This Day On The Street
Continue to site
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

LINN Energy Announces Second Quarter 2014 Results

HOUSTON, Aug. 7, 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 June 30, 2014, and the Company's outlook for the remainder of 2014.
LinnCo logo

LINN Energy reported the following second quarter 2014 results:
  • Increased average daily production 2.4 percent to approximately 1,131 MMcfe/d for the second quarter 2014, compared to 1,104 MMcfe/d for the first quarter 2014;
  • Increased oil, natural gas and NGL sales 98 percent to approximately $968 million for the second quarter 2014, compared to $488 million for the second quarter 2013;
  • Generated net cash provided by operating activities of approximately $481 million for the second quarter 2014, compared to $227 million for the second quarter 2013;
  • Distributions paid to unitholders of approximately $241 million for the second quarter 2014, compared to $170 million for the second quarter 2013;
  • Excess of net cash of approximately $32 million for the second quarter 2014, compared to a shortfall of net cash of approximately $18 million for the second quarter 2013 (see Schedule 1, footnote 6); and
  • Net loss of approximately $208 million, or $0.64 per unit, for the second quarter 2014, which includes non-cash losses related to changes in fair value of unsettled commodity derivatives, including the reduction of put option premium value over time, of approximately $393 million, or $1.20 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 the high end of our guidance range," said Mark E. Ellis, Chairman, President and Chief Executive Officer. "Additionally, we announced several important transactions that are consistent with our strategy of lowering the Company's capital intensity and overall decline rate. All of these transactions are expected to increase LINN's cash available for distribution. Finally, we are very pleased that the U.S. District Court dismissed the securities class action lawsuit with prejudice, and believe that the Court's ruling supports our position that the lawsuit was without merit."

1 of 11

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
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
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs