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SUPPLEMENTAL Q2 2013 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc

Linn Energy, Llc · Aug 8, 2013 · 14 slides

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Slides

  1. SUPPLEMENTAL Q2 2013 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 1
    Supplemental Q2 2013 Financial and Operational Results
  2. SUPPLEMENTAL Q2 2013 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 2
    2013 Production Estimates 2013 Estimated Production (Assumes No Future Ethane Rejection) 860 850 840 820 Production (MMcfe/d) 820 July Avg. Production 800 796 of 815 MMcfe/d 780 780 760 740 Q1 2013 Q2 2013 Q3…
  3. SUPPLEMENTAL Q2 2013 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 3
    Commodity Hedge Positions (Does Not Include Pending Berry Merger) Natural Gas Positions 550 4.48 4.48 5.12 500 5.14 5.31 4.88 450 5.00 5.00 Volumes (MMcf/d) 400 5.00 35% 36% 34% 350 5.42 41% 300 46% 250 4.20 4.26 5.19…
  4. SUPPLEMENTAL Q2 2013 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 4
    EBITDA, Adjusted EBITDA & Distributable Cash Flow (Non-GAAP Measures) EBITDA and adjusted EBITDA are supplemental financial measures used by Company management and by external users of the Companys financial statements such as investors,…
  5. SUPPLEMENTAL Q2 2013 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 5
    EBITDA, Adjusted EBITDA & Distributable Cash Flow (continued) (Non-GAAP Measures) Three Months Ended Six Months Ended June 30, June 30, 2013 2012 2013 2012 (in thousands) Net income 345,157 237,086 123,272 230,884 Plus: Interest…
  6. SUPPLEMENTAL Q2 2013 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 6
    Per Unit Statistics Three Months Ended Six Months Ended June 30, June 30, 2013 2012 2013 2012 Distributable Cash Flow per unit (1) 0.65 0.70 1.29 1.52 Distribution per unit 0.725 0.725 1.450 1.450 Units outstanding (millions) 235.2…
  7. SUPPLEMENTAL Q2 2013 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 7
    Statements of Operations Three Months Ended Six Months Ended June 30, June 30, 2013 2012 2013 2012 (in thousands, except per unit amounts) Revenues and other: Oil, natural gas and natural gas liquids sales 488,207 347,227 950,939…
  8. SUPPLEMENTAL Q2 2013 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 8
    Operating Statistics Three Months Ended June 30, 2013 2012 Variance Average daily production: Natural gas (MMcf/d) 429 317 35% Oil (MBbls/d) 31.5 28.2 12% NGL (MBbls/d) 27.0 24.0 13% Total (MMcfe/d) 780 630 24% Weighted…
  9. SUPPLEMENTAL Q2 2013 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 9
    Additional Financial Data Selected Balance Sheet Data June 30, December 31, 2013 2012 (in thousands) Assets: Total current assets 691,380 811,428 Oil and natural gas properties, net 9,507,931 9,585,674 Other property and…
  10. SUPPLEMENTAL Q2 2013 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 10
    Guidance Table (Does Not Include Pending Berry Merger) Q3 2013E Q4 2013E FY 2013E Net Production ( Without Ethane Rejection) Natural gas (MMcf/d) 453 - 465 450 - 462 440 - 453 Oil (Bbls/d) 31,400 - 32,100 32,500 - 33,200 31,100 -…
  11. SUPPLEMENTAL Q2 2013 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 11
    Guidance Table Commodity Hedge Positions Q3 2013E Q4 2013E Natural gas positions: Fixed price swaps: Hedged volume (MMMBtu) 22,002 22,002 Average price (/MMBtu) 5.22 5.22 Put options: (1) Hedged volume (MMMBtu) 21,727 21,727…
  12. SUPPLEMENTAL Q2 2013 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 12
    PF Guidance Table (Includes Pending Berry Merger; Does Not Include Potential Ethane Rejection) Q4 2013E FY 2013E Net Production Natural gas (MMcf/d) 495 - 510 452 - 465 Oil (Bbls/d) 62,450 - 63,750 38,575 - 39,950 NGL (Bbls/d) 35,425…
  13. SUPPLEMENTAL Q2 2013 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 13
    Commodity Hedge Portfolio July 1 - December 31, 2013 2014 2015 2016 2017 2018 Natural gas positions: Fixed price swaps: Hedged volume (MMMBtu) 44,004 97,401 118,041 121,841 120,122 36,500 Average price (/MMBtu) 5.22 5.25 5.19 4.20…
  14. SUPPLEMENTAL Q2 2013 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 14
    Gains On Oil & Natural Gas Derivatives Three Months Ended Six Months Ended June 30, June 30, 2013 2012 2013 2012 (in thousands) Cash settlements on commodity derivatives (1) 53,635 97,522 139,429 156,039 Cash settlements on…

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