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LINN IDs 2016 Budget at $340MM Amidst Financial Struggle
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LINN Energy, LLC reported financial and operating results for the fourth quarter and year ended December 31, 2015, and outlook for 2016.
2016 Guidance Key Points: Capital Budget: $340 million 38 percent of its oil and natural gas budget on the SCOOP/STACK play 16 percent in the Williston Basin 10 percent in the Green River Basin 13 percent in California 23 percent on optimization projects Average annual production of 980 1,070 MMcfe/dLINN has approved a 2016 capital budget of approximately $340 million. The 2016 budget includes $250 million of oil and natural gas capital expenditures, which represents a 44 percent reduction from approximately $450 million spent to develop oil and natural gas properties in 2015. LINN also plans to spend approximately $75 million of plant and pipeline…
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