This Day On The Street
Continue to site
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

LINN Energy Announces First Quarter 2014 Results

HOUSTON, May 1, 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 three months ended March 31, 2014, and the Company's outlook for the remainder of 2014.

LINN Energy reported the following first quarter 2014 results:
  • Increased average daily production 39 percent to approximately 1,104 MMcfe/d for the first quarter 2014, compared to 796 MMcfe/d for the first quarter 2013;
  • Increased oil, natural gas and NGL sales 103 percent to approximately $939 million for the first quarter 2014, compared to $463 million for the first quarter 2013;
  • Generated net cash provided by operating activities of approximately $434 million for the first quarter 2014, compared to $335 million for the first quarter 2013;
  • Distributions paid to unitholders of approximately $240 million for the first quarter 2014, compared to $171 million for the first quarter 2013;
  • Shortfall of net cash of approximately $3 million for the first quarter 2014, compared to $20 million for the first quarter 2013 (see Schedule 1, footnote 3); and
  • Net loss of approximately $85 million, or $0.27 per unit, for the first quarter 2014, which includes a non-cash loss related to changes in fair value of unsettled commodity derivatives, including the reduction of put option premium value over time, of approximately $219 million, or $0.67 per unit.

"LINN's capital program and efficient management of our base assets continue to deliver positive results as evidenced by production growth that exceeded our first quarter guidance, and we remain on-track to meet our full- year 2014 guidance," said Mark E. Ellis, Chairman, President and Chief Executive Officer. "Additionally, we are pleased by the level of interest expressed in our Midland Basin properties and believe our position represents a tremendous amount of potential value for our unitholders. We are diligently evaluating a number of strategic options in order to fully maximize its value. All of these options are expected to increase cash available for distribution and have the potential to lower the Company's capital intensity and overall decline rate."

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs