Atlas Pipeline Partners Q1 Loss Narrows

(RTTNews) - Atlas Pipeline Partners, L.P. (APL) reported a net loss attributable to common limited partners and the General Partner for the first quarter of $16.9 million, compared to a net loss of $28.9 million for the year-ago quarter.

Net loss attributable to common limited partners was $0.27 per unit in the first quarter, compared to a net loss attributable to common limited partners of $0.48 per unit in the same quarter last year.

Total revenues for the first quarter rose to $700.00 million from $407.91 million a year earlier.

Atlas Pipeline Partners also said it has entered into a definitive agreement to sell its subsidiaries holding a 20% interest in West Texas LPG Pipeline Limited Partnership to a subsidiary of Martin Midstream Partners (MMLP) for $135 million, excluding any working capital adjustments. WTXLPG is a common carrier y-grade natural gas liquids pipeline operated by a subsidiary of the Chevron Corp. (CVX) which the Partnership purchased in May 2011 for $85 million. The deal is expected to close in the second quarter of 2014. Atlas Pipeline Partners expects to use the proceeds from the deal to pay down debt.