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IPAAS OGIS NEW YORK – Linn Energy, Llc

Linn Energy, Llc · Apr 8, 2014 · 23 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 1
    IPAAs OGIS New York April 2014
  2. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 2
    LINN Energy Overview LINN Energy IPO in 2006 with initial enterprise value of 713 million ND Uinta Basin Completed or announced 60 transactions WY MI Piceance Basin for 15 billion(1) IL ( in billions) CA UT KS CO Equity…
  3. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 3
    LINNs 2014 Keys to Success Maximize value for Permian Wolfcamp position All strategic alternatives have potential to: o Increase cash available for distribution o Lower capital intensity o Decrease overall decline rate Continue to…
  4. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 4
    2014 Guidance and Capital Budget 2014 production to average between 1.07 1.14 Bcfe/d (1) Organic growth of 3-4% 2014 Oil & Natural Gas Budget (2) 2014 oil and natural gas budget 1.55 billion Other Diversified* 11% reduction (i.e.…
  5. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 5
    Berry Petroleum Merger 4.6 Billion Total Consideration First acquisition of a public C-Corp. by an upstream LLC / MLP Improves diversification, scale and development potential Increases production by 30% o Doubles LINNs crude oil…
  6. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 6
    Strong, Diversified Reserve Base Oil proved reserves increase significantly following the Berry merger 2012 2013 4,796 Bcfe Proved Reserves 6,403 Bcfe Proved Reserves 371 MMBoe Liquids (46%); 566 MMBoe Liquids (53%); 2,571 Bcf…
  7. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 7
    Upstream MLP Acquisition History Since 2008, Upstream MLPs have made over 23 billion in acquisitions LINN represents 50% of total Upstream MLP acquisitions over this time Majors and Large Cap E&Ps shrink to grow to maximize…
  8. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 8
    LINN Has Created an Acquisition Machine Completed 15 billion in acquisitions across 60 separate transactions(1) Strong record of 1) evaluating acquisitions, 2) integrating assets and 3) pursuing multiple acquisitions simultaneously…
  9. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 9
    MLP and Independent E&P Size Rankings LINN is one of the largest MLP and independent E&P companies 11th largest public MLP / LLC 13th largest domestic independent oil & natural gas company Rank Master Limited Partnership Enterprise…
  10. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 10
    Permian Basin Significant Improvement in Size and Scale Overview (1)(2) Operations Map Significant operational and field Hockley synergies in the Permian Basin 80% liquids MIDLAND Garza Stonewall BASIN 160 MMBoe proved reserves…
  11. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 11
    Midland Basin Strategic Alternatives Overview Midland Basin Midland Basin position: 17 MBoe/d of current production 55,000 net acres prospective for horizontal Wolfcamp drilling 630 potential gross operated locations (1) o 95% WI…
  12. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 12
    South Midway-Sunset Shallow Decline from Legacy Berry Asset Asset Highlights South Midway-Sunset Field Map Stable production from legacy assets in the 9th largest field in the U.S. 26 30 29 28 27 Produced 12,000 Boed in Q4 2013,…
  13. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 13
    North Midway-Sunset Growing Heavy Oil Asset Highlights North Midway Assets Diatomite has 360 million barrels of oil in place on McKittrick 21Z 540 acres, targeting 1,000 wells on 5/8 acre spacing Focusing on consistently growing…
  14. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 14
    LinnCo Overview LinnCo (LNCO) is a game changing strategic advantage in the Upstream MLP / LLC industry 2012 - 1.3 billion LNCO IPO (October) o Greater access to capital markets o C-Corp. acquisition currency 2013 - 4.6 billion…
  15. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 15
    LinnCo Structure LINE LNCO Current distribution of 2.90 / unit (1) Current dividend of 2.90 / share (2) Schedule K-1 (partnership) Form 1099 (C-Corp.) LINE LNCO Unitholders Shareholders 2.90 Common Dividend Shares 2.90…
  16. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 16
    LinnCo Strategic Advantages Reduces Tax Shareholders receive Form 1099 rather than a Schedule K-1 Reporting No state income tax filing requirements Burdens No UBTI(1) implications Efficient Tax Tax at LinnCo(2) estimated to be zero…
  17. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 17
    LinnCo Substantial Institutional Yield Market LinnCo structure allows LINN to access the much larger institutional market MLP sector has grown tremendously but still remains primarily retail Energy MLPs Market Cap Growth Top-10…
  18. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 18
    Significant Hedge Position Hedged 100% on expected natural gas production through 2017(1) Hedged 100% on expected oil production in 2014 and approximately 50% 60% during 2015 2016 Natural Gas Positions Oil Positions 600 70,000…
  19. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 19
    Hedge Position (Equivalent Basis) Significant Cash Flow Protection LINNs cash flow is notably more protected from oil and natural gas price uncertainty than its C-Corp. and Upstream MLP / LLC peers 100% 100% 89% 85% 30% Expected…
  20. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 20
    LINNs Distribution History LINN has performed well through all kinds of commodity price cycles Distribution stability maintained throughout the Credit Crisis (i.e. 2008 2009) 16 out of 74 MLPs (23%) were forced to reduce or suspend…
  21. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 21
    Current Landscape for E&P MLPs LINN has a significant size advantage in E&P market presents significantly more the E&P MLP / LLC market acquisition opportunities than rest of MLP Greater access to capital markets market Ability to…
  22. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 22
    Why Invest in LINN Current trend of rationalization in E&P space is accelerating Growth and mature assets are being separated LINN is well positioned to take advantage of this trend LINN is a large, liquid entity with tremendous…
  23. IPAAS OGIS NEW YORK – Linn Energy, Llc – slide 23
    LINN Energys mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets.

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