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DEUTSCHE BANK LEVERAGED FINANCE CONFERENCE – Linn Energy, Llc

Linn Energy, Llc · Oct 1, 2013 · 16 slides

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Slides

  1. DEUTSCHE BANK LEVERAGED FINANCE CONFERENCE – Linn Energy, Llc – slide 1
    Deutsche Bank Leveraged Finance Conference Scottsdale, AZ October 1, 2013
  2. DEUTSCHE BANK LEVERAGED FINANCE CONFERENCE – Linn Energy, Llc – slide 2
    LINN Overview LINN Energy IPO in 2006 with initial enterprise value of 713 million LINN (1) (1)(2) ( in billions) Current Pro Forma Equity market cap 6.1 9.0 ND Total net debt 6.8 8.5 Uinta Basin Enterprise value 12.9 17.5 MI…
  3. DEUTSCHE BANK LEVERAGED FINANCE CONFERENCE – Linn Energy, Llc – slide 3
    Operational Update Granite Wash Four rigs targeting the Hogshooter interval in the Mayfield area of western Oklahoma o Nine wells producing with gross average IP rates of 3,800 Boe/d (70% liquids) o Current Mayfield inventory stands…
  4. DEUTSCHE BANK LEVERAGED FINANCE CONFERENCE – Linn Energy, Llc – slide 4
    East Goldsmith Field Strategic Rationale 70% oil, high margin asset High Quality Contiguous, long-life proved reserve inventory MLP Asset Reserves to production ratio of 17 years De-risked spacing and waterflood 300 identified…
  5. DEUTSCHE BANK LEVERAGED FINANCE CONFERENCE – Linn Energy, Llc – slide 5
    East Goldsmith Field Acquisition Overview East Goldsmith Field 525 million acquisition of Acquisition Acreage Proved Location Area properties located in the Central Basin Platform of PROB Location Area the Permian Basin. Asset…
  6. DEUTSCHE BANK LEVERAGED FINANCE CONFERENCE – Linn Energy, Llc – slide 6
    East Goldsmith Field Enhanced Oil Recovery Opportunities Stratigraphy of the Numerous secondary and tertiary Central Basin Platform recovery opportunities exist Formation Dewey Lake Future Clearfork waterflood represents Rustler…
  7. DEUTSCHE BANK LEVERAGED FINANCE CONFERENCE – Linn Energy, Llc – slide 7
    Pending Berry Transaction Transaction Update Q2'13 Production Proved Reserves 40 Mboe/d 1.65 Tcfe On September 18th, LINN filed Amendment No. 4 East TX and to its Registration Statement on Form S-4 Piceance 11% California 50%…
  8. DEUTSCHE BANK LEVERAGED FINANCE CONFERENCE – Linn Energy, Llc – slide 8
    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 Tax…
  9. DEUTSCHE BANK LEVERAGED FINANCE CONFERENCE – Linn Energy, Llc – slide 9
    LinnCo Structure Advantages Shareholders receive Form 1099 rather than a Reduces Tax Schedule K-1 Reporting No state income tax filing requirements Burdens No UBTI (1) implications Estimated tax at LinnCo (2) Efficient Tax o…
  10. DEUTSCHE BANK LEVERAGED FINANCE CONFERENCE – Linn Energy, Llc – slide 10
    Significant Liquidity and Financial Flexibility Pending East Goldsmith Field acquisition to be financed with 500 million term loan Interest rate of LIBOR + 250 bps Recently retired the remaining portion of LINNs higher cost bonds…
  11. DEUTSCHE BANK LEVERAGED FINANCE CONFERENCE – Linn Energy, Llc – slide 11
    Significant Hedge Position (Does Not Include Announced Berry Transaction) LINN is hedged 100% on expected natural gas production through 2017; and 100% on expected oil production through 2016 Puts provide price upside opportunity…
  12. DEUTSCHE BANK LEVERAGED FINANCE CONFERENCE – Linn Energy, Llc – slide 12
    Significant Hedge Position (Equivalent Basis) (Does Not Include Announced Berry Transaction) LINNs cash flow is notably more protected from oil and natural gas price uncertainty than its C-Corp. and Upstream MLP peers 100% 100% 100%…
  13. DEUTSCHE BANK LEVERAGED FINANCE CONFERENCE – Linn Energy, Llc – slide 13
    Distribution History Consistently paid the distribution for 30 quarters 81% increase in quarterly distribution since IPO Distribution History 20.00 18.74 18.02 0.73 18.00 17.29 0.73 16.57 0.73 15.84 0.73 16.00 15.12 0.73 14.39…
  14. DEUTSCHE BANK LEVERAGED FINANCE CONFERENCE – Linn Energy, Llc – slide 14
    Attractive Valuation LINN represents an attractive value relative to other yield segments Current Yields 12.0% 11.2% 10.0% 10.0% 8.0% Yield 5.8% 6.0% 4.1% 4.0% 3.7% 2.7% 2.1% 2.0% 1.5% 0.0% LINE LNCO S&P E&P S&P…
  15. DEUTSCHE BANK LEVERAGED FINANCE CONFERENCE – Linn Energy, Llc – slide 15
    Proved Reserves The following table sets forth certain information with respect to LINNs proved reserves for the year ended December 31, 2012, calculated on the basis required by SEC rules: Proved Reserves % Natural % Proved…
  16. DEUTSCHE BANK LEVERAGED FINANCE CONFERENCE – Linn Energy, Llc – slide 16
    The U.S. Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only resources that qualify as reserves as defined by SEC rules. We use terms describing hydrocarbon quantities in…

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