4600 Post Oak Place, Suite 200
Houston, Texas 77027-9726
Phone: (888) 346-5024
ATP Oil & Gas Corporation is engaged in the development and production of oil and natural gas in the offshore Gulf of Mexico and the North Sea. ATP’s strategy is to acquire and develop properties which have proved undeveloped reserves, called PUD in the industry. These properties are not strategic to exploration-oriented oil and gas companies, leaving ATP free to develop and produce without the risk, cost, and time involved in traditional exploration. Since its inception in 1991, the company has had a success record of 98% in taking projects to production that were previously undeveloped and non-producing.
As of December 31, 2009, ATP Oil & Gas Corporation owned leasehold and other interests in 62 offshore blocks and 104 wells, including 19 subsea wells, in the Gulf of Mexico. The company operates 89% of these wells, including 95% of the subsea wells.
ATP has a record of offering extreme employee incentives to its under 100 employees in the United States, United Kingdom, and the Netherlands. In 2008, employees were offered a free mortgage for each of them for a year if the company reduced debt by $600 million. Production began at the company’s Telemark Hub in the Gulf of Mexico, and secured field development began for a project in the North Sea by July 1, 2009. In 2006, all employees received a brand new Volvo and a trip to Sweden for meeting similar goals.
ATP Oil & Gas Corporation trades on the NASDAQ Global Select Market under the symbol “ATPG”. Hit by an offshore drilling moratorium in the wake of the BP oil spill in the Gulf of Mexico, ATP Oil & Gas Corporation posted a bigger-than-expected quarterly loss for the 2nd quarter of 2010. The company warned of project delays, sending its shares down 15 percent. With projects in the Gulf of Mexico deferred until 2011, ATP is expected to seek reimbursement of moratorium-related expenses from BP.
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