Retail Brokerage Presentation Week of March 31, 2014
Management Representatives Mark E. Ellis Chairman, President and Chief Executive Officer Kolja Rockov Executive Vice President and Chief Financial Officer Clay P. Jeansonne Vice President Investor Relations 3
Mark E. Ellis Chairman, President and Chief Executive Officer Overview and Operations Update
LINN Energy Overview LINN Energy IPO in 2006 with initial enterprise value of 713 million Completed or announced 60 transactions ND for 15 billion(1) Uinta Basin ( in billions) Current MI WY Piceance Basin Equity market cap 9.6…
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…
2014 Guidance and Capital Budget 2014 Oil & Natural Gas Budget 2014 production to average between 1.07 1.14 Bcfe/d (1) Other Diversified* Organic growth of 3-4% 6% Hugoton 3% Total 2014 capital budget 1.6 billion Salt Creek 4%…
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 corporate production by 30% o Doubles LINNs…
Proven Acquisition Track Record Completed 14.3 billion of acquisitions since 2007 Strong record of evaluating and integrating assets LINN is the 12th largest publicly traded domestic independent oil & natural gas company LINN is…
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%…
Kolja Rockov Executive Vice President and Chief Financial Officer Financial Highlights
LinnCo Strategic Advantages LinnCo is a game changing strategic advantage in the Upstream MLP / LLC industry 2012 - 1.3 billion IPO o Greater access to capital markets o C-Corp. acquisition currency 2013 - 4.6 billion…
LinnCo 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 through…
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…
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…
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…
LINN Energys mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets. a kind of oil & natural gas company
Management Biographies Mark E. Ellis, Chairman, President and Chief Executive Officer. Mark E. Ellis has more than 30 years of experience in the oil and natural gas industry. He joined LINN Energy in December 2006 as Executive Vice…
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