Natural gas and oil producer Atlas Energy Inc. (ATLS) Friday reported a loss for the third quarter of 2009, compared with a profit last year, hurt by charges and one-time items. On a non-GAAP basis, the company's earnings were down year-over-year, hurt by lower commodity prices. Looking forward, the company backed its production outlook for fiscal 2009 and 2010.
The company's third-quarter net loss attributable to common shareholders was $0.71 million or $0.02 per share, compared with a profit of $24.10 million or $0.57 per share in the year-ago quarter. Net loss for the quarter was $9.89 million in comparison with a profit of $218.16 million last year. The results included the impact of the consolidation of Atlas Pipeline Partners, L.P. and Atlas Pipeline Holdings, L.P. and other items
The company also reported adjusted net income of $3.76 million or $0.09 per share, down from $9.86 million or $0.23 per share in the same quarter of fiscal 2008.
On average, 3 analysts polled by Thomson Reuters expected earnings of $0.22 per share for the quarter. Analysts' estimate typically excludes one-time items.
The company's total revenue reached $367.18 million, sharply lower than last year's $771 million.
The company stated that in the third quarter, its natural gas and oil production in Appalachia was 41.3 million cubic feet equivalents, or Mmcfe, per day, up 16% from 35.7 Mmcfe per day in the previous year. The increase was mainly due to Atlas Energy's expanding drilling programs and increased production from the Marcellus Shale.
Michigan segment natural gas production declined to 58.6 Mmcfe per day from 60.5 Mmcfe per day a year ago.
Average gas sales prices were $7.29 per Mcf in the quarter, compared with $9.26 per Mcf a year ago. Average oil sales prices declined to $75.03 per Bbl from $101.34 per Bbl in the prior-year quarter.
For the nine-month period, Atlas Energy posted net income attributable to common shareholders of $13.297 million or $0.33 per share, down from $22.75 million or $0.54 per share a year ago. Total revenue declined to $1.15 billion from $1.58 billion in the previous year.
Looking ahead, the company expects to generate adjusted EBITDA of $68 million to $72 million in the fourth quarter of 2009, driven by the currently realized and continued expected increase in direct investment funds, and higher anticipated production volumes and realized natural gas prices compared to the third quarter.
The company also reaffirmed its 2009 total production guidance of 37 to 37.5 billion cubic feet equivalents, or Bcfe, up about 7% from 2008, and 2010 total production outlook of 45 and 50 Bcfe, up 28% at the midpoint compared to estimated 2009 production.
Additionally, the company said that it projects to exit 2009 with over 50 million cubic feet per day of net production in Appalachia and expects this figure to more than double by the end of 2010, driven by increasing Marcellus Shale production.
ATLS closed Thursday's trading at $29.32, up $0.15, on a volume of 1.15 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.