Atlas Resource Partners (ARP) is a publicly-traded exploration and production master limited partnership (“MLP”) with operations in basins across the United States, including the Marcellus and Utica Shale plays. ARP is a subsidiary of Atlas Energy Partners (AEP), which owns 100% of the general partner interest, all the incentive distribution rights and an approximately 23% of the limited partner interest in ARP. Essentially ARP is a big division of AEP. Atlas, as we’ve pointed out in the past, has sold most of its Marcellus assets in two huge deals: a $4.3 billion deal with Chevron in 2011 and in a $7.7 billion deal with Targa Resources in 2014. Atlas operates mostly conventional (some unconventional) oil and gas wells in a number of states: New York, Pennsylvania, Ohio, West Virginia, Virginia, Tennessee, Indiana, Alabama, Colorado, Oklahoma, Texas and New Mexico. In February MDN broke the news that Atlas had laid off 150 employees (see Atlas Energy Issues 2015 Update + More Details on Company Layoffs). In March, we reported that AEP had lost its listing on the New York Stock Exchange and began trading on the Pink Sheets as a penny stock (see Atlas Energy “Penny Stocks” Begin Trading Today on OTCQX). ARP is following suit. Last week ARP reported the NYSE is in the processing of de-listing ARP’s units (the MLP equivalent of stocks). In addition to that news, we have some analysis below from a Seeking Alpha writer that ARP is heading for Chapter 11 bankruptcy…
Atlas Resource Partners (ARP) is a publicly-traded exploration and production master limited partnership (“MLP”) with operations in basins across the United States, including the Marcellus and Utica Shale plays. ARP is a subsidiary of Atlas Energy Partners (AEP), which owns 100% of the general partner interest, all the incentive distribution rights and an approximately 23% of the limited partner interest in ARP. Essentially ARP is a big division of AEP. Atlas, as we’ve pointed out in the past, has sold most of its Marcellus assets in two huge deals: a $4.3 billion deal with Chevron in 2011 and in a $7.7 billion deal with Targa Resources in 2014. Atlas operates mostly conventional (some unconventional) oil and gas wells in a number of states: New York, Pennsylvania, Ohio, West Virginia, Virginia, Tennessee, Indiana, Alabama, Colorado, Oklahoma, Texas and New Mexico. In February MDN broke the news that Atlas had laid off 150 employees (see 