Linn Energy, LLC (LINE) Q2 2012 Earnings Call July 26, 2012 11:00 a.m. ET Executives Mark Ellis – Chairman, President & CEO Clay Jeansonne, VP – IR Arden Walker – EVP & COO Analysts John Ragozzino -- RBC Capital Markets Kevin Smith – Raymond James Ethan Bellamy – Baird Boris Pialloux -- National Securities Bernard Colson -- Global Hunter Jason Gilbert -- Goldman Sachs Adam Leight -- RBC Capital Market Michael Peterson -- MLV & Company Eric Anderson -- Hearthford Financial Kenneth Miller -- KC Capital Management PresentationOperator Good morning. Welcome to LINN Energy Second Quarter 2012 Earnings Conference Call. Today ’s call is being recorded.
At this time I would turn the call over to Clay Jeansonne, LINN Energy ’s Vice President of Investor Relations for some opening remarks. Please go ahead. Clay Jeansonne Thank you for joining our second quarter 2012 earnings conference call. In a moment, I ’ll introduce Mark Ellis, our Chairman, President, and Chief Executive Officer. But I first need to provide you with disclosure regarding forward-looking statements that will be made during this call. The statements describing our beliefs, goals, plans, strategies, expectations, projections, forecasts, and assumptions are forward-looking statements. Please note that the company ’s actual results may differ from those anticipated by such forward-looking statements for a variety of reasons, many of which are beyond our control. Additional information concerning certain risk factors relating to our business, prospects and results is available in the company ’s filings with the SEC, including our Form 10-Q for quarter ended June 30th, 2012, which will be filed today, and any other public filings and press releases. Additionally, during the course of today ’s discussion, management will refer to adjusted EBITDA as an important metric for evaluating the company ’s performance. Please note that adjusted EBITDA is a non-GAAP financial measure which is reconciled to the most directly comparable GAAP measure in the earnings press release issued this morning. Supplemental financials and operational information, including the company ’s statement of operations, selected balance sheet data and guidance table has been posted to LINN Energy website at www.linnenergy.com in the Investor Center on the presentation. Following management ’s prepared remarks, we ’ll take your questions. I ’ll now turn the call over to Mark. Mark Ellis Thanks, Clay, and good morning. Joining us today in Houston are Kolja Rockov, LINN ’s Executive Vice President and Chief Financial Officer, and Arden Walker, LINN ’s Executive Vice President and Chief Operating Officer. I will – that a year ago our core strategy requiring material long life assets. Year-to-date we have announced the acquisitions in joint venture agreements totaling approximately $2.8 billion, nearly exceeding total acquisitions for 2010 and 2011 combined.