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Driller Atlas America Leverages Higher Gas Prices In Northeast.(THE IBD 100)
Byline: DAVID ISAAC
Atlas America recently announced its fourth-quarter and year-end results. The news was more good news for the oil and gas driller.
Atlas' sales jumped 71% to $181 million in fiscal '04. Fourth-quarter sales surged 140% to $70 million and profit rose 22% to 56 cents.
"(Atlas') fiscal 4Q '04 results were stellar, in our opinion," KeyBanc Capital Markets analyst Kim Pacanovsky wrote in an analyst note on the company.
Atlas mainly drills for natural gas, but also has some oil wells. It drills only in the Appalachian region, where the company leases land from farmers.
There's a competitive advantage to drilling in Appalachia.
No. 1, the company gets a better price for its gas. "We are in the Northeast part of the country where there is a big demand for gas in a very close proximity to where we drill," said CFO Freddie Kotek.
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