http://www.morningstar.com/earnings/16867029--q2-2010.aspx

 
Q2 2010 Earnings Call Transcript

Transcript Call Date 08/04/2010

Operator: Good day, ladies and gentlemen, and welcome to the Second Quarter 2010 Atlas Energy Incorporated Earnings Conference Call. My name is Tahisha and I will be your operator for today. At this time, all lines are in listen-only mode. Later, we will conduct a question-and-answer session. (Operator Instructions). Also, as a reminder, this conference is being recorded for replay purposes.

I would now like to turn the conference over to Mr. Brian Begley, Head of Investor Relations. Please proceed.

Brian Begley - VP, IR: Good morning, everyone, and thank you for joining us for today's call. As we get started, I'd like to remind everyone that during this conference call we'll make certain forward-looking statements, and in this context, forward-looking statements often address our expected future business and financial performance and financial condition and often contains words such as expects, anticipates and similar words and phrases.

Forward-looking statements, by their nature, address matters that are uncertain and are subject to certain risks and uncertainties which could cause actual results to differ materially from those projected in the forward-looking statements. We discuss these risks in our second quarter Form 10-Q, which will be filed tomorrow, and our annual report also on Form 10-K, particularly in Item 1.

Also, I would like to caution you not to place undue reliance on these forward-looking statements, which reflect management's analysis only as the date hereof. The Company undertakes no obligations to publicly update our forward-looking statements or to publicly release the results of any revisions to forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

As we introduced several periods ago, we have provided several additional financial disclosures incorporated in our earnings release in order to segregate our E&P operations from our consolidated GAAP financial statements. These consolidated income statements and balance sheets provide for all applicable periods separate Atlas Energy's core E&P operations from the financial results of Atlas Pipeline whose results are required to be consolidated under GAAP in Atlas Energy's results due to our controlling interest in Atlas Pipeline.

Lastly, we also provide a reconciliation from net income to adjusted net income, adjusted EBITDA and discretionary CapEx flow for our E&P operations as we believe that these non-GAAP measures offer the best means of evaluating the results of our business.

With that, I would like to turn the call over to our Chairman and Chief Executive Officer, Ed Cohen, for his remarks.

Edward E. Cohen - Chairman and CEO: Thanks, Brian, and hello, everyone. First of all, let me start with the focus – some might say the obsession of our Company – our horizontal Marcellus where our results continue to be excellent.

Since our last detailed report covering wells completed through June 30, 2010, we've turned into line two additional Greene County wells with peak 24-hour rates of approximately 5.5 million cubic feet equivalent per day and 4.1, respectively. Both of these wells, I'm glad to say, are 100% owned by Atlas Energy.

Read our Earnings Call Transcript disclaimer.
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