ATLAS PIPELINE PARTNERS LP

CIK:0001092914|SEC Filings

Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenue:
Natural gas and liquids sales	$ 2,621,428us-gaap_SalesRevenueGoodsNet	$ 1,959,144us-gaap_SalesRevenueGoodsNet	$ 1,137,261us-gaap_SalesRevenueGoodsNet
Transportation, processing and other fees - third parties	200,787	164,874	66,287
Transportation, processing and other fees - affiliates	286us-gaap_RevenueFromRelatedParties	303us-gaap_RevenueFromRelatedParties	435us-gaap_RevenueFromRelatedParties
Derivative gain (loss), net	131,064	(28,764)	31,940
Other income, net	21,555us-gaap_OtherIncome	11,292us-gaap_OtherIncome	10,097us-gaap_OtherIncome
Total revenues	2,975,120us-gaap_Revenues	2,106,849us-gaap_Revenues	1,246,020us-gaap_Revenues
Costs and expenses:
Natural gas and liquids cost of sales	2,291,914us-gaap_NaturalGasMidstreamCosts	1,690,382us-gaap_NaturalGasMidstreamCosts	927,946us-gaap_NaturalGasMidstreamCosts
Operating expenses	113,606us-gaap_OperatingCostsAndExpenses	94,527us-gaap_OperatingCostsAndExpenses	62,098us-gaap_OperatingCostsAndExpenses
General and administrative	68,893	55,856	43,406
Compensation reimbursement - affiliates	5,050	5,000	3,800
Other expenses	6,073us-gaap_OtherExpenses	20,005us-gaap_OtherExpenses	15,069us-gaap_OtherExpenses
Depreciation and amortization	202,543us-gaap_DepreciationAndAmortization	168,617us-gaap_DepreciationAndAmortization	90,029us-gaap_DepreciationAndAmortization
Interest	93,147us-gaap_InterestExpense	89,637us-gaap_InterestExpense	41,760us-gaap_InterestExpense
Total costs and expenses	2,781,226us-gaap_CostsAndExpenses	2,124,024us-gaap_CostsAndExpenses	1,184,108us-gaap_CostsAndExpenses
Equity income (loss) in joint ventures	(14,007)	(4,736)	6,323
Gain (loss) on asset dispositions	47,381us-gaap_GainLossOnDispositionOfAssets1	(1,519)us-gaap_GainLossOnDispositionOfAssets1	0us-gaap_GainLossOnDispositionOfAssets1
Goodwill impairment loss	0us-gaap_GoodwillImpairmentLoss	(43,866)us-gaap_GoodwillImpairmentLoss	0us-gaap_GoodwillImpairmentLoss
Loss on early extinguishment of debt	0	(26,601)	0
Income (loss) before tax	227,268	(93,897)	68,235
Income tax (benefit) loss	(2,376)us-gaap_IncomeTaxExpenseBenefit	(2,260)us-gaap_IncomeTaxExpenseBenefit	176us-gaap_IncomeTaxExpenseBenefit
Net income (loss)	229,644us-gaap_ProfitLoss	(91,637)us-gaap_ProfitLoss	68,059us-gaap_ProfitLoss
Income attributable to non-controlling interests	(13,164)	(6,975)	(6,010)
Preferred unit imputed dividend effect	(45,513)	(29,485)	0
Preferred unit dividends in kind	(42,552)	(23,583)	0
Preferred unit dividends	(8,233)	0	0
Net income (loss) attributable to common limited partners and the General Partner	120,182us-gaap_NetIncomeLoss	(151,680)us-gaap_NetIncomeLoss	62,049us-gaap_NetIncomeLoss
Allocation of net income (loss) attributable to:
Common limited partner interest	93,684	(165,923)	52,391
General Partner interest	26,498	14,243	9,658
Net income (loss) attributable to common limited partners and the General Partner	$ 120,182us-gaap_NetIncomeLoss	$ (151,680)us-gaap_NetIncomeLoss	$ 62,049us-gaap_NetIncomeLoss
Net income (loss) attributable to common limited partners per unit:
Basic	$ 0.95	$ (2.23)	$ 0.95
Weighted average common limited partner units (basic)	82,257	74,364	54,326
Diluted:
Diluted	$ 0.95	$ (2.23)	$ 0.95
Weighted average common limited partner units (diluted)	98,384	74,364	55,138

Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 229,644us-gaap_ProfitLoss	$ (91,637)us-gaap_ProfitLoss	$ 68,059us-gaap_ProfitLoss
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	202,543us-gaap_DepreciationAndAmortization	168,617us-gaap_DepreciationAndAmortization	90,029us-gaap_DepreciationAndAmortization
Loss on goodwill impairment	0us-gaap_GoodwillImpairmentLoss	43,866us-gaap_GoodwillImpairmentLoss	0us-gaap_GoodwillImpairmentLoss
Equity loss (income) in joint ventures	14,007	4,736	(6,323)
Distributions received from equity method joint ventures	5,264	7,400	7,200
Non-cash compensation expense	25,116us-gaap_ShareBasedCompensation	19,344us-gaap_ShareBasedCompensation	11,635us-gaap_ShareBasedCompensation
Amortization of deferred finance costs	7,082us-gaap_AmortizationOfFinancingCosts	6,965us-gaap_AmortizationOfFinancingCosts	4,672us-gaap_AmortizationOfFinancingCosts
Loss on early extinguishment of debt	0	26,601	0
Loss (gain) on asset dispositions	(47,381)us-gaap_GainLossOnDispositionOfAssets1	1,519us-gaap_GainLossOnDispositionOfAssets1	0us-gaap_GainLossOnDispositionOfAssets1
Income tax expense (benefit)	(2,376)us-gaap_DeferredIncomeTaxExpenseBenefit	(2,260)us-gaap_DeferredIncomeTaxExpenseBenefit	176us-gaap_DeferredIncomeTaxExpenseBenefit
Change in operating assets and liabilities, net of business combinations
Accounts receivable, prepaid expenses and other	(22,334)	(73,307)	(31,417)
Accounts payable and accrued liabilities	13,963	61,449	37,952
Accounts payable and accounts receivable - affiliates	1,526	(2,588)	2,825
Derivative accounts payable and receivable	(134,525)	40,139	(10,170)
Net cash provided by operating activities	292,529	210,844	174,638
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(647,747)us-gaap_PaymentsForCapitalImprovements	(450,560)us-gaap_PaymentsForCapitalImprovements	(373,533)us-gaap_PaymentsForCapitalImprovements
Cash paid for business combinations, net of cash received	0	(975,887)	(633,610)
Net proceeds from asset disposition	130,966	0	0
Capital contributions to joint ventures	(8,061)	(13,366)	0
Other	503	(3,270)	502
Net cash used in investing activities	(524,339)	(1,443,083)	(1,006,641)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facility	1,271,000	1,267,000	1,170,500
Repayments under credit facility	(1,038,000)	(1,408,000)	(1,019,500)
Net proceeds from issuance of long term debt	0	1,028,092	495,374
Repayment of long-term debt	0us-gaap_RepaymentsOfLongTermDebt	(365,822)us-gaap_RepaymentsOfLongTermDebt	0us-gaap_RepaymentsOfLongTermDebt
Payment of premium on retirement of debt	0	(25,581)	0
Payment of deferred financing costs	(3,323)us-gaap_PaymentsOfDebtIssuanceCosts	(929)us-gaap_PaymentsOfDebtIssuanceCosts	(4,542)us-gaap_PaymentsOfDebtIssuanceCosts
Payment for aquisition-based contingent consideration	0us-gaap_RepaymentsOfOtherDebt	(6,000)us-gaap_RepaymentsOfOtherDebt	0us-gaap_RepaymentsOfOtherDebt
Principal payments on capital lease	(525)	(10,750)	(2,523)
Net proceeds from issuance of common and preferred limited partner units	243,841	923,944	321,491
Purchase and retirement of treasury units	(2,210)	0	(695)
General Partner capital contributions	2,523	19,359	6,865
Contributions from non-controlling interest holders	11,720	17,021	182
Distributions to non-controlling interest holders	(5,882)	(1,432)	0
Distributions paid to common limited partners, preferred limited partners and the General Partner	(243,470)	(202,366)	(131,101)
Other	(675)	(781)	(818)
Net cash provided by financing activities	234,999	1,233,755	835,233
Net change in cash and cash equivalents	3,189	1,516	3,230
Cash and cash equivalents, beginning of period	4,914	3,398	168
Cash and cash equivalents, end of period	$ 8,103	$ 4,914	$ 3,398

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 8,103	$ 4,914
Accounts receivable	240,576us-gaap_AccountsReceivableNetCurrent	219,297us-gaap_AccountsReceivableNetCurrent
Current portion of derivative assets	88,007us-gaap_DerivativeAssetsCurrent	174us-gaap_DerivativeAssetsCurrent
Prepaid expenses and other	17,368	17,393
Total current assets	354,054us-gaap_AssetsCurrent	241,778us-gaap_AssetsCurrent
Property, plant and equipment, net	3,249,973us-gaap_PropertyPlantAndEquipmentNet	2,724,192us-gaap_PropertyPlantAndEquipmentNet
Goodwill	365,763us-gaap_Goodwill	368,572us-gaap_Goodwill
Intangible assets, net	596,261us-gaap_FiniteLivedIntangibleAssetsNet	696,271us-gaap_FiniteLivedIntangibleAssetsNet
Equity method investment in joint ventures	177,212us-gaap_EquityMethodInvestments	248,301us-gaap_EquityMethodInvestments
Long-term portion of derivative assets	37,398us-gaap_DerivativeAssetsNoncurrent	2,270us-gaap_DerivativeAssetsNoncurrent
Other assets, net	44,072us-gaap_OtherAssetsNoncurrent	46,461us-gaap_OtherAssetsNoncurrent
Total assets	4,824,733us-gaap_Assets	4,327,845us-gaap_Assets
LIABILITIES AND EQUITY
Current portion of long-term debt	224	524
Accounts payable - affiliates	4,438us-gaap_DueToRelatedPartiesCurrent	2,912us-gaap_DueToRelatedPartiesCurrent
Accounts payable	87,076us-gaap_AccountsPayableCurrent	79,051us-gaap_AccountsPayableCurrent
Accrued liabilities	49,729us-gaap_AccruedLiabilitiesCurrent	47,449us-gaap_AccruedLiabilitiesCurrent
Accrued interest payable	26,924us-gaap_InterestPayableCurrent	26,737us-gaap_InterestPayableCurrent
Current portion of derivative liabilities	0us-gaap_DerivativeLiabilitiesCurrent	11,244us-gaap_DerivativeLiabilitiesCurrent
Accrued producer liabilities	161,208us-gaap_GasPurchasePayableCurrent	152,309us-gaap_GasPurchasePayableCurrent
Total current liabilities	329,599us-gaap_LiabilitiesCurrent	320,226us-gaap_LiabilitiesCurrent
Long-term portion of derivative liabilities	0us-gaap_DerivativeLiabilitiesNoncurrent	320us-gaap_DerivativeLiabilitiesNoncurrent
Long-term debt, less current portion	1,938,886	1,706,786
Deferred income taxes, net	30,914	33,290
Other long-term liabilities	6,867us-gaap_OtherLiabilitiesNoncurrent	7,318us-gaap_OtherLiabilitiesNoncurrent
Commitments and contingencies
Equity:
Class D convertible preferred limited partners' interests	538,814	450,749
Class E preferred limited partners' interests	121,852	0
Common limited partners' interests	1,731,764us-gaap_LimitedPartnersCapitalAccount	1,703,778us-gaap_LimitedPartnersCapitalAccount
General Partner's interest	47,775us-gaap_GeneralPartnersCapitalAccount	46,118us-gaap_GeneralPartnersCapitalAccount
Total partners' capital	2,440,205us-gaap_PartnersCapital	2,200,645us-gaap_PartnersCapital
Non-controlling interest	78,262	59,260
Total equity	2,518,467	2,259,905
Total liabilities and equity	$ 4,824,733	$ 4,327,845