雪佛龍 (CVX) 2007 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Third Quarter 2007 Atlas America, Incorporated Earnings Conference Call.

女士們，先生們，美好的一天，歡迎參加 2007 年第三季度 Atlas America，Incorporated 收益電話會議。

My name is Clarissa and I will be your coordinator for today.

我的名字是克拉麗莎，今天我將擔任您的協調員。

(OPERATOR INSTRUCTIONS.) I would now like to turn the presentation over to your host for today's conference, Mr.

（操作員說明。）我現在想將演示文稿交給您今天會議的主持人，Mr.

Ed Cohen, Chairman and Chief Executive Officer.

Ed Cohen，董事長兼首席執行官。

Please proceed.

請繼續。

Thank you, Clarissa, and hello, everyone.

謝謝你，克拉麗莎，大家好。

First, I'd like to remind you that when used in this conference call the words believes, anticipates, expects, and similar expressions are intended to identify forward-looking statements.

首先，我想提醒您，當在本次電話會議中使用“相信”、“預期”、“期望”和類似的表達方式時，這些詞旨在識別前瞻性陳述。

These statements, of course, are subject to certain risks and uncertainties.

當然，這些陳述存在一定的風險和不確定性。

They could cause actual results to differ materially from those projected in the forward-looking statements.

它們可能導致實際結果與前瞻性陳述中預測的結果大不相同。

Please refer to our quarterly report on Form 10-Q and our annual report also on Form 10-K for further discussion of those risks.

請參閱我們關於表格 10-Q 的季度報告和關於表格 10-K 的年度報告，以進一步討論這些風險。

Furthermore, I'd like to caution you not to place undue reliance on these forward-looking statements.

此外，我想提醒您不要過分依賴這些前瞻性陳述。

They reflect Management's analysis only as of the date hereof.

它們僅反映管理層截至本文發布之日的分析。

The Company undertakes, of course, no obligations to publicly release the results of any revisions to forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

當然，公司沒有義務公開發布對前瞻性陳述的任何修改的結果，這些修改可能是為了反映本協議日期之後的事件或情況或反映意外事件的發生。

Now, to get to business.

現在，開始做生意。

It's a pleasure once again to report highly positive results for Atlas America, this time for the third quarter ended December 31, 2007.

很高興再次報告 Atlas America 的積極成果，這次是截至 2007 年 12 月 31 日的第三季度。

Adjusted EBITDA reached $132.4 million for the quarter, compared with only $37.6 million for the comparable prior year period.

本季度調整後的 EBITDA 達到 1.324 億美元，而去年同期僅為 3760 萬美元。

That's an increase of $94.8 million.

這增加了 9480 萬美元。

Adjusted net income for the period reached $12.7 million, which compares with $10 million for the third quarter of 2006.

該期間調整後的淨收入達到 1270 萬美元，而 2006 年第三季度為 1000 萬美元。

Adjusted net income per share was $0.45.

調整後的每股淨收益為 0.45 美元。

That compares with $0.33 for the comparable 2006 quarter.

相比之下，2006 年可比季度為 0.33 美元。

Now, Matt Jones, our CFO, will discuss these numbers in detail a little bit later.

現在，我們的首席財務官 Matt Jones 稍後將詳細討論這些數字。

But I should note that the adjustment here relates primarily to a one-time nonrecurring, non-cash charge and that arises from the vesting of certain incentive compensation that's payable to executives in our Tulsa, Oklahoma Mid-Continent Pipeline Division.

但我應該指出，這裡的調整主要與一次性的非經常性、非現金費用有關，這是由於授予我們俄克拉荷馬州中部大陸管道部門塔爾薩高管的某些激勵性薪酬。

Before adjustment, net income was $7.1 million for the quarter.

調整前，本季度淨收入為 710 萬美元。

Total revenues reached $411.5 million for the third quarter of 2007, compared to only $190.6 million in the prior year comparable period.

2007 年第三季度的總收入達到 4.115 億美元，而去年同期僅為 1.906 億美元。

That's an increase of $220.9 million.

這增加了 2.209 億美元。

Finally, for the record, the Company has declared a cash dividend of $0.05 per share of common stock, and that's payable on November 14, 2007 to holders of record on November 7, 2007.

最後，公司宣布派發每股普通股 0.05 美元的現金股息，並於 2007 年 11 月 14 日支付給 2007 年 11 月 7 日登記在冊的持有人。

Now, looking to an overview, the most significant and transformative events during the period were the acquisition and integration of two major assets.

現在，縱觀全局，這一時期最重要和最具變革性的事件是對兩項主要資產的收購和整合。

First, the purchase of five processing plants of Anadarko Petroleum Corp.

一是收購阿納達科石油公司的五個加工廠。

located in Texas and Oklahoma.

位於德克薩斯州和俄克拉荷馬州。

This single acquisition more than doubled our total Company processing--gas processing capacity.

此次收購使我們公司的總處理能力（氣體處理能力）增加了一倍多。

And the second transformative event was the addition of the Michigan gas operations of DTE Corporation.

第二個變革性事件是增加了 DTE 公司的密歇根天然氣業務。

And that also more than doubled our systemwide gas production.

這也使我們全系統的天然氣產量增加了一倍多。

The two transactions cost over $3 billion.

這兩筆交易的成本超過 30 億美元。

That's a hefty sum for our relatively small company.

對於我們相對較小的公司來說，這是一筆不小的數目。

But being conservative, we issued almost $2 billion in new equity immediately at our subsidiaries APL, AHD, and ATN, and we also obtained debt financing that we could live with if necessary far into the future.

但保守地說，我們立即在我們的子公司 APL、AHD 和 ATN 發行了近 20 億美元的新股本，並且我們還獲得了債務融資，如果有必要，我們可以在很長一段時間內承受。

As many of you know, we were heavily criticized for our caution at the time.

正如你們許多人所知，我們當時因謹慎而受到嚴厲批評。

It's hard to believe how different circumstances were a mere three months ago.

很難相信僅僅三個月前的情況有多麼不同。

One analyst suggested, for example, that the financing should have been done by a swing loan.

例如，一位分析師建議，融資應該通過周轉貸款來完成。

And then, it was suggested after we had successfully integrated the acquisition then we could have pursued long-term financing and the issuance of new equity in a public offering, avoiding the discount, it was argued, that we had to offer pipe investors.

然後，有人建議，在我們成功整合收購之後，我們可以尋求長期融資和公開發行新股，避免折價，有人認為，我們必須向管道投資者提供服務。

Of course, you'll remember that we closed the second and last of these transactions only on July 29, just as Armageddon was about to strike world financial markets and the great paralysis was beginning to take hold.

當然，您會記得，我們僅在 7 月 29 日完成了這些交易中的第二筆也是最後一筆交易，當時世界末日即將席捲全球金融市場，而巨大的癱瘓開始佔據上風。

Sounds a little bit like China under Mao - great paralysis, Armageddon and so forth.

聽起來有點像毛澤東時代的中國——大癱瘓、世界末日等等。

But those people who have lived through the last three months know that I'm not exaggerating the impact of this period.

但那些經歷過過去三個月的人都知道，我並沒有誇大這段時期的影響。

I don't think, therefore, that today many people would be suggesting the use of swing loans and the deferral of financing for the future.

因此，我不認為今天有很多人會建議使用周轉貸款和推遲未來的融資。

But our CFO, Matt Jones, to his credit, and his colleagues, were so cautious that we even negotiated relatively long terms into 2012, 2013, and 2014 for our interim financing.

但值得稱讚的是，我們的首席財務官馬特·瓊斯（Matt Jones）和他的同事非常謹慎，以至於我們甚至為我們的中期融資談判了相對較長的期限，分別為 2012 年、2013 年和 2014 年。

And so, we've been sleeping well, and we're now about to seek 10-year bond financing to provide permanent financing to buttress our large equity issuance.

因此，我們一直睡得很好，現在我們即將尋求 10 年期債券融資，以提供永久融資，以支持我們的大規模股票發行。

But we're going to do so in markets, as you know, far less [frothy] than three months ago.

但正如你所知，我們將在市場上這樣做，遠沒有三個月前那麼[泡沫]。

Yet as I indicated, we're seeking this bond financing without the gut wrenching, sleep depriving pressure that we would have been under had we been more gutsy three months ago or less prudent three months ago when we closed these acquisitions.

然而，正如我所指出的那樣，我們正在尋求這種債券融資，而不會像三個月前我們更加勇敢或三個月前我們在完成這些收購時不那麼謹慎時那樣承受痛苦、剝奪睡眠的壓力。

It's this combination of boldness and cowardice--boldness in doing the transactions to start with, cowardice in doing them in a careful and cautious way--that we promise more of for the future.

正是這種大膽和怯懦的結合——從一開始就大膽地進行交易，以謹慎和謹慎的方式進行交易——我們對未來做出了更多的承諾。

And I hope that we'll continue to retain the courage to withstand criticism for being overly cautious.

我希望我們能繼續保持勇氣，承受因過於謹慎而受到的批評。

And remind me of this when stable markets return and excessive--that's what they call it--excessive prudence, again, is not valued.

並提醒我，當穩定的市場回歸併且過度——這就是他們所說的——過度審慎再次不被重視時。

Well, I hope you'll forgive me the philosophy in the macro overview.

好吧，我希望你能原諒我宏觀概述中的哲學。

Let me talk now about the excellent results that we've been getting in both our gas processing and transportation business, and also in our gas exploration and production division, those being essentially the two divisions of our Company.

現在讓我談談我們在天然氣加工和運輸業務以及我們的天然氣勘探和生產部門（本質上是我們公司的兩個部門）中取得的優異成績。

And then, I'd like to share with you the exciting results of our initial efforts with the Marcellus Shale, another transformative development for our Company.

然後，我想與您分享我們在馬塞勒斯頁岩的初步努力的激動人心的成果，這是我們公司的另一個變革性開發項目。

First, I'm going to speak about Atlas Pipeline, where in Appalachia, Appalachian operations continue to attain new highs.

首先，我要談談阿特拉斯管道，在阿巴拉契亞，阿巴拉契亞的運營繼續達到新高。

Gas throughput during the third quarter 2007 averaged a record 71.9 million cubic feet of gas per day.

2007 年第三季度的天然氣吞吐量平均每天達到創紀錄的 7190 萬立方英尺。

That's an increase of 12.5% over the similar period of 2006.

這比 2006 年同期增長了 12.5%。

Our Elk City Sweetwater Division out in Oklahoma delivered almost 10,000 barrels of NGLs per day during the quarter, an increase of almost two-thirds over the third quarter of 2006.

我們位於俄克拉荷馬州的麋鹿城甜水部門在本季度每天交付近 10,000 桶 NGL，比 2006 年第三季度增加了近三分之二。

Our NOARK pipeline volume was up sharply - 326 million cubic feet per day as against 227 million per day in the corresponding 2006 period.

我們的 NOARK 管道流量急劇增加 - 每天 3.26 億立方英尺，而 2006 年同期為每天 2.27 億立方英尺。

So much for our legacy assets, that is those that we had before June 27.

我們的遺留資產就這麼多，那就是我們在 6 月 27 日之前擁有的資產。

Our new West Oklahoma system is operating at maximum processing capability.

我們新的西俄克拉荷馬系統正在以最大的處理能力運行。

As a result, we're working on placing back into service the Chaney Dell gas processing plant, which had been idled by prior ownership when the new Waynoka plant became operational.

因此，我們正在努力讓 Chaney Dell 天然氣加工廠重新投入使用，該工廠在新的 Waynoka 工廠投入運營時因先前的所有權而閒置。

Chaney Dell will add another 25 million cubic feet per day processing capability.

Chaney Dell 將增加每天 2500 萬立方英尺的處理能力。

And there are other exciting new initiatives we're undertaking to exploit the synergies and opportunities engendered by the geographical proximity of our older Oklahoma plants and our new Oklahoma acquisitions.

我們正在採取其他令人興奮的新舉措，以利用我們在俄克拉荷馬州較老的工廠的地理鄰近性和我們在俄克拉荷馬州的新收購所產生的協同效應和機會。

As Bob Firth reported on the APL call last week, we continue to move ahead on our Sweetwater II expansion.

正如 Bob Firth 上週在 APL 電話會議上報導的那樣，我們繼續推進 Sweetwater II 的擴張。

You may remember that the motivating factor for this project is the continued increase in processing volumes behind the system projected to come online in the next several quarters.

您可能還記得，該項目的激勵因素是預計在未來幾個季度上線的系統背後的處理量持續增加。

The new process will increase inlet volume processing capability from 120 to 180 million cubic feet per day.

新工藝將使進口體積處理能力從每天 120 立方英尺提高到 1.8 億立方英尺。

Included in the project will be ancillary piping and compression to bring new gas into the Sweetwater plant.

該項目將包括輔助管道和壓縮，以將新氣體帶入斯威特沃特工廠。

The plant engineering has been completed, and the plant, along with compression--the plant itself along with compression has been placed on order.

裝置工程已經完成，裝置連同壓縮裝置——裝置本身連同壓縮裝置都已訂購。

Our commercial team is currently out contracting gas in anticipation of this startup.

我們的商業團隊目前正在為這家初創公司承包天然氣。

Moreover, and very excitingly, we'll be constructing 120 million cubic feet per day new processing plant along a newly constructed 110-mile 16-inch pipeline.

此外，非常令人興奮的是，我們將沿著新建的 110 英里 16 英寸管道建造每天 1.2 億立方英尺的新加工廠。

This is our new Nine Mile plant.

這是我們新的九英里工廠。

This line will connect our Waynoka facility to our Sweetwater plant.

這條線路將把我們的 Waynoka 設施連接到我們的 Sweetwater 工廠。

Again, I'm speaking in Oklahoma.

再次，我在俄克拉荷馬州發言。

Construction of this plant will provide us with financial and operational flexibility, as well as increasing our processing capacity in a prolific area in Western Oklahoma.

該工廠的建設將為我們提供財務和運營靈活性，並提高我們在俄克拉荷馬州西部多產地區的加工能力。

Included in the project will be ancillary piping and compression to bring new gas into our new Nine Mile plant that I was speaking of, and that plant will lie between our legacy Oklahoma plants and our new Chaney Dell plants.

該項目將包括輔助管道和壓縮，以將新氣體帶入我所說的我們新的九英里工廠，該工廠將位於我們的舊俄克拉荷馬工廠和新的 Chaney Dell 工廠之間。

We're currently anticipating an in-service date for the pipeline of April 2008 and for the plant December 2008.

我們目前預計 2008 年 4 月的管道和 2008 年 12 月的工廠的投入使用日期。

And for those who think that we have a dominant position in Western Oklahoma, just you wait until we have these new initiatives up and running.

對於那些認為我們在俄克拉荷馬州西部佔據主導地位的人來說，請等到我們啟動並運行這些新舉措。

It should just be great.

它應該很棒。

With these organic growth initiatives, the Oklahoma portion of our Anadarko acquisition, we hope, will become a textbook example of a truly strategic combination where two and two should equal a lot more than four.

我們希望通過這些有機增長計劃，我們收購阿納達科的俄克拉荷馬州部分將成為真正戰略組合的教科書示例，其中兩個和兩個應該比四個多得多。

Last, but not least, and this is a very significant last, and you'll understand why it's not least, our Midkiff/Benedum plants located near Midland, Texas in West Texas, continue to benefit from the greatly expanding drilling activity in the Permian Basin, especially the enormous and enormously successful efforts of Pioneer Resources, our minority partner in these processing facilities.

最後但並非最不重要的是，這是一個非常重要的最後一次，您會明白為什麼重要的是，我們位於德克薩斯州西德克薩斯州米德蘭附近的 Midkiff/Benedum 工廠繼續受益於二疊紀大幅擴大的鑽井活動盆地，尤其是我們在這些加工設施中的少數合作夥伴 Pioneer Resources 的巨大和巨大成功的努力。

The E&P operations though are holding their own even against this exciting news on the processing and transportation front.

即使在加工和運輸方面的這一令人振奮的消息面前，勘探與生產業務仍然保持著自己的地位。

Good news at E&P has been bountiful.

E&P 的好消息不勝枚舉。

Integration of our Michigan operations has proceeded smoothly and the average net daily production at almost 60 million cubic feet equivalent per day exceeds our pre-acquisition expectation.

我們密歇根業務的整合進展順利，日均淨產量接近 6000 萬立方英尺當量，超出了我們收購前的預期。

In Appalachia, average net daily production of 32 million cubic feet gas equivalent to our account is up almost 13% over the immediately preceding quarter.

在阿巴拉契亞，相當於我們賬戶的 3200 萬立方英尺天然氣的平均日產量比上一季度增長了近 13%。

Well drilling revenues reached a record high of $103.3 million, and that's just for the single current quarter.

鑽井收入達到創紀錄的 1.033 億美元，而這僅僅是當前一個季度的收入。

It was generated by 298 gross wells, that's almost 300 wells drilled this period, an increase of approximately 66% over third quarter 2006.

它是由 298 口總井產生的，即這一時期鑽探的近 300 口井，比 2006 年第三季度增加了約 66%。

And I should note that we continue by our activity to rank among the 10 most prolific drillers in the United States.

我應該指出，我們繼續通過我們的活動來躋身美國最多產的 10 家鑽探公司之列。

In October, the Company's registration statement with the SEC, the statement for our Public #17 Drilling Program became effective.

10 月，公司向美國證券交易委員會提交的註冊聲明，即我們的 Public #17 鑽井計劃聲明生效。

This program is selling briskly.

這個程序賣得很好。

We've already broken escrow.

我們已經破壞了託管。

With its proceeds presently estimated at $140 million added to our first 2007 program, total investor funds expected to be raised this year would come to at least $340 million.

目前估計在我們 2007 年的第一個項目中增加了 1.4 億美元的收益，預計今年籌集的投資者資金總額將至少達到 3.4 億美元。

That's, of course, a record for the Company.

這當然是公司的記錄。

It's more than 50% above 2006's then record 218 million.

這比 2006 年創下的 2.18 億高出 50% 以上。

Now, I'd like to say a few words about probably the most exciting development in our exploration and production operations - our Marcellus Shale play.

現在，我想談談我們勘探和生產業務中最令人興奮的發展——我們的馬塞勒斯頁岩區。

Our sister company, sister to our E&P operations, Atlas Pipeline, has benefited enormously from the Barnett Shale and Fayetteville Shale plays, which have revolutionized production in the mid-continent.

我們的姊妹公司，我們勘探與生產業務的姊妹公司，Atlas Pipeline，從 Barnett 頁岩和費耶特維爾頁岩油氣田中受益匪淺，這兩個油氣田徹底改變了中大陸的生產。

And I think the people back east in the E&P division have been a little envious.

而且我認為東部勘探與生產部門的人有點羨慕。

But now, our Eastern E&P operations seem likely to have their moment in the sun with the analogous Marcellus Shale development.

但現在，我們的東部勘探與生產業務似乎很可能在類似的馬塞勒斯頁岩開發中獲得成功。

Let me report we've now drilled some 13 vertical Marcellus wells with very satisfying results.

讓我報告一下，我們現在已經鑽了大約 13 口 Marcellus 垂直井，結果非常令人滿意。

And as a result of this satisfaction with our initial efforts, we've now announced our intention to drill an additional 120 vertical wells in the next 18 months.

由於對我們最初的努力感到滿意，我們現在宣布打算在未來 18 個月內再鑽探 120 口垂直井。

And this is likely only the beginning.

而這可能只是開始。

As of September 30, 2007, the Company held oil and gas rights to approximately 240,000 acres.

截至 2007 年 9 月 30 日，公司持有約 240,000 英畝的石油和天然氣權利。

That's up from only 105,000 acres at year-end 2006 and all these acres are believed prospective for the Marcellus Shale.

這比 2006 年底的僅 105,000 英畝有所增加，並且所有這些英畝都被認為是 Marcellus 頁岩的前景。

And of course, we're aggressively continuing to expand our Marcellus Shale acreage position.

當然，我們正在積極地繼續擴大我們在馬塞勒斯頁岩的種植面積。

We believe our present holdings alone, what we already have, are capable of providing over 2,000 Marcellus drilling locations.

我們相信，僅我們現有的資產就能夠提供 2,000 多個 Marcellus 鑽井位置。

This of course, is in addition to the 3,000 conventional locations that we've identified.

當然，這還不包括我們已經確定的 3,000 個常規位置。

As of now, we estimate that our present Marcellus leasehold may contain between 1.5 trillion, that's 1.5 trillion, cubic feet equivalent and maybe up to 3 trillion cubic feet equivalent of natural gas.

截至目前，我們估計我們目前的 Marcellus 租賃權可能包含 1.5 萬億立方英尺的天然氣，即 1.5 萬億立方英尺，甚至高達 3 萬億立方英尺的天然氣。

I want to caution you--remember, we're a prudent and cautious company.

我想提醒你——請記住，我們是一家謹慎而謹慎的公司。

So I want to add the caution that this estimate is based only upon our own evaluation of the wells already drilled and completed to date.

所以我想提醒一下，這個估計只是基於我們自己對迄今為止已經鑽探和完成的井的評估。

They'll undoubtedly change, to some extent at least, as we obtain additional information from additional wells and as we receive evaluations from independent petroleum engineering consultants.

毫無疑問，至少在某種程度上，隨著我們從更多的油井中獲得更多的信息以及我們從獨立的石油工程顧問那裡獲得評估，它們會發生變化。

For the 13 vertical Marcellus Shale wells that Atlas Energy has drilled, 10 have been completed as commercial producers and the remaining three are scheduled to be fractured and completed in the next 30 days.

對於阿特拉斯能源公司已鑽探的 13 口 Marcellus 頁岩垂直井，其中 10 口已作為商業生產井完成，其餘 3 口計劃在未來 30 天內壓裂並完成。

The last five wells completed, stabilized initial rates of production into a pipeline have ranged from 1 million cubic feet per day to 1.8 million cubic feet per day, as compared to an average of below 500,000 cubic feet per day for the first five wells completed.

最近完成的五口井，穩定的管道初始產量從每天 100 萬立方英尺到每天 180 萬立方英尺不等，而前五口完井的平均產量低於每天 500,000 立方英尺。

We believe that the significant improvement in results for the later wells is due to the Company's adjustments to drilling completion and production techniques that we've been refining since we began our Marcellus drilling program approximately one year ago.

我們認為，後期油井業績的顯著改善是由於公司對鑽井完井和生產技術的調整，自我們大約一年前開始馬塞勒斯鑽井計劃以來，我們一直在精煉這些技術。

I should add that the Company's experience with its existing Marcellus Shale wells suggests that production from the wells generally settles at about 30 to 40% of the initial stabilized rate of production after approximately 45 to 60 days of flush production, and thereafter exhibits a shallow decline profile.

我應該補充一點，公司現有的 Marcellus 頁岩油井的經驗表明，在沖洗生產約 45 至 60 天后，這些油井的產量通常穩定在初始穩定產量的 30% 至 40% 左右，此後出現小幅下降輪廓。

However, we've not yet determined the full decline curve or estimated productive life of a Marcellus Shale well.

然而，我們尚未確定 Marcellus 頁岩井的完整遞減曲線或估計的生產壽命。

And I should finally state that everything I've been speaking about relates to vertical wells.

最後我應該聲明，我一直在談論的一切都與垂直井有關。

We believe that there may be considerable economic enhancement from horizontal drilling and we're just undertaking with an industry partner our first horizontal well.

我們相信水平鑽井可能會帶來可觀的經濟增長，而我們只是與行業合作夥伴合作開發我們的第一口水平井。

So more about the horizontal situation in our next report three months from now or so as we get further information.

在我們獲得更多信息後，我們將在三個月後的下一份報告中詳細了解橫向情況。

Matt Jones is with us, our CFO.

Matt Jones 和我們在一起，我們的首席財務官。

And in addition to thanking him for his prudence, which has proven to be so wise under the current unsettled circumstances, I want to call on Matt to provide us with financial information.

除了感謝他的審慎，在當前不穩定的情況下被證明是非常明智的，我想呼籲馬特向我們提供財務信息。

We'll hear about the quarter now as seen from the financial perspective.

從財務角度來看，我們現在將聽到有關該季度的信息。

Matt?

馬特?

Thanks, Ed, and thanks for those comments.

謝謝，埃德，謝謝你的評論。

Of course, significant changes occurred at our Company since the third quarter of last year.

當然，自去年第三季度以來，我們公司發生了重大變化。

So when comparing our results to the third quarter of this year to last year's quarter, please keep in mind the following.

因此，在將我們的業績與今年第三季度和去年同期進行比較時，請記住以下幾點。

First, through the formation and the initial public offering of an equity interest in Atlas Energy in December of 2006, we sold roughly 20% of our oil and gas production in syndicated investment operations.

首先，通過在 2006 年 12 月組建和首次公開發行 Atlas Energy 的股權，我們在銀團投資業務中出售了大約 20% 的石油和天然氣產量。

In return we received roughly $135 million in cash net of transaction costs, Management incentive interests or incentive distribution rates, and of course, retained the remaining equity interest in the enterprise.

作為回報，我們收到了大約 1.35 億美元的現金，扣除交易成本、管理層激勵權益或激勵分配率，當然，還保留了企業的剩餘股權。

Because of the growth in cash flow and following only three quarters as a public entity, Atlas Energy achieved the threshold level of distributions required to cause us to begin the first quarter of a 12-quarter period where incentive cash flows will be allocated to us and paid to us following the successful completion of the 12-quarter test period.

由於現金流量的增長，並且在作為公共實體僅三個季度之後，Atlas Energy 達到了使我們開始 12 季度期間的第一季度所需的分配閾值水平，激勵性現金流將分配給我們和在成功完成 12 個季度的測試期後支付給我們。

We're, of course, pleased with this development and we're very excited about Atlas Energy's future potential.

當然，我們對這一發展感到高興，我們對 Atlas Energy 的未來潛力感到非常興奮。

Secondly, through the formation and initial public offering of an equity interest in Atlas Pipeline Holdings during the third quarter of 2006, we sold roughly 17% of our interest in Atlas Pipeline Partners, including our general partner and limited partner interest in that enterprise.

其次，通過在 2006 年第三季度組建和首次公開發行 Atlas Pipeline Holdings 的股權，我們出售了大約 17% 的 Atlas Pipeline Partners 權益，包括我們在該企業的普通合夥人和有限合夥人權益。

In return, we received roughly $50 million in cash net of cost and taxes, 100% of the general partner interest in Atlas Pipeline Holdings, and again, of course, we retained the remaining equity interest in the enterprise.

作為回報，我們收到了扣除成本和稅金的大約 5000 萬美元現金、Atlas Pipeline Holdings 普通合夥人 100% 的權益，當然，我們再次保留了該企業的剩餘股權。

With the recent acquisition of the Midkiff/Benedum processing business in Texas, in partnership with Pioneer Natural Resources, and with the acquisition of the Chaney Dell system to significantly expand Atlas Pipeline's presence in Oklahoma and the substantial internal growth opportunities that Ed has laid out, we look forward to the high potential for cash flow growth from this enterprise.

最近與 Pioneer Natural Resources 合作收購了德克薩斯州的 Midkiff/Benedum 加工業務，並收購了 Chaney Dell 系統，以顯著擴大 Atlas Pipeline 在俄克拉荷馬州的業務，以及 Ed 佈局的大量內部增長機會，我們期待這家企業的現金流增長潛力巨大。

These IPO transactions left us with an unlevered balance sheet and $80 million in cash after having made more than $10 million of investment in Lightfoot Capital Partners.

在對 Lightfoot Capital Partners 進行了超過 1000 萬美元的投資後，這些 IPO 交易給我們留下了無槓桿的資產負債表和 8000 萬美元的現金。

We have committed to invest a total of $20 million in Lightfoot, and as a result we'll own approximately 18% of the general partner interest of Lightfoot Capital.

我們已承諾向 Lightfoot 投資總計 2000 萬美元，因此我們將擁有 Lightfoot Capital 普通合夥人約 18% 的權益。

Lightfoot intends to concentrate its investments in companies that control assets with vast or limited partnership qualified income in sectors that have been underutilized by the MLP structure.

Lightfoot 打算將其投資集中在控制資產的公司，這些公司在 MLP 結構未充分利用的行業中擁有大量或有限合夥資格的收入。

We're in this solid balance sheet position after having repurchased earlier this year approximately 1.5 million shares for total consideration of about $81 million.

在今年早些時候以約 8100 萬美元的總對價回購了大約 150 萬股股票後，我們處於穩健的資產負債表位置。

On a split adjusted basis we repurchased the shares for roughly $36 per share.

在拆分調整的基礎上，我們以每股約 36 美元的價格回購了這些股票。

Of course, our shares today are trading at a level meaningfully above that level.

當然，我們今天的股票交易水平明顯高於該水平。

As a result of distribution declarations made by Atlas Energy and Atlas Pipeline Holdings for the third quarter, we'll receive approximately $22.4 million in cash distributions.

根據 Atlas Energy 和 Atlas Pipeline Holdings 第三季度的分配聲明，我們將收到大約 2240 萬美元的現金分配。

Based on our current holdings of Atlas Energy and Atlas Pipeline Holdings, we expect next year's distributions to increase to at least $25 million per quarter on average.

根據我們目前持有的 Atlas Energy 和 Atlas Pipeline Holdings，我們預計明年的平均分配額將增加到至少每季度 2500 萬美元。

Of course, with the exciting growth potential that both companies have identified relative to the coming quarters, we're hopeful the cash distributions will grow beyond this level.

當然，鑑於兩家公司在未來幾個季度都發現了令人興奮的增長潛力，我們希望現金分配將超過這一水平。

With our incentive distribution rates and substantial common unit interests in these enterprises, we remain perfectly positioned to maximize the potential benefit from this growth.

憑藉我們在這些企業中的激勵分配率和大量的共同單位利益，我們仍然處於有利地位，可以最大限度地從這種增長中獲得潛在利益。

Moving quickly and briefly to our financial statements, please recall that we consolidated 100% of the operations and balance sheet accounts of Atlas Energy and Atlas Pipeline Holdings.

快速簡單地轉到我們的財務報表，請回想一下，我們合併了 Atlas Energy 和 Atlas Pipeline Holdings 100% 的運營和資產負債表賬戶。

Minority interest accounts on our balance sheet and income statement reflect equity interest held by unrelated parties in Atlas Pipeline Partners, Atlas Pipeline Holdings, and Atlas Energy.

我們資產負債表和損益表上的少數股東權益賬戶反映了非關聯方在 Atlas Pipeline Partners、Atlas Pipeline Holdings 和 Atlas Energy 中持有的股權。

In order to reflect certain non-cash charges and cash benefits of our subsidiary operations during the quarter, we provided an adjusted net income reconciliation.

為了反映本季度我們子公司業務的某些非現金費用和現金收益，我們提供了調整後的淨收入對賬。

The adjustments include a nonrecurring non-cash stock compensation award to Atlas Pipeline's Mid-Continent Management Team who were instrumental in assisting with the identification and acquisition, integration and operation of over $2.5 billion of assets on a cost basis that have formed Atlas Pipeline's presence in the mid-continent region.

這些調整包括向 Atlas Pipeline 的中大陸管理團隊提供非經常性非現金股票補償獎勵，他們在幫助識別和收購、整合和運營超過 25 億美元的資產方面發揮了重要作用，這些資產已形成 Atlas Pipeline 在大陸中部地區。

Secondly, we make an adjustment to reflect the cash flow associated with the acquisition of the Midkiff/Benedum and Chaney Dell systems that was unrecognized in Atlas Pipeline's income statement in the third quarter.

其次，我們進行調整以反映與收購 Midkiff/Benedum 和 Chaney Dell 系統相關的現金流量，這些現金流量在 Atlas Pipeline 第三季度的損益表中未被確認。

The effective date of the acquisition was July 1.

收購生效日期為 7 月 1 日。

However, Atlas Pipeline closed the transaction on July 27.

然而，Atlas Pipeline 於 7 月 27 日完成了交易。

Although Atlas Pipeline received the economic benefit of ownership of the assets as of July 1, accounting convention requires that we recognize revenues and expenses on the income statement only for the period beginning with the closing date and ending with the last day of the quarter.

儘管 Atlas Pipeline 在 7 月 1 日獲得了資產所有權的經濟利益，但會計慣例要求我們僅在損益表中確認從截止日期開始到季度最後一天結束的期間的收入和費用。

Lastly, Atlas Pipeline and Atlas Energy made adjustments to reflect cash flow with proceeds from derivative positions associated with current quarter production, but not reflected on the income statement.

最後，Atlas Pipeline 和 Atlas Energy 進行了調整，以反映與當前季度生產相關的衍生品頭寸收益的現金流，但未反映在損益表中。

After giving effect to minority interest and the estimated tax effect of these adjustments, we've estimated adjusted net income of $0.47 per unit.

在考慮少數股權和這些調整的估計稅收影響後，我們估計調整後的淨收入為每單位 0.47 美元。

This compares to $0.34 in the third quarter of last year, a 28% increase.

相比之下，去年第三季度為 0.34 美元，增長了 28%。

Gross margins at Atlas Energy and Atlas Pipeline generally expanded this quarter, compared to recent quarters, reflective of the aforementioned acquisitions at these companies, as well as substantial internal growth.

與最近幾個季度相比，Atlas Energy 和 Atlas Pipeline 的毛利率總體上有所擴大，這反映了這些公司的上述收購以及內部的大幅增長。

Both companies hedged their respective commodity price exposure extensively and this strategy has proven to be an effective mitigant of the variability of those prices.

兩家公司都對各自的商品價格風險進行了廣泛的對沖，事實證明，這種策略可以有效緩解這些價格的波動。

Relative to publicly stated guidance, Atlas Pipeline declared distributions at the higher end of its distribution guidance range with a coverage position that exceeded previous quarters and was consistent with expectations.

相對於公開聲明的指導，Atlas Pipeline 宣佈在其分佈指導範圍的高端進行分佈，其覆蓋範圍超過了前幾個季度並與預期一致。

Atlas Energy declared a distribution 10% above stated guidance with a coverage position on that distribution in excess of 1.3 times, significantly exceeding previous quarters and well above stated guidance.

阿特拉斯能源公司宣布的分配比規定的指導高出 10%，該分配的覆蓋率超過 1.3 倍，大大超過前幾個季度，遠高於規定的指導。

The operating success of these two companies led to growth in distributions paid to us this quarter of 21% compared to the June quarter of this year.

這兩家公司的經營成功導致本季度支付給我們的分配比今年六月季度增長了 21%。

This growth does not reflect the Management incentive allocation associated with our incentive--interest in Atlas Energy, which will be paid to us upon the successful completion of certain hurdles over the coming quarters, and we're optimistic that these incentive distributions can grow meaningfully through time.

這種增長並未反映與我們的激勵相關的管理層激勵分配——對 Atlas Energy 的興趣，這將在未來幾個季度成功完成某些障礙後支付給我們，我們樂觀地認為這些激勵分配可以有意義地增長通過時間。

Atlas Energy's core business continues to expand.

阿特拉斯能源的核心業務不斷擴大。

Acquisition opportunities appear abundant.

收購機會似乎很多。

And the Marcellus Shale provides unusual upside potential.

馬塞勒斯頁岩提供了不同尋常的上行潛力。

We, of course, again, remain perfectly positioned to fully benefit from these outstanding and visible potential cash flow growth drivers.

當然，我們再次處於完全有利的位置，可以充分受益於這些傑出且可見的潛在現金流增長驅動因素。

A couple of additional points related to our income statement.

與我們的損益表相關的幾點。

Interest expense that we generated from investable cash balances this quarter totaled roughly $1.2 million and is included in other income on our income statement.

我們本季度從可投資現金餘額中產生的利息費用總計約為 120 萬美元，並包含在我們損益表的其他收入中。

General and administrative costs attributable to our Company this quarter totaled approximately $1 million.

本季度歸屬於我們公司的一般和管理成本總計約為 100 萬美元。

And the remainder of G&A appearing on the income statement is attributable to Atlas Energy and Atlas Pipeline.

出現在損益表上的 G&A 的其餘部分歸屬於 Atlas Energy 和 Atlas Pipeline。

Our estimated effective tax rate in the quarter came in at roughly 30% as we continue to benefit from and adjust for an over accrual of estimated taxes at December 31, 2006.

我們在本季度估計的有效稅率約為 30%，因為我們繼續受益於 2006 年 12 月 31 日超額應計稅款並對其進行調整。

Our estimated effective tax rate in future periods will likely range in the 35% area.

我們估計未來期間的有效稅率可能在 35% 範圍內。

Finally, moving to our capital structure, total debt of approximately 1.9 million is attributable primarily to Atlas Pipeline's $830 million term loan and $294 million senior unsecured notes, and Atlas Energy's $735 million advance against its revolving credit facility.

最後，轉向我們的資本結構，大約 190 萬美元的總債務主要歸因於 Atlas Pipeline 的 8.3 億美元定期貸款和 2.94 億美元的高級無擔保票據，以及 Atlas Energy 對其循環信貸額度的 7.35 億美元預付款。

At Atlas Pipeline, no debt obligation matures before 2013, and at Atlas Energy, 2012.

在 Atlas Pipeline，2013 年之前沒有債務到期，而在 Atlas Energy，2012 年。

None of the aforementioned debt represents an obligation of our Company and we had no outstanding debt at the end of the quarter.

上述債務均不代表我們公司的義務，並且我們在本季度末沒有未償債務。

Again, as Ed has mentioned, we declared a cash distribution during the quarter of $0.05 per share payable on November 14, to shareholders of record on November 7.

再次，正如 Ed 所提到的，我們宣佈在 11 月 14 日支付給 11 月 7 日登記在冊的股東的季度現金分配，每股 0.05 美元。

That concludes my remarks, and I'll turn the call back to our Chairman, Ed Cohen.

我的發言到此結束，我將把電話轉回我們的主席 Ed Cohen。

Thank you very much, Matt.

非常感謝，馬特。

We have a number of other Senior Officers with us.

我們還有許多其他高級官員。

And so, as we move to the question and answer session we may be able to call on them for their expertise.

因此，當我們進入問答環節時，我們也許可以向他們請教他們的專業知識。

Clarissa, I think we're now ready for questions.

克拉麗莎，我想我們現在可以提問了。

(OPERATOR INSTRUCTIONS.) And your first question comes from the line of Wayne Cooperman of Cobalt Capital.

（操作員說明。）您的第一個問題來自 Cobalt Capital 的 Wayne Cooperman。

Please proceed.

請繼續。

Hey, Ed, again.

嘿，埃德，再次。

How are you?

你好嗎？

Fine, Wayne.

好吧，韋恩。

How are you?

你好嗎？

All of your operating subsidiaries are doing really well, which is obviously great for Atlas America.

你所有的運營子公司都做得很好，這對 Atlas America 來說顯然很棒。

So I guess my question is two-fold.

所以我想我的問題有兩個。

First, just on Lightbridge (sic), if you could give us an update on what you spent and where you see that going.

首先，就在 Lightbridge（原文如此）上，如果您可以向我們提供有關您花費的費用以及您看到的情況的最新信息。

And secondly, just talk about the strategy for Atlas America and the use of cash and all the money that's coming in.

其次，談談 Atlas America 的戰略以及現金的使用和所有流入的資金。

Maybe we ought to be just buying back stock or paying out a much bigger dividend.

也許我們應該只是回購股票或支付更大的股息。

Wayne, we should have with us--and I'll call on him in a little while--the Chairman of Lightfoot, our own Vice Chairman, Jonathan Cohen.

韋恩，我們應該和我們一起——我會在稍後拜訪他——Lightfoot 的主席，我們自己的副主席喬納森·科恩。

Jon, are you on the call?

喬恩，你在接電話嗎？

Yes, I'm here.

對，我在這。

Okay.

好的。

So maybe I'll ask you in a few seconds to bring us up to date on the exciting developments at Lightfoot, which of course is an entity that we have invested in along with Lehman and Goldman Sachs and Magnetar and others.

因此，也許我會在幾秒鐘內請您向我們介紹 Lightfoot 令人興奮的發展，這當然是我們與雷曼、高盛和 Magnetar 等公司一起投資的實體。

As for the cash situation, I guess we're in a very happy situation having conserved our cash and being in a position to consider possible substantial increases in dividend or possible substantial buybacks of stock.

至於現金情況，我想我們處於非常高興的境地，既節省了現金，又能夠考慮可能大幅增加股息或可能大量回購股票。

The opportunities, of course, go beyond that.

當然，機會不止於此。

And Wayne, we continue to monitor carefully what we're going to do with it.

韋恩，我們將繼續仔細監控我們將如何處理它。

And we have in the past bought back large amounts of stock.

我們過去曾回購大量股票。

We have a stock repurchase program available.

我們有可用的股票回購計劃。

The stock price certainly seems extremely attractive given the fact that while we've been having this fantastic quarter and everything's been going so well with the Company and expectations are so positive for the future, our stock price has lagged for reasons that maybe had to do with the fact that cautious successful transformational activities may not be getting quite the attention that they should be getting.

考慮到這一事實，股價當然看起來極具吸引力，儘管我們已經度過了這個美妙的季度，而且公司一切都進展順利，而且對未來的預期如此樂觀，但我們的股價由於可能不得不做的原因而落後事實上，謹慎的成功轉型活動可能沒有得到應有的關注。

So our stock price seems very favorable to us.

所以我們的股價似乎對我們非常有利。

But you--what would you do with the cash at the parent company since most of the growth at the subsidiary level seems to be financed by their own cash flows and balance sheets?

但是你——你會如何處理母公司的現金，因為子公司層面的大部分增長似乎是由它們自己的現金流和資產負債表提供資金的？

Well, don't forget, the parent company has been the incubator, if I could use that word, for other opportunities and Lightfoot is one such opportunity.

好吧，別忘了，母公司一直是孵化器，如果我可以用這個詞的話，還有其他機會，Lightfoot 就是這樣一個機會。

Sure.

當然。

And Jon, do you want to tell us about Lightfoot?

喬恩，你想告訴我們關於 Lightfoot 的事嗎？

Sure.

當然。

I mean, as it's a private company with many partners, we're cautious about what we say.

我的意思是，由於它是一家擁有許多合作夥伴的私人公司，我們對我們所說的話持謹慎態度。

But basically, we have invested about half the cash--a little less than half the cash of what we raised in our private offering.

但基本上，我們已經投資了大約一半的現金——略低於我們在私募中籌集的現金的一半。

And we've purchased numerous businesses in the coal space as well as in the storage space, and we continue to grow those businesses.

我們已經收購了煤炭領域和存儲領域的眾多業務，並且我們將繼續發展這些業務。

They're very small at this point and we're looking to take the next step and start another vertical in the next 60 to 90 days.

目前它們還非常小，我們希望在接下來的 60 到 90 天內邁出下一步並開始另一個垂直領域。

But after that, we'll be working on these three verticals and building them up substantially until they're able to access capital in the public markets, the MLP markets.

但在那之後，我們將在這三個垂直領域開展工作並大力建設它們，直到他們能夠在公共市場、MLP 市場獲得資金。

So all is going well there, but there's not really that much to report at this point.

所以一切進展順利，但目前還沒有太多要報告的內容。

(Inaudible.)

（聽不見。）

Thank you.

謝謝你。

We're ready for our next question.

我們已經準備好回答下一個問題了。

(OPERATOR INSTRUCTIONS.) And you have no further questions at this time.

（操作員說明。）此時您沒有其他問題。

We thank you all for your participation and we look forward to our next call.

我們感謝大家的參與，我們期待著我們的下一次電話會議。

Bye.

再見。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This concludes the presentation.

介紹到此結束。

You may now disconnect.

您現在可以斷開連接。

Good day.

再會。