HOUSTON, Dec. 3, 2013 (GLOBE NEWSWIRE) -- LINN Energy, LLC (Nasdaq:LINE) announced today that it is updating its fourth quarter 2013 guidance, posting a new investor presentation and announcing the recommendation of a leading independent proxy voting and corporate governance advisory firm. UPDATED FINANCIAL GUIDANCE LINN Energy, LLC ("LINN" or the "Company") reiterates total estimated production during the fourth quarter to be between 840 MMcfe/d and 860 MMcfe/d, which includes the impact from recent severe winter weather in the Permian and Mid-Continent operating regions. Additionally, LINN increased its fourth quarter guidance for "excess of net cash" (1) to be approximately 5-10% above the Company's current distribution, compared to prior guidance of zero percent above the Company's current distribution. Both estimates do not include the anticipated positive impact from the pending merger with Berry Petroleum Company ("Berry"). During the quarter, production has remained on-track, NGL prices have continued to increase and the Company has continued to realize lower operating expenses, all of which have contributed to this updated fourth quarter guidance. For the full-year 2013, LINN estimates production growth of 8-10%, which remains on-track with the previous guidance provided by the Company. (1) Excess (shortfall) of net cash provided by (used in) operating activities after distributions to unitholders and discretionary adjustments considered by the Board of Directors. NEW INVESTOR PRESENTATION Today, LINN posted a new investor presentation on the Company's website at www.linnenergy.com. To view this material, go to the "Investor Center" link and select "Presentations." The presentation includes an overview of the Berry merger, current operational outlook for LINN and Berry, and additional information regarding the extensive acreage positions held by both companies in the Permian Basin. ISS RECOMMENDATION Additionally, the Company announced today that Institutional Shareholder Services ("ISS"), a leading independent proxy voting and corporate governance advisory firm, recommends unitholders and shareholders vote "FOR" all proposals including the proposed merger with Berry (NYSE:BRY) at the meetings of LINN Energy unitholders and LinnCo shareholders scheduled for Monday, December 16, 2013.
ABOUT LINN ENERGYLINN Energy's mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets. LINN Energy is a top-15 U.S. independent oil and natural gas development company, with approximately 4.8 Tcfe of proved reserves in producing U.S. basins as of December 31, 2012. More information about LINN Energy is available at www.linnenergy.com. ABOUT LINNCO LinnCo was created to enhance LINN Energy's ability to raise additional equity capital to execute on its acquisition and growth strategy. LinnCo is a Delaware limited liability company that has elected to be taxed as a corporation for United States federal income tax purposes, and accordingly its shareholders will receive a Form 1099 in respect of any dividends paid by LinnCo. More information about LinnCo is available at www.linnco.com. SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS This press release includes "forward-looking statements." All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include, but are not limited to forward-looking statements about acquisitions, timing and payment of distributions, and the expectations of plans, strategies, objectives and anticipated financial and operating results of the company, including the company's drilling program, production, hedging activities, capital expenditure levels and other guidance included in this press release. These statements are based on certain assumptions made by the company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to the company's financial and operational performance and results, availability of sufficient cash flow to pay distributions and execute its business plan, prices and demand for oil, natural gas and natural gas liquids, the ability to replace reserves, effects of the pending SEC inquiry and other legal proceedings, and efficiently develop current reserves and other important factors that could cause actual results to differ materially from those projected as described in the company's reports filed with the Securities and Exchange Commission. See "Risk Factors" in the company's Annual Report filed on Form 10-K, as amended and other public filings and press releases. Any forward-looking statement speaks only as of the date on which such statement is made and the company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
CONTACT: LINN Energy, LLC and LinnCo, LLC Investors & Media: Clay Jeansonne, Vice President, Investor and Public Relations 281-840-4193