Exploration & Production | Finance & Investing | Hedging | Capital Markets | Capital Expenditure | Drilling Program
LINN Energy Lowers Capex 53% in 2015
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LINN Energy, LLC and LinnCo, LLC have announced that LINN's Board of Directors has approved a 2015 budget which includes a 53% reduction in oil and natural gas capital expenditures to $730 million, from approximately $1.55 billion in 2014, and a reduction of the LINN distribution and LinnCo dividend to $1.25 per unit or share, from the previous level of $2.90 per unit or share, on an annualized basis.
LINN expects to fund its total 2015 oil and natural gas capital program, along with the distribution, from internally generated cash flow.
Mark E. Ellis, Chairman, President and Chief Executive Officer said: "After careful consideration, LINN's senior management proposed and the Board of Directors approved a 2015 budget that contemplates a significantly lower current crude oil price than in…
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