LINN Overview 8th largest public MLP/LLC and 8th largest domestic independent oil & natural gas company IPO in 2006 (NASDAQ: LINE) Equity market cap 7.8 billion Total net debt 6.7 billion Salt Creek Field Enterprise value 14.5…
Growth Through Accretive Acquisitions 10 billion in acquisitions completed since the Companys inception Includes 54 separate transactions(1) Value of Acquisitions Per Year (1) 10,000 9,635 9,000 2,800 8,000 6,835 7,000 ('s…
Continued Success in Acquisition Activity Record amount of Record amount of Record amount of negotiations in 2010 transactions closed in 2011 transactional value YTD(3) Screened 189 opportunities Screened 122 opportunities Screened…
MLP and Independent E&P Rankings LINN is quickly becoming one of the largest MLP and independent E&P companies 8th largest public MLP/LLC 8th largest domestic independent oil & natural gas company Rank Master Limited Partnership…
Distribution History Consistently paid the distribution for 26 quarters 81% increase in quarterly distribution since IPO Generated total return of 231% Distribution History 15.84 16.00 15.12 0.73 14.39 0.73 13.70 0.69 14.00…
Jonah Field Acquisition Provides Significant Upside Potential On July 31, 2012, LINN closed a 1.025 billion Sheridan acquisition in Wyomings Jonah Field from BP. Park Big Horn Campbell Crook Strategic Rationale Wyoming Washakie…
Anadarko Salt Creek Joint-Venture On April 3, 2012, LINN received 23% of Anadarkos (APC) interest in the Salt Creek field, one of the Sheridan largest CO2 EOR projects in North America. Park Campbell Big Horn Crook Strategic…
Hugoton Field Acquisition Fits The MLP Model On March 30, 2012, LINN closed a 1.2 billion acquisition in the liquids-rich Kansas Hugoton Field from BP America. Finney Liquids-Rich Hamilton Liquids-rich production of 110 MMcfe/d…
Granite Wash Operated Horizontal Drilling Activity (Greater Stiles Ranch) Successfully completed three 7TH STEP MENDOTA TWIN Roger Mills Hogshooter oil wells in Q212 CHANNELS County Hemphill County Average IP rates of 2,500 BUFFALO…
LINNs Unique Position In The Granite Wash Over 600 horizontal drilling locations Granite Wash / Atoka Wash Stratigraphy Produce from 8 LATERAL BOREHOLES 9,400 separate zones VIR- Tonkawa GILIAN Each zone bears a Lansing Kansas…
LINN Provides Both Organic & Acquisition Growth LINN is unique in that it provides investors with the potential for significant organic and acquisition growth Horizontal Granite Wash Permian Basin (Wolfberry) Jonah Field(1) o 10…
Significant Hedge Position LINN is hedged 100% on expected natural gas production through 2017; and 100% on expected oil production through 2016 Puts provide price upside opportunity Natural Gas Positions Oil Positions 550…
Significant Hedge Position (Equivalent Basis) LINNs cash flow is notably more protected from oil and natural gas price uncertainty than its C-Corp. and Upstream MLP peers Prolonged periods of weak natural gas prices could put further…
Distribution Stability and Growth 81% increase in quarterly distribution since IPO Distribution stability maintained throughout the Credit Crisis (i.e. 2008 2009) 16 out of 74 MLPs (or 23%) were forced to reduce or suspend…
LINN Historical Return LINN Total Return and Stock Price Appreciation (LINE IPO Present of 231%) 250% 231% 200% 150% 146% 100% 86% 50% 24% 14% 0% (50%) 2006 2007 2008 2009 2010 2011 2012 Line Total Return…
Size Advantage in E&P MLP/LLC Market LINN has a significant size advantage in the E&P market presents significantly more E&P MLP/LLC market acquisition opportunities than rest of MLP Greater access to capital markets market Ability…
Why Invest in LINN High quality asset base Multi-year inventory of liquids-rich development opportunities Stable 45% liquids Distributions Long-life reserves (18 years) Diversified asset base (6 core areas / 15,500 gross producing…
LINN Energys mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life Embrace & Drive Change oil and natural gas assets. Pursue Growth Take Action Respect Others Be Passionate Connect
LINN Overview Salt Creek Field ND Jonah Field WY MI Hugoton Field CA IL KS TX Panhandle Oklahoma Shallow TX Panhandle OK Granite Wash East Texas NM TX LINN Operations Corporate Headquarters LA Recent Acquisitions /…
Financial Appendix
Proved Reserves The following table sets forth certain information with respect to LINNs proved reserves at December 31, 2011 and pro forma proved reserves calculated on the basis required by SEC rules: Proved Proved Reserves At…
Historical Financial Statements Reconciliation of Non-GAAP Measures The Company defines adjusted EBITDA as net income (loss) plus the following adjustments: Net operating cash flow from acquisitions and divestitures, effective date…
Historical Financial Statements Adjusted EBITDA The following presents a reconciliation of net loss to adjusted EBITDA: The following presents a reconciliation of net income (loss) to adjusted EBITDA: Three Months Ended Six Months…
Historical Financial Statements Adjusted Net Income The following presents a reconciliation of net loss to adjusted net income: Three Months Ended Six Months Ended June 30, June 30, 2012 2011 2012 2011 (in thousands, except per…
Reserve Replacement / F&D Calculations Reconciliation of Non-GAAP Measures Year Ended December 31, 2011 2010 Costs incurred (in thousands): Costs incurred in oil and natural gas property acquisition, exploration and development…
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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