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RBC Capital Markets Energy and Power Executive Conference – Linn Energy, Inc

Linn Energy, Inc · Jun 22, 2017 · 16 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. RBC Capital Markets Energy and Power Executive Conference – Linn Energy, Inc – slide 1
    RBC Capital Markets' Energy and Power Executive Conference June 2017
  2. RBC Capital Markets Energy and Power Executive Conference – Linn Energy, Inc – slide 2
    Recent Highlights 1Q 2017 Highlights Successfully emerged from restructuring and reduced debt to 834 million as of March 31, 2017 Entered into an agreement to sell the Jonah and Pinedale assets in Wyoming for 581.5 million Commenced…
  3. RBC Capital Markets Energy and Power Executive Conference – Linn Energy, Inc – slide 3
    Overview of LINNs Assets As of year end 2016 unless otherwise noted Williston Mid-Continent Core Growth Merge / NW STACK / STACK / SCOOP Exposure across the entirety of this premier U.S. onshore resource play includes significant…
  4. RBC Capital Markets Energy and Power Executive Conference – Linn Energy, Inc – slide 4
    LINN Asset Detail As of year end 2016 unless otherwise noted Proved Proved Developed (2&4) Proved Developed (3&4) Production( 1) Primary Net Acres Developed (2) SEC Pricing PV-10 Strip Pricing PV-10 Operatorship (MMcfe/d) Commodity…
  5. RBC Capital Markets Energy and Power Executive Conference – Linn Energy, Inc – slide 5
    Corporate Strategy UPSTREAM ACCELERATE DEVELOP TEST HORIZONTAL GROWTH DIVEST DE-RISK MERGE MERGE POTENTIAL MLP NON-CORE HORIZONTAL NW STACK NLA / ETX E&P MIDSTREAM ASSETS POSITION ARKOMA PROGRAM BUSINESS ROCKIES…
  6. RBC Capital Markets Energy and Power Executive Conference – Linn Energy, Inc – slide 6
    Net Asset Value Upside Value 2.6+ million net acres Significant additional Inventory that benefits majority HBP with exposure to inventory at higher from technology and cost + Additional Upside future stacked pay commodity prices…
  7. RBC Capital Markets Energy and Power Executive Conference – Linn Energy, Inc – slide 7
    2017 Capital Allocation 57% of total 2017 budgeted capital is allocated to the Merge 234 million in the Merge 413 million of Total Capital 11 34 95 100 165 40 100 102 Horizontal Development Horizontal Development…
  8. RBC Capital Markets Energy and Power Executive Conference – Linn Energy, Inc – slide 8
    Asset Sale Update Williston Jonah Sale South Belridge Sale 581.5 million 263 million Jonah Salt Creek Salt Creek Sale Continue to market South Belridge Brea, Permian, South 71.5 million Texas and Williston Brea Permian Expects…
  9. RBC Capital Markets Energy and Power Executive Conference – Linn Energy, Inc – slide 9
    Top tier position across SCOOP / STACK / Merge NW STACK 185,000 total net acres STACK 96%+ HBP provides optionality for development pace Concentrated core position in the Merge Merge Significant and consolidated exposure…
  10. RBC Capital Markets Energy and Power Executive Conference – Linn Energy, Inc – slide 10
    Merge Premier acreage position with strong recent results LINN Acreage 53,000 net acres Canadian Key targets are Mississippi, Woodford and Hunton Running 2 rigs in 2017 with plans for 25 gross wells Chisholm Trail Plant More…
  11. RBC Capital Markets Energy and Power Executive Conference – Linn Energy, Inc – slide 11
    Merge Core Growth Asset Significant production growth on the horizon assuming 2 rig drilling program Flexibility to add rigs quickly MERGE AVG DAILY PRODUCTION (MBOE/D) 20 16.7 15 10 8.0 6.7 5 0 YE 2016 Exit…
  12. RBC Capital Markets Energy and Power Executive Conference – Linn Energy, Inc – slide 12
    Chisholm Trail Midstream Building a Premier Midstream Business in the Merge Merge Midstream Infrastructure Construction has been approved on a cryogenic plant with designed capacity of 250 MMcf/d LINN has signed agreements…
  13. RBC Capital Markets Energy and Power Executive Conference – Linn Energy, Inc – slide 13
    NW STACK Industry activity continues to de-risk acreage Mounds 16-1H (Carrera) Elwell 29-1H (Comanche) Schoeppel 16-20-12 1H Medill 1-27H (Sandridge) Asset Highlights First Prod. Date: 12/15 First Prod. Date: 10/14 First Prod.…
  14. RBC Capital Markets Energy and Power Executive Conference – Linn Energy, Inc – slide 14
    Debt Reduction 1Q 2017 Total Debt to Adjusted EBITDAX(1) of 1.6x as of 3/31/2017 8,445 Debt Reduction Contributors 8,000 Berry Separation 1,707 7,000 6,738 Equitize Second Lien / Unsecured Notes 4,023 3,857 6,000 Hedge Unwind…
  15. RBC Capital Markets Energy and Power Executive Conference – Linn Energy, Inc – slide 15
    Commodity Hedge Portfolio Natural Gas Positions Oil Positions 400 370 14,000 350 12,000 12,000 300 10,000 Volume (Bbls/d) 250 Volume (MMMBtu/d) 3.17 8,000 200 6,500 6,000 150 131 5,000 3.01 50.00- 100 4,000…
  16. RBC Capital Markets Energy and Power Executive Conference – Linn Energy, Inc – slide 16
    Total Debt to Adjusted EBITDAX Reconciliation The non-GAAP financial measure of adjusted EBITDAX, as defined by the Company, may not be comparable to similarly titled measures used by other companies. Therefore, this non-GAAP measure…

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