HOUSTON, Feb. 21, 2013 (GLOBE NEWSWIRE) -- LINN Energy, LLC (Nasdaq:LINE) and LinnCo, LLC (Nasdaq:LNCO) announced today financial and operating results for the fourth quarter and year-ended December 31, 2012, and outlook for 2013.
- Increased average daily production 88 percent to 800 MMcfe/d for the fourth quarter 2012, compared to 425 MMcfe/d for the fourth quarter 2011; and 82 percent to 671 MMcfe/d for the full-year 2012, compared to 369 MMcfe/d in 2011;
- Increased adjusted EBITDA 35 percent to $379 million for the fourth quarter 2012, compared to $281 million for the fourth quarter 2011; and 40 percent to $1.4 billion for the full-year 2012, compared to $998 million in 2011;
- Achieved a distribution coverage ratio of 1.07x for the fourth quarter 2012, and 1.14x for the full-year 2012;
- Delivered adjusted net income of $0.41 per unit for the fourth quarter 2012, and $1.44 per unit for the full-year 2012.
- Increased distribution by 5 percent on April 24, 2012;
- Increased proved reserves by 1.4 Tcfe to 4.8 Tcfe, up 42 percent compared to 3.4 Tcfe in 2011;
- LINN's liquids rich drilling program resulted in a reserve replacement ratio of approximately 150 percent at a cost of $2.88 per Mcfe, excluding revisions due to price and removal of proved undeveloped reserves more than five-years old;
- Including acquisitions of approximately $2.9 billion, the reserve replacement ratio was 869 percent for a reserve replacement cost of $1.77 per Mcfe, excluding revisions due to price and removal of proved undeveloped reserves more than five-years old.
- Shifted focus of Granite Wash drilling program to oil-producing Hogshooter zone:
- Successfully drilled 26 Hogshooter wells during 2012 which have produced a cumulative total of approximately 2.7 million Bbls of oil equivalent (BOE);
- Completed first Hogshooter well in Mayfield area of Oklahoma with initial production rate of 5,406 Boe/d (2,055 Bbls/d of oil, 1,915 Bbls/d of NGLs and 8.6 MMcf/d of gas).
- Generated net proceeds of approximately $3.8 billion through an estimated $2 billion of public equity offerings and a $1.8 billion bond offering:
"LINN delivered a record-setting 2012, closing approximately $2.9 billion in acquisitions and joint-venture agreements and increasing organic production by 15 percent. Through organic growth and acquisitions, the company increased reserves by 42 percent to 4.8 Tcfe. Most significant to our unitholders, our outstanding performance enabled us to raise our quarterly cash distribution by five percent for the third year in a row and pay our 28th consecutive distribution," said Mark E. Ellis, Chairman, President and Chief Executive Officer.
- Completed a $1.3 billion initial public offering (IPO) of LinnCo on October 17, 2012, representing the largest E&P IPO ever.