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SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc

Linn Energy, Llc · Feb 21, 2013 · 18 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. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 1
    Supplemental Q4 2012 Financial and Operational Results
  2. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 2
    LINN Energy 2013 Oil and Natural Gas Capital Program Total 2013 capital budget 1.1 billion 35% allocated to Granite Wash LINN Energy 2013 Oil and Natural Gas Capital Program California 1% Hugoton Other 2% 13% Salt Creek 4%…
  3. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 3
    Granite Wash Operated Horizontal Drilling Activity Hogshooter Development Hemphill County Oklahoma DYCO Texas Wheeler County Roger Mills County STILES RANCH MAYFIELD Current Hogshooter Development FRYE…
  4. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 4
    Continued Success in the Hogshooter LINN recently drilled its first horizontal Hogshooter well in the Mayfield area of Western Oklahoma IP rate of 5,406 Boe/d Hogshooter interval in LINNs Mayfield acreage is unique Thicker payzone…
  5. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 5
    Commodity Hedge Positions 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 5.19 200 5.25 150 5.22 100 50 5.00 -…
  6. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 6
    Adjusted EBITDA Adjusted EBITDA (a non-GAAP financial measure), as defined by the Company, may not be comparable to similarly titled measures used by other companies. Therefore, adjusted EBITDA should be considered in conjunction with net…
  7. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 7
    Adjusted Net Income Adjusted net income (a non-GAAP financial measure), as defined by the Company, may not be comparable to similarly titled measures used by other companies. Therefore, adjusted net income should be considered in…
  8. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 8
    Coverage Ratio Calculation Three Months Ended Year Ended December 31, S eptember 30, December 31, 2012 2012 2012 (in thousands, except unit and ratio amounts) Adjusted EBITDA (1) 378,974 402,446 1,402,694 (2) Less: interest…
  9. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 9
    Statements of Operations Three Months Ended Year Ended December 31, December 31, 2012 2011 2012 2011 Revenues and other: Oil, natural gas and natural gas liquid sales 460,976 326,458 1,601,180 1,162,037 Gain (loss) on oil and gas…
  10. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 10
    Operating Statistics Three Months Ended Year Ended December 31, December 31, 2012 2011 2012 2011 Average daily production Natural gas (MMcf/d) 442 205 349 175 Oil (MBbls/d) 31.5 24.5 29.2 21.5 NGL (MBbls/d) 28.1 12.3 24.5 10.8…
  11. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 11
    Additional Financial Data Selected Balance Sheet Data December 31, 2012 2011 (in thousands) Assets: Total current assets 811,428 550,193 Oil and natural gas properties, net 9,585,674 6,802,033 Other property and equipment, net…
  12. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 12
    Guidance Table (Does Not Include Announced Merger) Q1 2013E FY 2013E Net Production Natural gas (MMcf/d) 440 - 455 440 - 490 Oil (Bbls/d) 32,405 - 33,870 33,580 - 37,115 NGL (Bbls/d) 29,455 - 30,785 29,925 - 33,080 Total (MMcfe/d) 810…
  13. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 13
    Guidance Table Commodity Hedge Positions Q1 2013E FY 2013E Natural gas positions: Fixed price swaps: Hedged volume (MMMBtu) 21,524 87,290 Average price (/MMBtu) 5.22 5.22 Puts: (1) Hedged volume (MMMBtu) 21,254 86,198 Average…
  14. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 14
    Pro Forma Guidance Table (With 6 Month Contribution From Merger) FY 2013E % Delta Net Production Natural gas (MMcf/d) 460 - 510 Oil (Bbls/d) 47,685 - 52,700 NGL (Bbls/d) 31,195 - 34,475 Total (MMcfe/d) 935 - 1,035 Other revenues,…
  15. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 15
    Commodity Hedge Portfolio 2013 2014 2015 2016 2017 2018 Natural gas positions: Fixed price swaps: Hedged volume (MMMBtu) 87,290 97,401 118,041 121,841 120,122 36,500 Average price (/MMBtu) 5.22 5.25 5.19 4.20 4.26 5.00 Puts: (1)…
  16. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 16
    Combined Revenues Combined revenues (a non-GAAP financial measure), as defined by the Company, may not be comparable to similarly titled measures used by other companies. Therefore, combined revenues should be considered in…
  17. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 17
    Reserve Replacement Metrics The reserve replacement metrics provided herein are non-GAAP financial measures. The methods used by the Company to calculate reserve replacement cost and finding and development cost may differ from methods…
  18. SUPPLEMENTAL Q4 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 18
    PV-10 PV-10 represents the present value, discounted at 10% per year, of estimated future net revenues. The Companys calculation of PV-10 differs from the standardized measure of discounted future net cash flows determined in accordance…

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