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NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc

Linn Energy, Llc · May 20, 2015 · 17 slides

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Slides

  1. NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc – slide 1
    NAPTP MLP Investor Conference May 2015
  2. NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc – slide 2
    Reserve Estimates The SEC permits oil and natural gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SECs definitions for such terms. The Company may use terms in this…
  3. NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc – slide 3
    Recent Developments Grew average daily production 2% over year-end 2014 exit rate Significantly improved cost structure (decreased lease operating Positive expenses by 8% compared to guidance) Q1 2015 Results / Targeting cost…
  4. NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc – slide 4
    LINN Energy Overview Williston Basin LINN Energy IPO in 2006 with initial ND Michigan enterprise value of 713 million WY Powder River Basin Acquire, develop and maximize cash flow Green River Basin MI from long-lived oil and…
  5. NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc – slide 5
    2014 Overview Executed on Plan Production averaged 1,210 MMcfe/d in 2014 2014 Operations Fully covered distribution with excess of net cash of 24 million(1) Lower LOE and G&A as compared to guidance Trades ExxonMobil Assets…
  6. NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc – slide 6
    Oil and Natural Gas Capital Allocation By Project Type Focused on low risk development and optimization projects, along with workover and recompletion opportunities on existing wells 2014 2015 1.5 billion 520 million 1,210…
  7. NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc – slide 7
    Rockies Operations Map Proved reserves of 2.1 Tcfe (29% of total proved reserves) Williston Basin 65% proved developed Estimated 2015 production of Salt Creek CO2 ND ND 383 MMcfe/d Green River Basin 40% of LINNs 2015 oil and…
  8. NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc – slide 8
    Hugoton Basin Building Scale in Ideal MLP Asset Legacy LINN Acreage Hugoton Overview ExxonMobil Acreage Pioneer Acreage ExxonMobil Assets Trade I on August 2014; Devon Acreage Kearny acquisition from Pioneer on September 2014…
  9. NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc – slide 9
    California Ideal MLP Assets and Heavy Oil Growth Operations Map Proved reserves of 1.1 Tcfe Hill 21Z (15% of total proved reserves) Diatomite California 74% proved developed Poso Creek Kern Estimated 2015 production of…
  10. NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc – slide 10
    Future Opportunities Currently evaluating and maturing areas with significant future value potential through: AcqCo / DrillCo / Trades ND WY MI CA IL CO UT KS OK NM TX STACK / SCOOP Houston ALTAMONT /…
  11. NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc – slide 11
    AcqCo Details & Strategic Rationale Partnership between LINN and Quantum Transaction Structure to acquire and develop assets Quantum commits up to 1 billion of equity capital New Acquisition LINN may acquire 15% - 50% direct…
  12. NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc – slide 12
    DrillCo Details & Strategic Rationale Transaction Structure Asset-level joint venture to fund drilling 500 million with 5-year commitment Could be utilized on either existing or new assets LINN GSO expected to fund 100% of…
  13. NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc – slide 13
    Significant Hedge Position Natural gas hedged 100% through 2017 Oil hedged 90% in 2015 and 65% in 2016 Gas-weighted transactions provided natural hedge for California steam operations(1) Natural Gas Positions Oil Positions 600…
  14. NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc – slide 14
    Hedge Position (Equivalent Basis) Peer Group Comparison LINNs significant hedge position provides greater commodity price protection as compared to peers 99% 100% 88% Expected Production Hedged 29% 80% 29% 66% 71% 60% 69%…
  15. NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc – slide 15
    Upstream MLP Acquisition History Rationalization of E&P space between growth and mature assets Since 2008, Upstream MLPs have made over 32 billion in acquisitions LINN represents 44% of total Upstream MLP / LLC acquisitions over this…
  16. NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc – slide 16
    Strategy For Success Significant size and scale of operations across the onshore United States Stable Asset Diversified, low decline, low risk asset base Base 2014 portfolio initiatives reduced capital intensity and base decline rate…
  17. NAPTP MLP INVESTOR CONFERENCE – Linn Energy, Llc – slide 17
    LINN Energys mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets.

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