ATP Oil & Gas Corporation. Advanced Asset Acquisition and Divestiture in Oil & Gas. April 26-27, Gerald W. Schlief, Senior Vice President
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1 ATP Oil & Gas Corporation Advanced Asset Acquisition and Divestiture in Oil & Gas April 26-27, 2006 Gerald W. Schlief, Senior Vice President
2 Forward Looking Statement Certain statements included in this presentation are "forward-looking statements" under the Private Securities Litigation Reform Act of ATP cautions that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those ATP expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as our ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business. The SEC has generally permitted oil and gas companies, in filings made with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We and our independent third party reservoir engineers use the terms "probable" to describe volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC's guidelines may prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves. All estimates of probable reserves in this presentation have been prepared by our independent third party engineers. More information about the risks and uncertainties relating to ATP's forward-looking statements are found in our SEC filings. 2
3 Presentation Overview > Overview of presenter: Gerald Jerry Schlief > Overview of ATP > Overview of North Sea and Gulf of Mexico Economics > Overview of North Sea Barriers to Entry» Access to infrastructure» Project costs and size» Commercial and regulatory environment > Lessons learned > Summary 3
4 Overview of Presenter > Gerald Jerry Schlief > Senior Vice President of ATP > MBA in Finance, Certified Public Accountant > With ATP since inception (1991) > Second largest shareholder > Primarily responsible for acquisitions 4
5 Company Overview > Founded in 1991 as a development and production company > Low-risk, geographically focused operations North Sea and Gulf of Mexico > March 31, 2006:» Listed (ATPG) on NASDAQ» 29.8 MM Shares outstanding» Employees own one third of the Company 2004 Offshore Energy Achievement Innovation/Technology Award ATP ATP follows the the same same strategy today today that that the the Company has has followed since since inception 5
6 Company Overview (Cont d) > Proved reserves at 12/31/05» 56% North Sea / 44% Gulf of Mexico» 30% GOM deepwater / 14% GOM shelf > Highly successful development track record» 41 of 42 (or 98%) non-producing properties placed on production > Large inventory of proven reserves to develop» Inventory of 30+ properties for future development in the Gulf of Mexico plus North Sea developments» 100% of developments operated by ATP > Pre-tax PV-10 of proved reserves is $2.7 billion; Pre-tax PV-10 of proved and probable reserves is $4.2 billion 6
7 Summary of Properties > Proved reserves of 527 Bcfe > Proved and probable reserves of 758 Bcfe > Proved, probable and possible reserves of 1.1 Tcfe > In addition to properties in our reserve report (prepared by independent reservoir engineers), ATP is moving forward to develop 14 other properties with logged hydrocarbons Top 5 Properties Cheviot MC 711 Tors King's Peak Wenlock North Sea Gulf of Mexico North Sea Gulf of Mexico North Sea (Bcfe) Proved Probable Total Note: Based on Proved Reserves at December 31, Three Three of of ATP s ATP s top top five five properties are are located in in the the UK UK North North Sea Sea 7
8 Growing North Sea Commitment > ATP has more proved reserves in the North Sea than in the Gulf of Mexico > Future North Sea investment more than $800 million Reserves % North Sea / % GOM 67% 66% 44% 33% 34% 56% 12/31/03 12/31/04 12/31/05 NS GOM 8
9 Growing Size of Developments > Production from prior developments in the North Sea and Gulf of Mexico will provide the capital to develop the Cheviot field in the UKCS, ATP s largest property in terms of proved reserves Material Projects CAPEX $500+ MM $175+ MM $200+ MM $3 MM $30 MM $49 MM W.C. 432 ('94-'95) Ladybug ('00-'01) Helvellyn ('02-'03) Tors ('05-'06) MC 711 ('05-'06) Cheviot ('07-'08) 9
10 Economics North Sea vs. Gulf of Mexico 10
11 F&D Costs Comparison > No material difference in Finding & Development Costs Finding & Development Costs $3.40 $2.72 $2.38 ($/Mcfe) $2.15 NS GOM NS GOM F&D (P1) North Sea F&D (P1+P2) Gulf of Mexico Note: 7-year F&D costs are estimated over the period from based on ATP s actual data. 11
12 Cash Margin Comparison > No material difference in Overall Project Economics $12.00 Cash on Cash Returns ($/Mcfe) (2-Year Strip $/Mcfe) $9.00 $6.00 $3.00 $- $6.73 $6.71 $3.40 $2.72 $1.10 $0.94 North Sea Gulf of Mexico LOE F&D Cash Margin 12
13 Cash Margin Comparison Strip Pricing North Sea Gulf of Mexico Crude ($/Bbl): 2-Year Avg. (1) $ $ Gas ($/Mcf): 2-Year Avg. (1) $ $ 9.21 Equivalent ($/Mcfe): 2-Year Avg. (1) $ $ Equivalent ($/Mcfe): 2-Year Avg. (1) $ $ LOE (2) $ (1.10) $ (0.94) Finding & Development $ (3.40) $ (2.72) Cash Margin $ 6.73 $ 6.71 (1) Based on 4/4/06 closing prices for WTI, Brent, Henry Hub, and IPE Gas for the period May 2006-April 2008 (2) Based on ATP's 12/31/05 reserve reserve report. 13
14 Fiscal Comparison > Royalty Tax» Gulf of Mexico 16.7% (Shelf) or 12.5% (Deepwater)» North Sea does not have a royalty > Accelerated depreciation allowance in year of investment» Gulf of Mexico allows Intangible Drilling Costs (~50%-70%)» North Sea allows 100% of costs in year incurred > Income Taxes» Gulf of Mexico 35% of taxable income» North Sea 50% of taxable income» North Sea taxable income tends to be lower in years of development» ATP taxes are predominately deferred during development period > Overall» No significant differences! No No material difference in in fiscal fiscal policy policy 14
15 Fiscal Comparison Example Gulf of Mexico North Sea Oil / bbl $60.00 Oil / bbl $ /6 th Royalty ($10.00) LOE / bbl ($5.64) DD&A / bbl ($18.00) Operating profit $26.36 Tax (1) (35%) ($9.23) After-tax profit $17.13 No Royalty ($0.00) LOE / bbl ($6.60) DD&A / bbl Operating profit ($18.00) $35.40 Tax (1) (50%) ($17.70) After-tax profit $17.70 (1) ATP taxes are predominantly deferred (1) ATP UK taxes are predominantly deferred 15
16 Barriers to Entry > Infrastructure - access is challenging > Cost - North Sea development is comparatively expensive» North Sea 58 th out of 59 most expensive basins to operate and develop (Wood Mackenzie) > Project Size - Project economics supported by relatively larger developments» Small North Sea development 20+ Bcfe at ~$70 million» Small Gulf of Mexico development 5+ Bcfe at ~$15 million > Commercial Environment - slow to change and not efficient with respect to small field development 16
17 Barriers to Entry (Infrastructure) 17
18 Infrastructure in the Gulf of Mexico Central Gulf of Mexico
19 Gulf of Mexico Deepwater Developments King s Peak Gomez Ladybug ATP operated property
20 Infrastructure in the UK North Sea (UKCS) 20
21 Existing Infrastructure in the Southern Gas Basin of the North Sea > Relatively Mature > Large number of platforms mostly underutilized > Numerous gas pipelines mostly underutilized > Similar to Gulf of Mexico Shelf 21
22 Existing Infrastructure in the Central Graben of the North Sea > Somewhat Mature > Reasonable number of platforms > Similar to certain portions of the Gulf of Mexico 22
23 > Relatively Mature Existing Infrastructure in the Northern North Sea > Similar to certain portions of the Gulf of Mexico 23
24 Observations Regarding UKCS Infrastructure > UKCS relatively mature basin as is GOM OCS (Gulf of Mexico Outer Continental Shelf) > Abandonment liabilities could be deferred as a result of 3rd Party business > Infrastructure ownership is concentrated > Some Companies more concerned with possible problems with 3rd Party business than with economic benefits > The DTI must continue to encourage the existing owners to grant access to infrastructure at reasonable tariffs > Additional Senior Management emphasis on benefits of 3rd Party business to Mid Level Management is needed 24
25 Barriers to Entry (Cost Structure & Project Size) 25
26 Case Study (Ladybug & Helvellyn) Ladybug Synopsis > Acquired 2000 > Deepwater Gulf of Mexico > 50% W.I. > Development 3Q00 / First production 3Q01 > Water depth 1,360 Development Summary > Two subsea oil wells tied back GB 189 > Looped 17.3 mile oil pipeline (World s longest oil subsea tieback when installed) > Two 15 mile umbilicals > Commercial contracts required ~6 months to negotiate > Host platform modifications at GB 189 in 700 of water were extensive and complex, including extension of deck > Cost to tie into infrastructure, including platform modifications, was approximately $7 million 26
27 Case Study (Ladybug & Helvellyn) Helvellyn Synopsis > Acquired 2001 > UKCS > 50% W.I. > Development 3Q02 / First production 1Q04 > Water depth 120 Development Summary > One subsea gas wells > 9.3 mile gas pipeline laid to Amethyst A2D > Costs and time to complete minor platform modifications were much greater than expected > Commercial contracts required more than two years to negotiate > Host platform modifications routine for Gulf of Mexico and would cost about $1.5 to $2.0 million > Cost to tie into infrastructure, including platform modifications at the Amethyst platform, was approximately $15 million 27
28 Gulf of Mexico Approach at Helvellyn Simultaneous pipeline and and umbilical installation 28
29 Observations Regarding Cost Structure and Project Size > ATP has approximately 30 properties in its Gulf of Mexico project inventory > By comparison, our North Sea inventory has more reserves, but only 3 projects (Tors, Wenlock, Cheviot) North Sea Gulf of Mexico High High development and and operating costs costs constrain the the overall recovery of of North North Sea Sea oil oil and and gas gas reserves smaller fields fields unlikely to to be be developed 29
30 Observations Regarding Cost Structure and Project Size > From an economic perspective, the UKCS is more similar to the Deepwater Gulf of Mexico» High development costs» Long development lead times» Accessing infrastructure difficult and costly > Commercial agreements can be a critical path item and result in significant additional costs and delays > Planning more extensive and costly partially due to significant regulatory requirements > Lower costs would promote increased exploration and development as well as attract new companies > The average development size on the UKCS is much larger than that on the GOM OCS 30
31 Barriers to Entry (Commercial and Regulatory Environment) 31
32 Observations Regarding Commercial and Regulatory Environment > Permitting is more extensive and time consuming than in the Gulf of Mexico > Regulation and commercial agreements are designed for major field developments > There is little consideration or flexibility in commercial agreements or regulation for marginal developments > Decommissioning costs and regulations create barriers for smaller independents» Bonding is not acceptable for decommissioning liabilities 32
33 Lessons Learned in the North Sea > Infrastructure tie-in costs were much more expensive than originally anticipated > Platform modifications took much longer than scheduled > Negotiating commercial agreements takes an inordinate amount of time > Infrastructure competition is important to have the opportunity to achieve reasonable terms > In practice, we have installed longer pipelines to achieve better commercial results > Because of the costs and risks, ATP has a higher minimum threshold for its North Sea developments 33
34 Summary > North Sea economics are similar to the Gulf of Mexico because North Sea projects tend to have larger reserve sizes > Access to infrastructure needs to be improved to create greater efficiencies > The magnitude of project costs is a formidable barrier to entry for smaller overseas operators > Commercial agreements need to be simplified for marginal field developments 34
35 ATP Oil & Gas Corporation - NASDAQ: ATPG ATP Oil & Gas Corporation 4600 Post Oak Place, Suite 200 Houston, TX ATP Oil & Gas (UK) Limited Victoria House, London Square, Cross Lanes Guildford, Surrey GU1 1UJ United Kingdom 44 (0) ATP Oil & Gas (Netherlands) B.V. Water-Staete Gebouw Dokweg 31 (B) 1976 CA IJmuiden The Netherlands 31 (0)
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