ATP Oil & Gas Corp. (ATPG: Quote) posted a fourth-quarter net loss attributable to common shareholders of $28.5 million or $0.56 per share compared to a net loss of $206.6 million or $4.06 per basic and diluted share in fourth quarter 2010.
For fourth quarter 2011, those items included an impairment expense of $11.9 million, a gain on exchange/disposal of properties of $26.0 million and unrealized losses of $41.6 million on derivatives contracts. For fourth quarter 2010, the items included an impairment of $48.2 million, an expense of $14.9 million related to direct costs associated with the moratorium on deepwater drilling in the Gulf of Mexico, an unrealized loss on derivatives contracts of $34.1 million and the establishment of a valuation reserve for ATP's deferred tax assets of $94.8 million.
Revenues were $177.7 million in fourth quarter 2011 compared to $141.7 million in fourth quarter 2010. Increased revenues were attributable to higher oil prices and a $3.1 million benefit for royalty relief related to 2010 production.
Production for first quarter 2012 is expected to fall within the range of 1.8 - 2.1 MMBoe.
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by RTT Staff Writer
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