This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

LINN Energy Announces Third Quarter 2013 Results

HOUSTON, Oct. 28, 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 September 30, 2013, and outlook for the remainder of 2013.

LINN reported the following third quarter 2013 results:

  • Average daily production of 823 MMcfe/d compared to 782 MMcfe/d for the third quarter 2012;
  • Oil, natural gas and NGL sales of approximately $538 million compared to $444 million for the third quarter 2012;
  • Distributions paid to unitholders of $171 million compared to $145 million for the third quarter 2012;
  • Excess of net cash provided by operating activities after distributions to unitholders and discretionary adjustments considered by the Board of Directors of $2 million compared to $57 million for the third quarter 2012 (see Schedule 1, footnote 7); and
  • Net loss of approximately $30 million, or $0.13 per unit, compared to a net loss of $430 million, or $2.18 per unit, for the third quarter 2012, which includes non-cash changes in fair value of unsettled commodity derivatives of approximately $99 million, or $0.42 per unit, and $520 million, or $2.63 per unit, respectively, including the reduction of put option premium value over time.

"During the third quarter LINN's capital program delivered positive results exceeding guidance across the board," said Mark E. Ellis, Chairman, President and Chief Executive Officer. "Higher production volumes coupled with lower operating costs resulted in an excess of net cash provided by operating activities after distributions to unitholders and discretionary adjustments considered by the Board of Directors."

Acquisitions

On September 11, 2013, the Company entered into a definitive purchase and sale agreement to acquire certain oil and natural gas properties, located in the Central Basin Platform of the Permian Basin, for a contract price of approximately $525 million. This acquisition further strengthens LINN's position in the Permian Basin adding approximately 124 producing wells and an additional 300 identified future drilling locations primarily in the Clearfork formation. Current proved reserves total approximately 30 MMBoe, of which approximately 70 percent are oil. Furthermore, LINN has identified additional waterflood reserve potential of approximately 24 MMBoe that could provide significant upside in the future. The Company anticipates the acquisition will close on or before October 31, 2013, subject to closing conditions.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,135.72 +38.82 0.21%
S&P 500 2,101.04 +2.51 0.12%
NASDAQ 4,982.8090 +15.6680 0.32%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs