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
TheStreet Open House

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

Stocks in this article: LINE LNCO

Guidance Update

The Company expects production for the first quarter of 2014 to average between 1,070 and 1,100 MMcfe/d and production for the full-year 2014 to average between 1,070 and 1,140 MMcfe/d, which includes the potential impact of ethane rejection for the year of approximately 22 MMcfe/d. Decisions to reject ethane are made monthly based on economics at each processing location in an effort to maximize value. Assuming current commodity price assumptions, any potential ethane rejection will have a negative impact on production volumes but no impact to revenue. 

Updated operational and financial guidance is provided in the supplemental information posted at www.linnenergy.com .

Operational Highlights

During the fourth quarter 2013, LINN's production averaged approximately 845 MMcfe/d, excluding Berry's operations, in-line with previously announced guidance despite significant winter weather impacts. This represents a three percent increase from the third quarter 2013. Berry's total fourth quarter production averaged approximately 45 MBoe/d, which is above Berry's previously estimated fourth quarter guidance of approximately 44 MBoe/d and represents a nine percent increase from the third quarter 2013.

Permian Basin:

During the fourth quarter 2013, LINN's reported Permian production averaged approximately 18 MBoe/d, consisting of 17 MBoe/d from LINN's legacy properties and 1 MBoe/d from Berry's assets. This represents a 35 percent increase from third quarter 2013 levels and a 32 percent increase from the fourth quarter 2012, primarily due to acquisitions and the Company's continued success with its vertical Wolfberry drilling program. Berry's total fourth quarter 2013 production averaged approximately 8 MBoe/d, in-line with third quarter 2013 production and an increase of five percent from the fourth quarter 2012. During 2014, LINN will focus on three key drilling programs in the Permian Basin, which consist of vertical Wolfberry, vertical Clearfork and horizontal Wolfcamp. The Company plans to run an average of six rigs in the Permian Basin in 2014, which consist of three rigs targeting the Wolfberry trend and two rigs targeting the Clearfork formation in the recently acquired East Goldsmith field. Finally, based on positive results from industry activity near LINN's acreage, the Company intends to operate one rig to drill approximately ten horizontal wells targeting the Wolfcamp B interval beginning in early second quarter 2014. 

4 of 12

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

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