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LINN Energy Announces Fourth Quarter And Full-Year 2013 Results And 2014 Outlook

Stocks in this article: LINE LNCO

HOUSTON, Feb. 27, 2014 (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 fourth quarter and year ended December 31, 2013, and outlook for 2014.

LinnCo logo

LINN Energy reported the following fourth quarter and full-year 2013 results:

  • Increased average daily production 11 percent to 889 MMcfe/d for the fourth quarter 2013 (includes 44 MMcfe/d Berry contribution), compared to 800 MMcfe/d for the fourth quarter 2012; and 23 percent to 822 MMcfe/d for the full-year 2013 (includes 11 MMcfe/d Berry contribution), compared to 671 MMcfe/d for 2012;
  • Increased oil, natural gas and NGL sales 27 percent to approximately $585 million for the fourth quarter 2013, compared to $461 million for the fourth quarter 2012; and 29 percent to $2.1 billion for the full-year 2013, compared to $1.6 billion for 2012;
  • Distributions paid to unitholders of approximately $171 million for the fourth quarter 2013, compared to $170 million for the fourth quarter 2012; and $682 million for the full-year 2013, compared to $596 million for 2012;
  • Excess of net cash of approximately $31.5 million for the fourth quarter of 2013, compared to $6.6 million for the fourth quarter 2012 (see Schedule 1, footnote 7); and
  • Net loss of approximately $785 million, or $3.15 per unit, for the fourth quarter 2013, which includes non-cash impairment charges of $790 million, or $3.16 per unit, and non-cash changes in fair value of unsettled commodity derivatives of approximately $44 million, or $0.18 per unit, including the reduction of put option premium value over time.

LINN Energy highlighted the following significant 2013 accomplishments:

  • Completed the Berry Petroleum Company ("Berry") acquisition, valued at approximately $4.6 billion, including assumption of debt and net of cash acquired;
  • Completed the acquisition of certain oil and natural gas properties located in the Permian Basin for approximately $528 million;
  • Received ratings upgrades by both Moody's and Standard & Poor's;
  • Increased proved reserves 34 percent to 6.4 Tcfe compared to 4.8 Tcfe from 2012;
  • Significantly enhanced the Company's portfolio of producing assets by:
  • Increasing its geographic presence in California, the Permian Basin, East Texas and the Rockies, as well as adding an attractive new core area in the Uinta Basin; and
  • Increasing liquids proved reserves to 53 percent compared to 46 percent from 2012.

"LINN Energy delivered positive fourth quarter and full-year production results which were within the Company's guidance ranges, despite disruptions from severe winter weather," said Mark E. Ellis, Chairman, President and Chief Executive Officer. "We are extremely pleased to have closed the merger with Berry in the fourth quarter of 2013. The integration process is progressing smoothly, and we are excited to bring the Berry employees and their expertise into the LINN organization. We are looking forward to 2014, as we expect the acquisition market to remain robust," Ellis added.

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