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JONAH FIELD ACQUISITION OVERVIEW – Linn Energy, Llc

Linn Energy, Llc · Jun 25, 2012 · 13 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. JONAH FIELD ACQUISITION OVERVIEW – Linn Energy, Llc – slide 1
    Jonah Field Acquisition Overview June 25, 2012
  2. JONAH FIELD ACQUISITION OVERVIEW – Linn Energy, Llc – slide 2
    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…
  3. JONAH FIELD ACQUISITION OVERVIEW – Linn Energy, Llc – slide 3
    Strategic Rationale Jonah Field Acquisition Excellent MLP Low decline rate of 14% Asset Proved reserves of 730 Bcfe, with 56% PDP Liquids-rich natural gas production of 145 MMcfe/d Liquids-Rich 27% liquids / 73% natural…
  4. JONAH FIELD ACQUISITION OVERVIEW – Linn Energy, Llc – slide 4
    Overview Jonah Field Acquisition Acquisition Overview Park Sheridan Campbell Big Horn Crook Contract price: 1.025 billion Wyoming Washakie Weston Estimates for Jonah Field assets (first 12 months)(1) Teton EBITDA of 160…
  5. JONAH FIELD ACQUISITION OVERVIEW – Linn Energy, Llc – slide 5
    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…
  6. JONAH FIELD ACQUISITION OVERVIEW – Linn Energy, Llc – slide 6
    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…
  7. JONAH FIELD ACQUISITION OVERVIEW – Linn Energy, Llc – slide 7
    Financial Appendix
  8. JONAH FIELD ACQUISITION OVERVIEW – Linn Energy, Llc – slide 8
    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…
  9. JONAH FIELD ACQUISITION OVERVIEW – Linn Energy, Llc – slide 9
    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…
  10. JONAH FIELD ACQUISITION OVERVIEW – Linn Energy, Llc – slide 10
    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…
  11. JONAH FIELD ACQUISITION OVERVIEW – Linn Energy, Llc – slide 11
    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)…
  12. JONAH FIELD ACQUISITION OVERVIEW – Linn Energy, Llc – slide 12
    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…
  13. JONAH FIELD ACQUISITION OVERVIEW – Linn Energy, Llc – slide 13
    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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