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Linn Energy's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Linn Energy, LLC (LINE)

Q2 2012 Earnings Call

July 26, 2012 11:00 a.m. ET

Executives

Mark Ellis – Chairman, President & CEO

Clay Jeansonne, VP – IR

Arden Walker – EVP & COO

Analysts

John Ragozzino -- RBC Capital Markets

Kevin Smith – Raymond James

Ethan Bellamy – Baird

Boris Pialloux -- National Securities

Bernard Colson -- Global Hunter

Jason Gilbert -- Goldman Sachs

Adam Leight -- RBC Capital Market

Michael Peterson -- MLV & Company

Eric Anderson -- Hearthford Financial

Kenneth Miller -- KC Capital Management

Presentation

Operator

Good morning. Welcome to LINN Energy Second Quarter 2012 Earnings Conference Call. Today s call is being recorded.

At this time I would turn the call over to Clay Jeansonne, LINN Energy s Vice President of Investor Relations for some opening remarks. Please go ahead.

Clay Jeansonne

Thank you for joining our second quarter 2012 earnings conference call. In a moment, I ll introduce Mark Ellis, our Chairman, President, and Chief Executive Officer. But I first need to provide you with disclosure regarding forward-looking statements that will be made during this call.

The statements describing our beliefs, goals, plans, strategies, expectations, projections, forecasts, and assumptions are forward-looking statements. Please note that the company s actual results may differ from those anticipated by such forward-looking statements for a variety of reasons, many of which are beyond our control.

Additional information concerning certain risk factors relating to our business, prospects and results is available in the company s filings with the SEC, including our Form 10-Q for quarter ended June 30th, 2012, which will be filed today, and any other public filings and press releases.

Additionally, during the course of today s discussion, management will refer to adjusted EBITDA as an important metric for evaluating the company s performance. Please note that adjusted EBITDA is a non-GAAP financial measure which is reconciled to the most directly comparable GAAP measure in the earnings press release issued this morning.

Supplemental financials and operational information, including the company s statement of operations, selected balance sheet data and guidance table has been posted to LINN Energy website at www.linnenergy.com in the Investor Center on the presentation.

Following management s prepared remarks, we ll take your questions.

I ll now turn the call over to Mark.

Mark Ellis

Thanks, Clay, and good morning. Joining us today in Houston are Kolja Rockov, LINN s Executive Vice President and Chief Financial Officer, and Arden Walker, LINN s Executive Vice President and Chief Operating Officer.

I will – that a year ago our core strategy requiring material long life assets. Year-to-date we have announced the acquisitions in joint venture agreements totaling approximately $2.8 billion, nearly exceeding total acquisitions for 2010 and 2011 combined.

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