Atlas Resource 3Q13: Production Up, Losses (Way) Up Too
Atlas Resource Partners is a Pittsburgh-based exploration and production (E&P) company with active drilling operations not only in the Marcellus/Utica region but another four resource plays as well. Production for the company has gone up–way up–in 3Q13 thanks to newly acquired acreage and operations, but also due to more wells going online in the Marcellus/Utica. However, the company’s financials continue to be troubled. They show a net loss of $39.7 million for 3Q13–which is almost 4x the loss for the same period last year.
Revenue was up for Atlas in 3Q13 (that’s a good thing), but costs and expenses rose even more (that’s a bad thing). Selected portions of the Atlas 3Q13 update: