In 2008, ATP Oil & Gas Corporation achieved record net income and revenues, replaced 214% of its oil and gas production, and received $472 million in cash proceeds from asset sales.

Additionally, last Friday ATP and GE Energy Financial Services jointly announced a new infrastructure partnership. The partnership will include the ATP Innovator, the floating production platform servicing ATP's deepwater Gomez Hub. This transaction does not include any oil and gas reserves, and ATP continues to operate and hold a 100% working interest in the Gomez field.

Record annual net income of $122 million or $3.43 per basic and $3.39 per diluted share with record annual revenues of $618 million. Total additions to reserves from all sources of 20 MMBoe (123 Bcfe), contributing to a production replacement ratio of 214%. Asset sales of $472 million, representing 11 MMBoe and resulting in a 2008 gain on sale of $119 million with an additional $59 million of deferred revenue to be recognized in the future. Results of Operations

ATP recorded net income of $122 million or $3.43 per basic and $3.39 per diluted share for 2008, compared to net income of $49 million or $1.58 per basic and $1.55 per diluted share for 2007. ATP recorded net income of $50 million or $1.41 per basic and diluted share for the fourth quarter of 2008, compared to net income of $13 million or $0.39 per basic and $0.38 per diluted share for the fourth quarter of 2007.

Total revenues were $618 million for 2008 and $81 million for the fourth quarter of 2008, compared to $608 million for 2007 and $213 million for the fourth quarter of 2007.

Tags: ATP Oil & Gas Corporation