How LINN Fits into the E&P Industry LINN Capitalizes On A Niche C-Corps take risk and drill C-Corps develop exploratory wells looking for reserves and bring new oil and gas on production Assets mature to stable LINN acquires…
LINN Overview 9th largest public MLP/LLC and 10th largest domestic independent oil & natural gas company IPO in 2006 (NASDAQ: LINE) Equity market cap 7.2 billion Total net debt 5.9 billion Salt Creek Field Enterprise value 13.1…
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…
BP Jonah Field Acquisition(1) Recently announced a 1.025 billion(2) acquisition Sheridan Park of BP's Jonah Field Properties in Wyoming Big Horn Campbell Crook Production of 145 MMcfe/d (55% operated) Wyoming Washakie Weston…
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…
BP Hugoton 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…
Significant Hedge Position (Equivalent Basis) LINNs cash flow is notably more protected from oil and natural gas price uncertainty than its C-corp. peers LINN is hedged 100% on expected natural gas production through 2017; and 100% on…
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 Pending and Recent…
Financial Appendix
Proved Reserves The following table sets forth certain information with respect to LINNs pro forma proved reserves for the year ended December 31, 2011, calculated on the basis required by SEC rules: Pro Forma Proved % Proved Region…
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: Three Months Ended March 31, 2012 2011 (in thousands) Net loss (6,202) (446,682) Plus: Net operating cash…
Historical Financial Statements Adjusted Net Income The following presents a reconciliation of net loss to adjusted net income: Three Months Ended March 31, 2012 2011 (in thousands, except per unit amounts) Net loss (6,202)…
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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