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
HOUSTON, Dec. 3, 2013 (GLOBE NEWSWIRE) -- LINN Energy, LLC (Nasdaq:LINE) announced today that it is updating its fourth quarter 2013 guidance, posting a new investor presentation and announcing the recommendation of a leading independent proxy voting and corporate governance advisory firm.
UPDATED FINANCIAL GUIDANCE
LINN Energy, LLC ("LINN" or the "Company") reiterates total estimated production during the fourth quarter to be between 840 MMcfe/d and 860 MMcfe/d, which includes the impact from recent severe winter weather in the Permian and Mid-Continent operating regions. Additionally, LINN increased its fourth quarter guidance for "excess of net cash"
(1) to be approximately 5-10% above the Company's current distribution, compared to prior guidance of zero percent above the Company's current distribution. Both estimates do not include the anticipated positive impact from the pending merger with Berry Petroleum Company ("Berry"). During the quarter, production has remained on-track, NGL prices have continued to increase and the Company has continued to realize lower operating expenses, all of which have contributed to this updated fourth quarter guidance.
For the full-year 2013, LINN estimates production growth of 8-10%, which remains on-track with the previous guidance provided by the Company.
(1) Excess (shortfall) of net cash provided by (used in) operating activities after distributions to unitholders and discretionary adjustments considered by the Board of Directors.
NEW INVESTOR PRESENTATION
Today, LINN posted a new investor presentation on the Company's website at
www.linnenergy.com . To view this material, go to the "Investor Center" link and select "Presentations." The presentation includes an overview of the Berry merger, current operational outlook for LINN and Berry, and additional information regarding the extensive acreage positions held by both companies in the Permian Basin.
Additionally, the Company announced today that Institutional Shareholder Services ("ISS"), a leading independent proxy voting and corporate governance advisory firm, recommends unitholders and shareholders vote "FOR" all proposals including the proposed merger with Berry (NYSE:BRY) at the meetings of LINN Energy unitholders and LinnCo shareholders scheduled for Monday, December 16, 2013.