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Q1 2013 Financial and Operational Results – Linn Energy, Llc

Linn Energy, Llc · Apr 25, 2013 · 15 slides

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Slides

  1. Q1 2013 Financial and Operational Results – Linn Energy, Llc – slide 1
    Supplemental Q1 2013 Financial and Operational Results
  2. Q1 2013 Financial and Operational Results – Linn Energy, Llc – slide 2
    Granite Wash Horizontal Drilling Activity Hogshooter Development Hemphill County Oklahoma DYCO Texas Wheeler County Roger Mills County STILES RANCH MAYFIELD Current Hogshooter Development FRYE RANCH…
  3. Q1 2013 Financial and Operational Results – Linn Energy, Llc – slide 3
    Commodity Hedge Positions (Does Not Include Pending Berry Merger) Natural Gas Positions 550 4.48 4.48 5.12 500 5.14 5.31 450 5.00 5.00 4.88 5.00 Volumes (MMcf/d) 400 36% 5.42 35% 34% 350 41% 300 46% 250 5.19 4.20…
  4. Q1 2013 Financial and Operational Results – Linn Energy, Llc – slide 4
    Adjusted EBITDA (Non-GAAP Measure) 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…
  5. Q1 2013 Financial and Operational Results – Linn Energy, Llc – slide 5
    Adjusted Net Income (Non-GAAP Measure) Adjusted net income is a performance measure used by Company management to evaluate its operational performance from oil and natural gas properties. Adjusted net income, as defined by the Company,…
  6. Q1 2013 Financial and Operational Results – Linn Energy, Llc – slide 6
    Coverage Ratio Calculation Three Months Ended March 31, December 31, 2013 2012 (in thousands, except unit and ratio amounts) (1) Adjusted EBITDA 356,056 378,974 Less: interest expense (2) (95,224) (96,055) Less: maintenance…
  7. Q1 2013 Financial and Operational Results – Linn Energy, Llc – slide 7
    Statements of Operations Three Months Ended March 31, 2013 2012 (in thousands, except per unit amounts) Revenues and other: Oil, natural gas and natural gas liquids sales 462,732 348,895 Gains (losses) on oil and natural gas…
  8. Q1 2013 Financial and Operational Results – Linn Energy, Llc – slide 8
    Operating Statistics Three Months Ended March 31, 2013 2012 Average daily production: Natural gas (MMcf/d) 443 229 Oil (MBbls/d) 30.1 26.1 NGL (MBbls/d) 28.7 14.2 Total (MMcfe/d) 796 471 Weighted average prices (hedged): (1)…
  9. Q1 2013 Financial and Operational Results – Linn Energy, Llc – slide 9
    Additional Financial Data Selected Balance Sheet Data March, 31 December 31, 2013 2012 (in thousands) Assets: Total current assets 799,481 811,428 Oil and natural gas properties, net 9,371,827 9,585,674 Other property and…
  10. Q1 2013 Financial and Operational Results – Linn Energy, Llc – slide 10
    Guidance Table (Does Not Include Announced Merger) Q2 2013E FY 2013E Net Production Natural gas (MMcf/d) 435 - 455 430 - 480 Oil (Bbls/d) 31,500 - 33,500 31,000 - 34,200 NGL (Bbls/d) 26,000 - 27,450 26,200 - 29,000 Total (MMcfe/d)…
  11. Q1 2013 Financial and Operational Results – Linn Energy, Llc – slide 11
    Guidance Table Commodity Hedge Positions Q2 2013E Q2 - Q4 2013E Natural gas positions: Fixed price swaps: Hedged volume (MMMBtu) 21,762 65,766 Average price (/MMBtu) 5.22 5.22 Puts: (1) Hedged volume (MMMBtu) 21,491 64,944 Average…
  12. Q1 2013 Financial and Operational Results – Linn Energy, Llc – slide 12
    Pro Forma Guidance Table (With 6 Month Contribution From Merger) FY 2013E Net Production Natural gas (MMcf/d) 455 - 503 Oil (Bbls/d) 45,300 - 50,200 NGL (Bbls/d) 27,300 - 30,300 Total (MMcfe/d) 890 - 986 Other revenues, net (in…
  13. Q1 2013 Financial and Operational Results – Linn Energy, Llc – slide 13
    Commodity Hedge Portfolio April 1 - December 31, 2013 2014 2015 2016 2017 2018 Natural gas positions: Fixed price swaps: Hedged volume (MMMBtu) 65,766 97,401 118,041 121,841 120,122 36,500 Average price (/MMBtu) 5.22 5.25 5.19…
  14. Q1 2013 Financial and Operational Results – Linn Energy, Llc – slide 14
    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…
  15. Q1 2013 Financial and Operational Results – Linn Energy, Llc – slide 15
    Proved Reserves The following table sets forth certain information with respect to LINNs proved reserves for the year ended December 31, 2012, calculated on the basis required by SEC rules: Proved Reserves % Natural % Proved…

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