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

During the fourth quarter 2013, the Company participated in its first non-operated horizontal Wolfcamp well with partner Diamondback Energy and expects results in the first quarter 2014. LINN anticipates spending approximately $395 million of its 2014 oil and natural gas capital budget in the Permian Basin. 

California:

During the fourth quarter 2013, LINN's reported California production averaged approximately 6 MBoe/d, consisting of 4 MBoe/d from Berry's assets and 2 MBoe/d from LINN's legacy properties. Berry's total fourth quarter production averaged approximately 23 MBoe/d. Currently, LINN's combined production is approximately 25 MBoe/d, making it the 5 th largest producer in California with production from three key contributing areas – South Midway-Sunset, North Midway-Sunset and the Los Angeles Basin Brea properties. These assets not only provide LINN with growth opportunities in North Midway-Sunset, particularly in Diatomite and New Steam Floods, but also deliver stable production volumes and cash flow from the mature Steam Floods of South Midway-Sunset and the Los Angeles Basin Brea properties.

Production from South Midway-Sunset properties averaged approximately 12 MBoe/d in the fourth quarter 2013, in-line with third quarter 2013 production and a decrease of six percent from the fourth quarter 2012. The Company continues to excel in maximizing cash flows by focusing on minimizing base production decline.

During the fourth quarter 2013, production from the Los Angeles Basin Brea properties averaged approximately 2 MBoe/d, while maintaining a very shallow decline rate.

The North Midway-Sunset operations consist of the Diatomite and New Steam Floods, both of which have exhibited impressive growth over the past two years. Fourth quarter 2013 Diatomite production averaged approximately 7 MBoe/d, which represents a 27 percent increase from third quarter 2013 levels and a 74 percent increase from the fourth quarter 2012, as a result of adding completions from the Company's ongoing development program. The Company continues to demonstrate consistent quarterly production growth by executing a continuous drilling program, expanding its infrastructure, and steadily adding completions. New Steam Floods production averaged approximately 4 MBoe/d in the fourth quarter 2013, which represents a 28 percent increase from third quarter levels and a 97 percent increase from the fourth quarter 2012, led by continued positive response from steam flood activities at the Company's McKittrick 21Z asset.

5 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 17,217.25 -169.96 -0.98%
S&P 500 2,005.77 -23.78 -1.17%
NASDAQ 4,645.9510 -35.5460 -0.76%

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