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

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. 


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.

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