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."