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IPAA PRESENTATION – Linn Energy, Llc

Linn Energy, Llc · Sep 23, 2014 · 21 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. IPAA PRESENTATION – Linn Energy, Llc – slide 1
    IPAA Presentation September 2014
  2. IPAA PRESENTATION – Linn Energy, Llc – slide 2
    Reserve Estimates Reserve Estimates The SEC permits oil and natural gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SECs definitions for such terms. The Issuers may use…
  3. IPAA PRESENTATION – Linn Energy, Llc – slide 3
    LINN Energy Overview LINN Energy IPO in 2006 with initial enterprise value of 713 million Acquire, develop, and maximize cash flow from long-lived oil and natural gas assets Grown through 62 transactions for 17 billion(1) for…
  4. IPAA PRESENTATION – Linn Energy, Llc – slide 4
    LINNs 2014 Keys to Success 1) 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 2)…
  5. IPAA PRESENTATION – Linn Energy, Llc – slide 5
    2014 Overview Executing on Plan Production of 1,131 MMcfe/d, 2.4% growth from first quarter Second Quarter Raised 2014 production guidance to 1,245 MMcfe/d 2014 Operations Fully covered distribution with excess of net cash of 32…
  6. IPAA PRESENTATION – Linn Energy, Llc – slide 6
    Devon Energy Assets Acquisition 2.3 Billion Deal 275 MMcfe/d; 14% base decline Proved reserves estimated 1.4 Tcfe; 3 Tcfe of total resource potential 900K net acres with over 1,000 future drilling locations and over 600…
  7. IPAA PRESENTATION – Linn Energy, Llc – slide 7
    Hugoton Basin (Pro Forma)(1) Building Scale in Ideal MLP Asset Hugoton Overview Existing LINN Acreage XOM Acreage Will be largest operator in Hugoton Basin with PXD Acreage Kearny 275 MMcfe/d production DVN Acreage Finney…
  8. IPAA PRESENTATION – Linn Energy, Llc – slide 8
    ExxonMobil California Permian Trade Accretion to excess of net cash available for distribution of 20MM - 30 MM annualized(1) Expected reduction in capital run rate by 20MM - 30MM LINN to Receive: San Joaquin Valley, California 3.4…
  9. IPAA PRESENTATION – Linn Energy, Llc – slide 9
    California Ideal MLP Assets and Heavy Oil Growth Overview(1) Operations Map Production of 29 MBoe/d Hill 21Z Diatomite California 2,100 operated wells with 3 rigs drilling Poso Creek 85% of LINNs wells produce oil using Kern…
  10. IPAA PRESENTATION – Linn Energy, Llc – slide 10
    Permian Basin Midland Basin Targeted for Sale or Trade(1) Operations Map Prospective for horizontal Wolfcamp Hockley drilling 13,000 net acres (acreage nearly 100% MIDLAND Garza Stonewall BASIN held by production) Shackleford…
  11. IPAA PRESENTATION – Linn Energy, Llc – slide 11
    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…
  12. IPAA PRESENTATION – Linn Energy, Llc – slide 12
    Significant Hedge Position Hedged 100% on expected natural gas production through 2017 (excluding California steam consumption)(1) Hedged 100% on expected oil production in 2014 and 50%-60% during 2015-2016 Recent gas-weighted…
  13. IPAA PRESENTATION – Linn Energy, Llc – slide 13
    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% 93% 88% 30% Expected…
  14. IPAA PRESENTATION – Linn Energy, Llc – slide 14
    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…
  15. IPAA PRESENTATION – Linn Energy, Llc – slide 15
    Upstream MLP Acquisition History Rationalization of E&P space between growth and mature assets is accelerating Since 2008, Upstream MLPs have made over 30 billion in acquisitions LINN represents 50% of total Upstream MLP acquisitions…
  16. IPAA PRESENTATION – Linn Energy, Llc – slide 16
    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…
  17. IPAA PRESENTATION – Linn Energy, Llc – slide 17
    LINN Energys mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets.
  18. IPAA PRESENTATION – Linn Energy, Llc – slide 18
    Appendix 19
  19. IPAA PRESENTATION – Linn Energy, Llc – slide 19
    Mid-Continent Divesting Granite Wash / Cleveland Granite Wash / Cleveland Divestiture(1) Operations Map Production of 225 MMcfe/d in June Marmaton Woodward 2014 Cleveland Lipscomb Cottage Grove TEXAS Ellis OKLAHOMA…
  20. IPAA PRESENTATION – Linn Energy, Llc – slide 20
    Midland Basin ExxonMobil Assets Trade II Overview Midland Basin Approximately 4.7 MBoe/d of production Terry Lynn Garza Yoakum 17,000 net acres Midland Borden Gaines Basin Area 1 (acreage and production), includes acreage in…
  21. IPAA PRESENTATION – Linn Energy, Llc – slide 21
    Trade Overviews Unlocking Value Traded Received Proved Net Decline Proved Net Decline Basin Production Reserves Acreage Rate Basin Production Reserves Acreage Rate ExxonMobil Midland 2 MBoe/d 164 25,000 35% Hugoton 85 MMcfe/d 700…

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