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SUPPLEMENTAL Q3 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc

Linn Energy, Llc · Oct 25, 2012 · 14 slides

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Slides

  1. SUPPLEMENTAL Q3 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 1
    Supplemental Q3 2012 Financial and Operational Results
  2. SUPPLEMENTAL Q3 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 2
    Granite Wash Operated Horizontal Drilling Activity (Greater Stiles Ranch) 7TH STEP MENDOTA TWIN Roger Mills CHANNELS County Hemphill County Hemphill BUFFALO OKLAHOMA County DYCO WALLOW 2 STEP DYCO MAYFIELD Wheeler County FRYE…
  3. SUPPLEMENTAL Q3 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 3
    Commodity Hedge Positions Natural Gas Positions 550 4.48 4.48 5.12 500 5.31 5.14 450 5.27 5.00 4.88 5.00 Volumes (MMcf/d) 400 5.00 34% 35% 36% 5.46 5.42 350 41% 43% 46% 300 4.20 4.26 250 5.19 200 5.25 5.12 5.22…
  4. SUPPLEMENTAL Q3 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 4
    Adjusted EBITDA Adjusted EBITDA is a measure used by Company management to indicate (prior to the establishment of any reserves by its Board of Directors) the cash distributions the Company expects to make to its unitholders. Adjusted…
  5. SUPPLEMENTAL Q3 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 5
    Adjusted Net Income Adjusted net income is a performance measure used by Company management to evaluate its operational performance from oil and natural gas properties, prior to unrealized (gains) losses on derivatives, realized (gains)…
  6. SUPPLEMENTAL Q3 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 6
    Coverage Ratio Calculation Three Months Ended S eptember 30, 2012 (in thousands, except unit and ratio amounts) Adjusted EBITDA (1) 402,446 Less: interest expense (2) (99,954) Less: maintenance capital expenditures (100,488)…
  7. SUPPLEMENTAL Q3 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 7
    Statements of Operations Three Months Ended Nine Months Ended September 30, September 30, 2012 2011 2012 2011 (in thousands, except per unit amounts) Revenues and other: Oil, natural gas and natural gas liquids sales 444,082 292,482…
  8. SUPPLEMENTAL Q3 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 8
    Operating Statistics Three Months Ended September 30, 2012 2011 Variance Average daily production: Natural gas (MMcf/d) 409 170 141% Oil (MBbls/d) 30.8 22.6 36% NGL (MBbls/d) 31.4 12.2 157% Total (MMcfe/d) 782 379 106% Weighted…
  9. SUPPLEMENTAL Q3 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 9
    Additional Financial Data Selected Balance Sheet Data September 30, December 31, 2012 2011 (in thousands) Assets: Total current assets 836,374 621,476 Oil and natural gas properties, net 9,670,700 6,802,033 Other property and…
  10. SUPPLEMENTAL Q3 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 10
    Guidance Table Q4 2012E FY 2012E Net Production Natural gas (MMcf/d) 424 - 443 342 - 353 Oil (Bbls/d) 32,819 - 34,158 29,262 - 30,143 NGL (Bbls/d) 29,821 - 31,038 24,692 - 25,443 Total (MMcfe/d) 800 - 835 665 - 687 Other…
  11. SUPPLEMENTAL Q3 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 11
    Guidance Table Commodity Hedge Positions Q4'12 Natural gas positions: Fixed Price Swaps: Hedged Volume (MMMBtu) 22,623 Average Price (/MMBtu) 5.12 Puts: (1) Hedged Volume (MMMBtu) 19,979 Average Price (/MMBtu) 5.40 Total: Hedged…
  12. SUPPLEMENTAL Q3 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 12
    Commodity Hedge Portfolio October 1 December 31, 2012 2013 2014 2015 2016 2017 Natural gas positions: Fixed price swaps: Hedged volume (MMMBtu) 22,623 87,290 97,401 118,041 121,841 120,122 Average price (/MMBtu) 5.12 5.22 5.25 5.19…
  13. SUPPLEMENTAL Q3 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 13
    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…
  14. SUPPLEMENTAL Q3 2012 FINANCIAL AND OPERATIONAL RESULTS – Linn Energy, Llc – slide 14
    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…

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