferous
Total gas column: 200 meters
Discovery well drilled: 47/10-1 in 1985Tested at 29.4 MMcfpd by BP
Development well: 47/10-7 drilled 4Q02; 1800’ of horizontal Rotliegend and Carboniferous penetration Tested January 2003 at 60 MMcfpd by ATP
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Helvellyn Field ATPOil & Gas
Corporation
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Helvellyn DevelopmentWellhead Protection Structure
ATPOil & Gas
Corporation
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Helvellyn Field ATPOil & Gas
Corporation
Tested January 2003 at 60 MMcfpd by ATP
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VentureATPOil & Gas
Corporation
Working Interest: 50%
Net Revenue Interest: 50%
Platform/Wells: Subsea/unmanned platform
First Production:2004
Producing Sands: Rotliegend
Two wells drilled: 49/12-6 tested 15 & 20 MMcfpd from 2 zones
49/12-8 tested 27 & 47 MMcfpd from 2 zones
Total gas column: In excess of 120 meters
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Venture ATPOil & Gas
Corporation
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The Tors ATPOil & Gas
Corporation
Garrow Kilmar
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The Tors – Garrow and KilmarATPOil & Gas
Corporation
Working Interest: 75%
Net Revenue Interest: 75%
Platform/Wells: Kilmar platform, Garrow subsea
First Production:2005
Producing Sands: Rotliegend and Carboniferous
Wells drilled: 43/22-1 (Kilmar) Tested 12.5 MMcfpd43/22-2 (Kilmar) Tested 33 MMcfpd43/21-2 (Garrow) Tested 19 MMcfpd
Total gas column: Kilmar >150mGarrow – 80m
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The Tors 1 - Garrow ATPOil & Gas
Corporation
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The Tors 2 - Kilmar ATPOil & Gas
Corporation
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SummaryATPOil & Gas
Corporation
“D&P” strategy produces strong operational and financial results, while reducing risk
Successful operator in two core areas• Gulf of Mexico• U.K. Southern Gas Basin
Robust U.S. and U.K. development inventory
Rapid growth since inception in 1991
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ATP Oil & Gas Corporation ATPOil & Gas
Corporation
NASDAQ: ATPG
ATP Oil & Gas Corporation4600 Post Oak Place,
Suite 200Houston, TX 77027-9726
713-622-3311
ATP Oil & Gas (UK) LimitedVictoria House, London Square, Cross
LanesGuildford, Surrey GU1 1UJ
United Kingdom44 (0) 1483 307200
www.atpog.com