Hugoton Acquisition Overview February 2012 DISTRIBUTION GROWTH ACQUISITIONS ASSETS PEOPLE
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 2% of total reserves…
Strategic Rationale - BP Hugoton Acquisition Strategic Rationale Liquids-rich production of 110 MMcfe/d Liquids-Rich 37% NGLs / 63% natural gas Low decline rate of 7% Excellent MLP Reserve life of 18 years Asset Proved reserves…
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)…
Significant Hedge Position 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 Puts provide price upside opportunity Natural Gas Positions…
Significant Hedge Position (Equivalent Basis) LINNs cash flow is notably more protected from oil and natural gas price uncertainty than its C-Corp peers 120% 100% 100% 92% 93% 100% 22% 21% 35% 33% 80% 81% 70% 72% 60% 67%…
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. The…
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…
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…
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…
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…
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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