HOUSTON, Aug. 8, 2013 (GLOBE NEWSWIRE) -- LINN Energy, LLC (Nasdaq:LINE) ("LINN" or "the Company") and LinnCo, LLC (Nasdaq:LNCO) ("LinnCo") announced today financial and operating results for the three months ended June 30, 2013, and outlook for the remainder of 2013.
LINN reported the following second quarter 2013 results:
- Average daily production of 780 MMcfe/d compared to 630 MMcfe/d for the second quarter 2012
- Total revenues and other of approximately $839 million compared to $801 million for the second quarter 2012, which includes non-cash changes in fair value of unsettled commodity derivatives of approximately $271 million and $304 million, respectively, including the reduction of put option premium value over time
- Net income per unit of $1.47 per unit compared to $1.19 per unit for the second quarter 2012, which includes non-cash changes in fair value of unsettled commodity derivatives of approximately $1.15 per unit and $1.52 per unit, respectively, including the reduction of put option premium value over time
- Adjusted EBITDA (a non-GAAP financial measure) of approximately $362 million compared to $319 million for the second quarter 2012 (see Schedule 1 for a reconciliation of Adjusted EBITDA)
- Distributable cash flow per unit of $0.65 per unit compared to $0.70 per unit for the second quarter 2012 (distributable cash flow is a non-GAAP financial measure; see Schedule 1 for a reconciliation and see supplemental information for a calculation of distributable cash flow per unit)
- Distribution coverage ratio of 0.89x (see supplemental information for a calculation of distribution coverage ratio)
"LINN has experienced a challenging start to the year as lower than expected returns from our capital program coupled with historically low NGL prices have weighed on year-to-date results," said Mark E. Ellis, Chairman, President and Chief Executive Officer. "While these and other challenges have made for a disappointing first half of 2013, we are optimistic about the remainder of the year and expect to deliver annual production growth of approximately 8% - 10%, as July volumes averaged approximately 815 MMcfe/d."