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LINN Forms SCOOP and STACK Focused Company; Reduces Capex Guidance 18%

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LINN Forms SCOOP and STACK Focused Company; Reduces Capex Guidance 18%

Linn Energy reported its Q2 results where its primary focus was on its formation of Roan Reoucres with Citizen Energy II and its acreage in different parts of the US.

Highlights Include:

Agreement to form Roan Resources with Citizen Energy to focus on accelerated development of the Merge/SCOOP/STACK plays  Successful test of its first horizontal well in Hunton hit a peak IP-30 rate of more than 850 boe/d Reported 710 mmcfe/d total production (natural gas: 432 mmcf/d, oil: 21,600 bbls/d, NGL: 24,800 bbls/d)  Company reduced its capital guidance for the full year from $413 million to $338 million, a decrease of 18%
Most notably in Q2, LinnCo entered into an agreement with Citizen Energy II where each company contributed upstream assets to form the new company called Roan Resources. This…
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