ATP Announces Record Earnings

ATP Oil & Gas Corporation announced first quarter 2008 results which include record production, record revenues and record earnings.

Oil and gas production increased 36% to 3.6 MMBoe (21.6 Bcfe) for the first quarter of 2008, compared to 2.6 MMBoe (15.9 Bcfe) for the first quarter of 2007. Oil production was 1.6 MMBbls and natural gas production was 11.8 Bcf for the first quarter of 2008, compared to 1.0 MMBbls and 9.8 Bcfe for the first quarter of 2007.

Revenue from oil and gas production totaled $226.0 million for the first quarter of 2008, compared to $144.7 million for the first quarter of 2007. Revenue from oil and condensate sales was $119.9 million and revenue from and natural gas sales was $106.1 million for the first quarter of 2008. Revenue from oil and condensate sales was $54.7 million and revenue from natural gas sales was $89.9 million for the first quarter of 2007.

ATP recorded net income of $46.8 million or $1.31 per basic and $1.29 per diluted share for the first quarter of 2008, compared to $27.4 million or $0.92 per basic and $0.89 per diluted share for the first quarter of 2007.

Net income for the first quarter of 2008 was impacted by one item research analysts typically exclude from their published estimates, a loss on abandonment of $0.4 million. Accordingly, net income before this item, a non-GAAP measure, in the first quarter of 2008 was $47.2 million or $1.32 per basic and $1.30 per diluted share. For the same metric in the first quarter of 2007, ATP recorded $27.5 million or $0.92 per basic and $0.90 per diluted share. A non-GAAP reconciliation is provided near the end of this press release.

ATP's selected operating statistics and financial information, included within this press release, contain additional information on the company's activities for the first quarter of 2008 and the comparable period of 2007.

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Brent Crude Oil : $50.97/BBL 1.53%
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