14.52%QQQQ 35.13 12.16%XLF 16.28 7.81%
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PHILADELPHIA - Natural gas company Atlas America Inc. said Wednesday it will increase its stake in a pipeline company by $40 million so the limited partnership can end outstanding crude oil derivatives.
Atlas America will make its investment in Atlas Pipeline Partners L.P. through the purchase of common limited partner units.
Additionally, Atlas Pipeline Holdings L.P.--a holding company controlled by Atlas America, and Atlas Pipeline Partners' general partner--will pump $10 million into the partnership through a similar purchase.
Atlas Pipeline plans to use the proceeds to end crude oil derivative contracts related to its ethane and propane holdings.
Atlas Pipeline Partners shares fell 90 cents, or 2.3 percent, to $37.70.
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