1 ATP Oil & Gas Corporation The Seventh Oil & Gas Conference August 5-8, 2002 ATP Oil & Gas...

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ATP Oil & Gas Corporation

The Seventh

Oil & Gas Conference

August 5-8, 2002

ATPOil & Gas

Corporation

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Taking abusiness approach

to the oil and gas business.

ATPOil & Gas

Corporation

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Forward-looking Statement

This presentation contains projections and other forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the Company’s current view with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as result of certain factors. A discussion of these factors is included in the Company documents filed with the Securitiesand Exchange Commission.

This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, or the solicitation of a proxy or an attempt to influence any voting of securities, by any person.

ATPOil & Gas

Corporation

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Area of Operations

Over 50 blocks in Gulf of Mexico

7 blocks in North Sea

ATPOil & Gas

Corporation

5


Company Overview

• Founded in 1991

• A “D & P” company• Development and Production• Offshore solution provider for

exploration-oriented majors and independents

• ATP technical staff average 21 years industry experience

• Win-Win Solution Provider• Seller eliminates future capital

expenditures on non-core assets, but receives cash flow

• ATP eliminates exploration risk, cost and time

ATPOil & Gas

Corporation

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Company History

ATP was founded in 1991 and completed an initial public offering in February 2001

1995 200220021997 199919961991

The Company is

incorporated

on August 8th

ATP acquires the third-party

interests from its two partnerships and enters into a

new financing arrangement

ATP completes its first sub-sea

development

ATP wins numerous awards for its outstanding

technological achievements and

growth record

ATP acquires all properties of

Statoil (US) on the outer-

Continental Shelf of the Gulf

of Mexico

ATP acquires its first properties in the UK

North Sea

ATP becomes one of the first

independents to utilize horizontal

drilling in offshore operations

ATP opens the U.K. office commencing operations in the

Southern Gas Basin of the UK North Sea

1998 2000 2001

ATP awarded UKCS Blocks 42/25a and

43/21a by DTI as an Out of

Round License

ATPOil & Gas

Corporation

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2001 Benchmarks

ProductionReservesReserve ReplacementOil & Gas RevenuesEBITDA

Debt

ATP RecordAlmost

Doubled527%Grew by 7%

Over 62% of revenues for 6 straight years

Reduced by 14%

ATPOil & Gas

Corporation

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Production Oil/Natural Gas

(Bcfe) 25.724.5

17.3

9.9

2.8

1997 1998 1999 2000 2001

ATPOil & Gas

Corporation

9


Proved Reserves

(Bcfe)

235

125

104

5046

1997 1998 1999 2000 2001

ATPOil & Gas

Corporation

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Proved Reserves Per ShareATPOil & Gas

Corporation

1997 1998 1999 2000 2001

11.6

8.8

7.3

4.24.4

(Mcfe per share)

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Reserve Replacement

Average Reserve

Replacement:

1997-2000 259%

2001 527%

ATPOil & Gas

Corporation

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Five Year Historical Operating Performance

($ in millions)

1997 1998 1999 2000 2001

68% 72% 62% 65% 62%

$94

$84

$55

$43

$27$20

$15$8$5

EBITDA REVENUES

$58

Margin

ATPOil & Gas

Corporation

Note: Revenues reflect the effects of settled hedging activity

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Discretionary Cash FlowATPOil & Gas

Corporation

$17

$43

$47

1999 2000 2001

($ in millions)

Cash flow is EBITDA less interest expense

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Debt ReductionATPOil & Gas

Corporation

2000 2001

$100Million

$116Million

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ATP Oil & Gas Corporation ATPOil & Gas

Corporation

2002

Actual First Half Results

and

Updated Guidance

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2002 Operating Performance

ATPOil & Gas

Corporation

$14

$20$20

$26

1Q02 2Q02

EBITDA Revenues

($ in millions)

EBITDA

Margin

69%

for first six months

Note: Revenues reflect the effects of settled hedging activity

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2002 Operating Performance

ATPOil & Gas

Corporation

-$6

$3

$11

$18

1Q01 2Q02

Net Income (Loss)

Discretionary Cash Flow

($ in millions)

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Debt Reduction Program

ATPOil & Gas

Corporation

$116$110

$90 $88

2000 2001 2Q02 7/31/2002

($ in millions)

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Debt Per Proved McfeATPOil & Gas

Corporation

$0.93

$0.43 $0.40

2000 2001 2Q02

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First Half 2002 Capital Liquidity Improvement

ATPOil & Gas

Corporation

Working Capital (1) Increased $12.2 million

Bank and Subordinated Debt Decreased $10.0 million

Overall Capital LiquidityImprovement $22.2 million

ATP has positive working capital as of June 30, 2002 (1)

(1) Excludes current maturities and mark-to-market of hedges and derivatives

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2002 Development Projects

Gulf of Mexico

With capital of less than $20 million ATP is moving 32 Bcfe to proved developed producing properties (PDP)

ATPOil & Gas

Corporation

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2002 Development Projects

North Sea

ATP is presently developing the Helvellyn project (Block 47/10) with production scheduled for 2003

ATPOil & Gas

Corporation

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Offshore Expertise

ATP has extensive subsea expertise

Subsea wells operated 10

Subsea development wells planned 7

Industry leader in long reach subsea tiebacks - Ladybug 18 miles

ATPOil & Gas

Corporation

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Operating Control

100% of properties under development are operated, allowing control of the timing and amount of capital expenditure

ATPOil & Gas

Corporation

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2002 Updated Production Guidance

Gulf of MexicoProduction:

Original full year guidance 26.0 Bcfe (75% gas) Revised full year guidance 26.5 Bcfe (70% gas)

Original first half guidance 12.7 Bcfe (65% gas) Actual first half performance 14.9 Bcfe (67% gas)

3Q02 6.5 Bcfe (74% gas)

Guidance for future quarterly production will be given during the year. First U.K. North Sea production is scheduled for 2003.

ATPOil & Gas

Corporation

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2002 Updated Expense Guidance

Gulf of Mexico

LOE:Original full year guidance$0.70/McfeRevised full year guidance$0.54/Mcfe

Actual first half $0.49/Mcfe

ATPOil & Gas

Corporation

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ATP Upside

Outer Continental Shelf

Shallow Deepwater Gulf

North Sea

ATPOil & Gas

Corporation

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Property OverviewATPOil & Gas

Corporation

Gulf of MexicoShelf Program

Future developments on the shelf

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Garden Banks 409 (Ladybug)

Gulf of MexicoShallow Deepwater

Ladybug•ATP Operated•2 million barrels produced after 300 days

ATPOil & Gas

Corporation

Future developments in deep water

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Southern Gas Basin of North Sea

ATPOil & Gas

Corporation

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Southern Gas Basin of North Sea

ATP Acquisition Blocks

The Tors

Helvellyn 2002 Development Venture

ATPOil & Gas

Corporation

49/12a

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Investment Considerations

Six straight years of increases ofProductionReservesRevenuesEBITDACash Flow

12 undeveloped projects with over 150 Bcfe of proved reserves to be developed in 2002 – 2004

100% operated by ATP

Proved reserves per share @12/31/01 11.6

Mcfe

ATPOil & Gas

Corporation

Significantly improved liquidity

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NASDAQ: ATPG


4600 Post Oak Place, Suite 200

Houston, TX 77027-9726

713-622-3311

www.atpog.com

ATPOil & Gas

Corporation

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