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Supplemental Emergence Presentation – Linn Energy, Llc

Linn Energy, Llc · Feb 28, 2017 · 32 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. Supplemental Emergence Presentation – Linn Energy, Llc – slide 1
    Supplemental Emergence Presentation February 28, 2017
  2. Supplemental Emergence Presentation – Linn Energy, Llc – slide 2
    The New LINN Successfully emerged from financial restructuring Reduced debt by more than 5 billion to total debt of 1,012 (pro forma net debt of 962 million(1)) and recently initiated a sale process of non-core assets to further…
  3. Supplemental Emergence Presentation – Linn Energy, Llc – slide 3
    Table of Contents Slides Overview of Assets 6 Asset Detail 7 Proved Reserves 8 Net Asset Value 9 Asset Sales 10 SCOOP / STACK / Merge & Midstream 11-18 Arkoma Mid-Continent Growth 19 Rockies Growth 20-23 East Texas and North…
  4. Supplemental Emergence Presentation – Linn Energy, Llc – slide 4
    Overview of LINNs Assets Williston Mid-Continent Core Growth SCOOP / STACK / Merge Exposure across the entirety of this premier U.S. onshore resource play includes significant and strategic operated position in the core of the…
  5. Supplemental Emergence Presentation – Linn Energy, Llc – slide 5
    LINN Asset Detail Proved Developed (2&4) Proved Developed (3&4) Production( 1) Primary Proved Developed (2) Net Acres SEC Pricing PV-10 Strip Pricing PV-10 Operatorship (MMcfe/d) Commodity Bcfe in millions in millions Merge 49,000…
  6. Supplemental Emergence Presentation – Linn Energy, Llc – slide 6
    Proved Reserves 3.1 Billion of Proved Developed 65% Natural Gas 3.5 Tcfe of Proved Reserves (1) Value at Strip (2) 8% 3% 6% 4% 18% 17% 65% 88% 91% Natural Gas Oil NGL PDP PDNP PUD PDP PDNP PUD 12-31-2016 Proved Reserves…
  7. Supplemental Emergence Presentation – Linn Energy, Llc – slide 7
    Building Blocks of Net Asset Value Value 2.6+ million net acres Significant additional Inventory that benefits mostly HBP with inventory at higher from technology and + Additional Upside exposure to future commodity prices cost…
  8. Supplemental Emergence Presentation – Linn Energy, Llc – slide 8
    Planned Asset Sales to Further De-Lever The Board of Directors has engaged Jefferies LLC as lead advisor and has initiated a process to explore and evaluate potential strategic alternatives, which includes Williston marketing five…
  9. Supplemental Emergence Presentation – Linn Energy, Llc – slide 9
    SCOOP / STACK / Merge Core Growth Asset Highlights 185,000 net acres that are 96%+ held by production Merge Core Growth 49,000 NW STACK NW STACK 105,000 STACK 24,000 SCOOP 7,000 STACK Net Production of 56 MMcfe/d (58% Natural Gas,…
  10. Supplemental Emergence Presentation – Linn Energy, Llc – slide 10
    SCOOP / STACK / Merge Transactions 1 Strong transaction valuations across the SCOOP / STACK / Merge 5 4 3 Deal Value Production Date Buyer Seller Net Acres /Acre ( in millions) (MMcfe/d) Headline Prod. Adjusted (1) 1…
  11. Supplemental Emergence Presentation – Linn Energy, Llc – slide 11
    Merge Core Growth Play Asset Highlights 49,000 net acres that are 89%+ held by production Production and geologic data from 40 offset Merge drilled wells that have LINN participation STACK High-quality 3D seismic and 900+ well…
  12. Supplemental Emergence Presentation – Linn Energy, Llc – slide 12
    Merge Key Offset Development Meyer 1106 1-21Wh Gary 1H-3601X (Cimarex) Radcliff 1-17H (Cimarex) Lydia 1-16H (Cimarex) Sofia 2H-31 (Citizen) Toy Darrow 2H-8-17 (Citizen) (Marathon) Peak IP-30: 1,766 Boe/d Peak IP-30: 1,345 Boe/d Peak…
  13. Supplemental Emergence Presentation – Linn Energy, Llc – slide 13
    Merge Geologic Overview The Woodford and Mississippi Merge Type Log Mississippi (Sycamore / Mayes) Gross Thickness (Sycamore / Mayes) are proven highly productive benches Both the Mississippi and Woodford have been materially…
  14. Supplemental Emergence Presentation – Linn Energy, Llc – slide 14
    Building a Premier Midstream Business in the Merge Refrigeration Plant Operational at 60 MMcf/d Capacity Merge Midstream Infrastructure Midstream Opportunities Insufficient current takeaway capacity LINN Pipeline Existing plants…
  15. Supplemental Emergence Presentation – Linn Energy, Llc – slide 15
    Northwest STACK Major / Blaine Case Trust 2215 2-35H Asset Highlights Mounds 16-1H (Carrera) First Prod. Date: 12/15 (Sandridge) Elwell 29-1H (Comanche) First Prod. Date: 10/14 Medill 1-27H (Sandridge) First Prod. Date: 10/16…
  16. Supplemental Emergence Presentation – Linn Energy, Llc – slide 16
    STACK Asset Highlights Caldwell 22-18-61H Lightle 4-18-61H Farrar 11-18-61H Hladik (LongFellow) Burpo 1705 2-7Mh (Chesapeake) (Chesapeake) Hill 2-18-62H (Chesapeake) (Chesapeake) (Alta Mesa) First Prod. Date: 06/13 24,000 net acres…
  17. Supplemental Emergence Presentation – Linn Energy, Llc – slide 17
    Arkoma - Mid-Continent Growth Asset Highlights Net Production of 31 MMcfe/d (77% Natural Gas, 22% NGL, 1% Oil) Approximately 450 producing wells (195 Operated) 49,000 net acres that are 99%+ held by production Arkoma Proved…
  18. Supplemental Emergence Presentation – Linn Energy, Llc – slide 18
    Jonah Rockies Growth Asset Highlights Net Production of 152 MMcfe/d (80% Natural Gas, 15% NGL, 5% Oil) Approximately 830 producing wells (370 Operated) 30,000 net acres that are 98%+ held by production Proved Developed Reserves of…
  19. Supplemental Emergence Presentation – Linn Energy, Llc – slide 19
    Washakie Rockies Growth Asset Highlights BP Champlin 452 11-20H Net Production of 74 MMcfe/d BP Champlin 452 9-20H Zone: Almond (72% Natural Gas, 23% NGL, 5% Oil) Zone: Almond 30-day Peak: 8.8 MMcf/d 30-day Peak: 10.4 MMcf/d…
  20. Supplemental Emergence Presentation – Linn Energy, Llc – slide 20
    Bluebell Altamont Rockies Growth Asset Highlights Net Production of 1,500 BOE/d (16% Natural Gas, 84% Oil) Mid GR Approximately 730 producing wells (88 Operated) 45,000 net acres that are 99%+ held by production Proved Developed…
  21. Supplemental Emergence Presentation – Linn Energy, Llc – slide 21
    Williston Basin Rockies Growth Asset Highlights Net Production of 9,800 BOE/d (57% Oil , 22% NGL, 21% Natural Gas) Approximately 1,100 producing wells (All non-Operated) 20,000 net acres that are 98%+ held by production Parshall…
  22. Supplemental Emergence Presentation – Linn Energy, Llc – slide 22
    North Louisiana - Growth Asset Highlights Lincoln Farms 3-10 Ates 18-7 (WildHorse) (Nadel and Gussman) First Prod. Date: 07/15 Net Production of 15 MMcfe/d First Prod. Date: 07/15 Peak IP: 17.4 MMcf/d (76% Natural Gas, 12% NGL, 12%…
  23. Supplemental Emergence Presentation – Linn Energy, Llc – slide 23
    East Texas - Growth Asset Highlights Net Production of 57 MMcfe/d (95% Natural Gas, 3% NGL, 2% Oil) Approximately 1,000 producing wells (871 Operated) 115,000 net acres that are 99%+ held by production Proved Developed Reserves of…
  24. Supplemental Emergence Presentation – Linn Energy, Llc – slide 24
    Hugoton - Legacy Low Decline Asset Asset Highlights Net Production of 155 MMcfe/d (68% Natural Gas, 32% NGL) Approximately 6,500 producing wells (Majority Operated) 1.1 million net acres that are 99%+ held by production Proved…
  25. Supplemental Emergence Presentation – Linn Energy, Llc – slide 25
    Permian Mature Waterfloods Asset Highlights Net Production of 9,300 BOE/d (24% Natural Gas, 23% NGL, 53% Oil) Approximately 1,600 producing wells (1,470 Operated) Shallow Waterfloods 90,000 net acres that are 99%+ held by production…
  26. Supplemental Emergence Presentation – Linn Energy, Llc – slide 26
    California Shallow Decline Oil Asset Asset Highlights Net Production of 5,300 BOE/d (99% Oil, 1% NGL) Approximately 800 producing wells with high working interest 3,000 net acres that are 100% held by production Proved Developed…
  27. Supplemental Emergence Presentation – Linn Energy, Llc – slide 27
    Diverse Long Life Producing Assets Operated Assets with Upside Potential Michigan / Illinois Compression optimization South Texas - Recompletions and compression optimization Michigan Texas Panhandle - Compression optimization…
  28. Supplemental Emergence Presentation – Linn Energy, Llc – slide 28
    Pro Forma Capitalization At December 31, 2016 Rights Reorganization The following table sets forth the Companys Historical Offering Adjustments Pro Forma (in millions) cash and cash equivalents and consolidated Cash and cash…
  29. Supplemental Emergence Presentation – Linn Energy, Llc – slide 29
    Debt Reduction Total Net Debt and Annual Interest Expense estimated to be lowered by 90% 9,000 8,445 Debt Reduction Contributors 8,000 Berry Separation 1,707 7,000 6,738 3,857 Equitize Second Lien / Unsecured Notes 4,023 6,000…
  30. Supplemental Emergence Presentation – Linn Energy, Llc – slide 30
    Reorganized LINN Capital Structure Approximately 89.2 million shares issued and outstanding at emergence Common Equity Approximately 2.5 million restricted stock units issued at emergence(1) 300 million outstanding at emergence…
  31. Supplemental Emergence Presentation – Linn Energy, Llc – slide 31
    Commodity Hedge Portfolio Natural Gas Positions Oil Positions 400 30,000 370 350 25,000 300 20,000 Volumes (Bbls/d) Volumes (MMcf/d) 250 200 15,000 12,000 150 3.17 110 10,000 100 52.13 5,000 5,000 5,000…
  32. Supplemental Emergence Presentation – Linn Energy, Llc – slide 32
    New Board of Directors Mark E. Ellis is President and Chief Executive Officer of LINN Energy. Mr. Ellis has more than 35 years of experience in the oil and natural gas industry. He joined LINN in December 2006 as Mark E. Ellis Executive…

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