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Acquisition Update – Linn Energy, Llc

Linn Energy, Llc · Mar 10, 2012 · 15 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. Acquisition Update – Linn Energy, Llc – slide 1
    LINN Energy, LLC Acquisition Update March 2012 DISTRIBUTION GROWTH ACQUISITIONS ASSETS PEOPLE
  2. Acquisition Update – Linn Energy, Llc – slide 2
  3. Acquisition Update – Linn Energy, Llc – slide 3
    LINN Overview 8th largest public MLP/LLC and 13th largest domestic independent oil & natural gas company(1) Williston Basin Bakken Founded in 2003, IPO in 2006 (NASDAQ: LINE) 14 MMBoe proved reserves Michigan Equity market cap 7.6…
  4. Acquisition Update – Linn Energy, Llc – slide 4
    Strategic Rationale - BP Hugoton Acquisition Strategic Rationale Liquids-rich production of 110 MMcfe/d Liquids-Rich 37% NGLs / 63% natural gas Expected natural gas production hedged through 2015 Low decline rate of 7% Excellent…
  5. Acquisition Update – Linn Energy, Llc – slide 5
    Pending Hugoton Acquisition Acquisition Overview (1) Purchase price: 1.2 billion (2) Finney (3) Hamilton 2012 estimates for BP Hugoton assets EBITDA of 160 million Kansas Kearny Maintenance capital of 30-40 million (4)…
  6. Acquisition Update – Linn Energy, Llc – slide 6
    Pending East Texas Acquisition Acquisition Overview (1) Acquisition Map Contract price: 175 million (2) Expect closing date on or before May 1, 2012 Financed with proceeds from borrowings under the revolving credit facility…
  7. Acquisition Update – Linn Energy, Llc – slide 7
    Significant Hedge Position(1) LINN is hedged 100% on expected natural gas production through 2015; and 100% on expected oil production through 2013 and 80% in 2014 and 2015, excluding pending East Texas acquisition Puts provide…
  8. Acquisition Update – Linn Energy, Llc – slide 8
    Significant Hedge Position(1) (Based on Equivalent Basis and Excluding Pending East Texas Acquisition) LINNs cash flow is notably more protected from oil and natural gas price uncertainty than its C-Corp peers 120% 100% 100% 92% 93%…
  9. Acquisition Update – Linn Energy, Llc – slide 9
    Appendix
  10. Acquisition Update – Linn Energy, Llc – slide 10
    As used herein, Pro Forma Proved Reserves represents the sum of (i) the Companys estimated proved reserves as of December 31, 2011, and (ii) the estimated proved reserves to be acquired in the Companys currently pending acquisition.…
  11. Acquisition Update – Linn Energy, Llc – slide 11
    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…
  12. Acquisition Update – Linn Energy, Llc – slide 12
    Historical Financial Statements Adjusted EBITDA The following presents a reconciliation of net income to adjusted EBITDA: Three Months Ended Year Ended December 31, December 31, 2011 2010 2011 2010 (in thousands) Net income…
  13. Acquisition Update – Linn Energy, Llc – slide 13
    Historical Financial Statements Adjusted Net Income The following presents a reconciliation of net income to adjusted net income: Three Months Ended Year Ended December 31, December 31, 2011 2010 2011 2010 (in thousands, except per…
  14. Acquisition Update – Linn Energy, Llc – slide 14
    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…
  15. Acquisition Update – Linn Energy, Llc – slide 15
    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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