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

Stocks in this article: LINELNCO

LINN anticipates spending approximately $255 million of its 2014 oil and natural gas capital budget in California. The Company plans to allocate approximately $190 million to focus on growth opportunities in North Midway-Sunset and the remaining $65 million will focus on optimization and enhancement projects in South Midway-Sunset and the Los Angeles Basin Brea property.

Jonah Field:

Jonah Field production averaged approximately 148 MMcfe/d for the fourth quarter 2013, which represents a nine percent increase from third quarter levels and flat compared to the fourth quarter 2012. LINN currently has two operated rigs drilling in the field and is participating in a non-operated program which consists of two rigs. During 2014, the Company anticipates spending approximately $220 million of its oil and natural gas capital budget in the Jonah Field. The Company is currently rejecting ethane in the field and is forecasting ethane rejection to continue throughout 2014. Actual ethane rejection decisions are made monthly based on current commodity prices in an effort to maximize value. 

Uinta:

Uinta production averaged approximately 10 MBoe/d for the fourth quarter 2013, which represents a 20 percent increase from third quarter levels and a 29 percent increase from the fourth quarter 2012, primarily due to better than expected drilling results from improved operational efficiencies, such as reduced drilling cycle times, which allowed the Company to complete more wells than originally anticipated. LINN currently has three rigs active in the Uinta and continues to develop its marketing options through its initiative of shipping crude oil to markets outside of Utah via railcar. During 2014, the Company anticipates spending approximately $200 million of its oil and natural gas capital budget in Uinta.

Granite Wash:

Granite Wash production averaged approximately 253 MMcfe/d for the fourth quarter 2013, which represents a two percent decrease compared to third quarter 2013 levels due to weather impacts and represents a ten percent increase from the fourth quarter 2012, as a result of the Company's drilling program. In 2014, the Company intends to reduce its rig count in the region from an average of eight in 2013 to four rigs by mid-year 2014. LINN anticipates spending approximately $170 million of its 2014 oil and natural gas capital budget in the Granite Wash, primarily focused on the Mayfield area Hogshooter oil development as well as other liquids rich developments in the region. Additionally, the Company will continue to focus on base optimization efforts and operating expense reductions in the Granite Wash.

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