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LINN Plans Cotton Valley/Bossier Test; Mulls Sale of MidCon Position
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LINN Energy, LLC and LinnCo, LLC reported financial and operating results for the three months ended June 30, 2015, the intent to recommend suspension of LINN's distribution and LinnCo's dividend and the repurchase of approximately $599 million of senior notes at a 35 percent discount.
Mark E. Ellis, Chairman, President and Chief Executive Officer, said: "After careful consideration, management has decided to recommend to the Board of Directors that it suspend payment of LINN's distribution and LinnCo's dividend at the end of the third quarter 2015 and reserve approximately $450 million in cash from annualized distributions. The Board and management believe this suspension to be in the best long-term interest of all Company stakeholders."
LINN reported the following second quarter 2015…- ✓ Full news archive — U.S., Canada & international coverage
- ✓ A&D transactions — asset deals, corporate M&A, assets for sale
- ✓ Permits & completions data, plus 900,000+ slides & presentations
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