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Q2 2012 – Linn Energy, Llc

Linn Energy, Llc · Jul 25, 2012 · 16 slides

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Slides

  1. Q2 2012 – Linn Energy, Llc – slide 1
    Supplemental Q2 2012 Financial and Operational Results
  2. Q2 2012 – Linn Energy, Llc – slide 2
    Continuing to Provide Strong Performance and Growth Increased total reserves by 50% to 5.1 Tcfe from 3.4 Tcfe at year-end 2011 Reserves (Bcfe) 6,000 (1) 5,067 5,000 Reserves (Bcfe) 4,000 3,370 3,000 2,597 2,000 1,660…
  3. Q2 2012 – Linn Energy, Llc – slide 3
    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…
  4. Q2 2012 – Linn Energy, Llc – slide 4
    Shift To Hogshooter Presents Significant Upside LINN has 8 operated rigs currently drilling Hogshooter wells and plans to drill 20 wells by year-end 2012 Average Granite Wash Well Liquids-Rich Hogshooter NGLs Natural NGLs Natural…
  5. Q2 2012 – Linn Energy, Llc – slide 5
    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…
  6. Q2 2012 – Linn Energy, Llc – slide 6
    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…
  7. Q2 2012 – Linn Energy, Llc – slide 7
    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)…
  8. Q2 2012 – Linn Energy, Llc – slide 8
    Coverage Ratio Calculation Three Months Ended June 30, March 31, 2012 2012 (in thousands, except unit and ratio amounts) Adjusted EBITDA (1) 319,135 302,139 (2) Less: interest expense (91,347) (73,632) Less: maintenance capital…
  9. Q2 2012 – Linn Energy, Llc – slide 9
    Statements of Operations Three Months Ended Six Months Ended June 30, June 30, 2012 2011 2012 2011 (in thousands, except per unit amounts) Revenues and other: Oil, natural gas and natural gas liquids sales 347,227 302,390 696,122…
  10. Q2 2012 – Linn Energy, Llc – slide 10
    Operating Statistics Three Months Ended June 30, 2012 2011 Variance Average daily production: Natural gas (MMcf/d) 317 169 88 % Oil (MBbls/d) 28.2 21.4 32 % NGL (MBbls/d) 24.0 10.1 138 % Total (MMcfe/d) 630 358 76 % Weighted…
  11. Q2 2012 – Linn Energy, Llc – slide 11
    Additional Financial Data Selected Balance Sheet Data June 30, December 31, 2012 2011 (in thousands) Assets: Total current assets 882,309 621,476 Oil and natural gas properties, net 8,569,616 6,802,033 Other property and…
  12. Q2 2012 – Linn Energy, Llc – slide 12
    Guidance Table Q3 2012E FY 2012E Net Production Natural gas (MMcf/d) 398 - 413 336 - 356 Oil (Bbls/d) 29,000 - 30,500 28,500 - 30,500 NGL (Bbls/d) 28,000 - 29,000 23,000 - 25,000 Total (MMcfe/d) 740 - 770 645 - 690 Other…
  13. Q2 2012 – Linn Energy, Llc – slide 13
    Guidance Table Commodity Hedge Positions Q3 2012E Q4 2012E Natural gas positions: Fixed Price Swaps: Hedged Volume (MMMBtu) 21,287 22,623 Average Price (/MMBtu) 5.20 5.12 Puts: (1) Hedged Volume (MMMBtu) 18,915 19,979 Average…
  14. Q2 2012 – Linn Energy, Llc – slide 14
    Commodity Hedge Portfolio Natural Gas Positions Aug-Dec 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Fixed Price Swaps: Hedged Volume (MMMBtu) 37,623 87,290 97,401 118,041 121,841 120,122 Average Price (/MMBtu) 5.12 5.22 5.25 5.19 4.20…
  15. Q2 2012 – Linn Energy, Llc – slide 15
    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…
  16. Q2 2012 – Linn Energy, Llc – slide 16
    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…

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