ATP has planned reductions to its capital expenditure program in excess of $200 million for the remainder of 2008 and 2009. Because ATP operates 100% of its current developments it can accelerate or defer projects in accordance with market conditions.
T. Paul Bulmahn, Chairman and CEO of ATP, stated, "Based on the current economic and financial climate, we believe it is prudent to reduce our remaining capital expenditures for 2008 and 2009. We completed our most recent financing in June of this year, which provided us the strength and flexibility to withstand these volatile markets.
"ATP has completed its development plans at High Island A-589 and South Marsh Island 190, and both projects should be on production this quarter. Moreover, our development plans for Morgus and Mirage in the Gulf of Mexico and Wenlock in the North Sea are progressing on schedule, and those projects should add new production in 2009. Accordingly, we expect to grow production and cash flow in 2009.
"The reduction to our capital expenditure budgets will impact production in the latter part of 2010 and beyond. Additional information about our revised developments will be provided as the details of our reduced capital program are finalized and implemented."
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