ATP Oil & Gas Corporation is a Houston, Texas

Houston, Texas

Houston is the fourth-largest city in the United States, and the largest city in the state of Texas. According to the 2010 U.S. Census, the city had a population of 2.1 million people within an area of . Houston is the seat of Harris County and the economic center of , which is the ...

 based company that develops and produces oil and natural gas in the Gulf of Mexico and the North Sea. It specializes in developing reserves. ATP trades on the NASDAQ

NASDAQ

The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...

 Global Select Market under the symbol ATPG.

History

ATP Oil & Gas was founded in 1991. The company acquires and develops off shore properties in the Gulf of Mexico and North Sea with proven but as yet undeveloped oil and gas reserves, called PUD in the industry. The company has a 97% success rate in this objective. The success rate has increased as more powerful seismic technologies have become available.

Worldwide exposure

ATP has leasehold and other interests in 50 offshore blocks in the Gulf of Mexico, 12 blocks in the North Sea, of which 11 are in the United Kingdom controlled sector and one in the Netherlands

Netherlands

The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...

 controlled sector.

Innovative and notable technology developed

The company has developed refinements to existing technology including developing a subsea well in 500 feet (152.4 m) of water with an 11 miles (17.7 km) pipeline and an umbilical controlled by direct hydraulics, which as, at the time, the longest direct hydraulic system in the world. Previously it was thought that direct hydraulics could not be used for distances beyond five to seven miles (11 km). ATP was awarded Best Field Improvement Project 1999 for this innovation by Hart’s Oil and Gas World magazine.

ATP set a new world record for the Longest Subsea Oil Tieback at its Ladybug wells in Garden Banks Block 409 in the Gulf of Mexico. About 91865 ft (28,000.5 m) of 6-in. pipe were laid in 1360 ft (414.5 m) waters to tie the Ladybug wells to the Garden Banks 189 “A” platform.

The company also incorporates networking and the internet communication. This results in the company operating 17 unmanned platforms dramatically lowering costs. The company received the Inc./Cisco Growing with Technology Award 2000 for this accomplishment.

Largest Volvo overseas delivery car order in history

In 2006, on behalf of its employees, the company placed the largest single non-fleet order for overseas delivery in the Volvo carmaker's history. Every employee of the company was given the option to receive a new Volvo car and a trip to Sweden.

This record order was a result of a challenge made by the company to its employees to reach certain corporate goals for the year. The challenge was that if the goals were met, every employee regardless of rank or job description would receive a new 2006 Volvo S60 sedan and a trip to Sweden to take delivery of the car. Paul Bulmahn, the Chairman and President of the company disqualified himself from receiving the bonus.

Production goals included:

• beginning production of the deepwater Mississippi Canyon Block 711 field, also known as Gomez, *increasing the company's production of natural gas to 160 Mcuft per day (nearly a triple production of the previous year),
• obtaining a 200% reserve replacement (the goal was exceeded with a replacement rate of 1,367% rate),
• completing six Gulf of Mexico and three North Sea projects

Location, management and key personnel

ATP is headquartered in Houston, Texas. It has additional offices in Guildford, Surrey, United Kingdom and IJmuiden, Netherlands.
T. Paul Bulmahn is the founder and owns approximately 24% of shares. Effective May 21, 2008, Leland E. Tate, previously the Chief Operating Officer, is promoted to the position of President of the company. Additionally, George R. Morris, previously the Vice President, Acquisitions, will assume the role of ATP Chief Operating Officer. T. Paul Bulmahn continues with ATP as Chief Executive Officer and Chairman of the Board.