Linn Energy, LLC (LINE)
Q2 2012 Earnings Call
July 26, 2012 11:00 a.m. ET
Mark Ellis – Chairman, President & CEO
Clay Jeansonne, VP – IR
Arden Walker – EVP & COO
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
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.
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.
s prepared remarks, we
ll take your questions.
ll now turn the call over to Mark.
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.