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4Q 2017 Earnings Presentation – Linn Energy, Inc

Linn Energy, Inc · Feb 27, 2018 · 25 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. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 1
    Fourth Quarter and Full Year 2017 Supplemental Presentation
  2. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 2
    Non-GAAP Measures Adjusted EBITDAX 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 should be…
  3. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 3
    Recent Highlights Executed on the plan to sell non-core assets, eliminate all debt and evaluate strategic alternatives for all assets Formed a Merge/SCOOP/STACK pure play company Commenced construction on a Merge midstream business…
  4. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 4
    Strategic Update Proposed Separation Into Three Standalone Companies During 2018 LNGG Roan Resources LLC Blue Mountain Midstream LLC NewCo 50% Equity Interest Merge/SCOOP/STACK Chisholm Trail Hugoton Pure Play Merge…
  5. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 5
    Overview of LINNs Assets Roan Resources LLC Merge/SCOOP/STACK pure play company LINN holds 50% of the equity interest Current net production of 40,800 BOE/d Plan to separate LINN into Field level cash margin of 22.00 - 22.50 per…
  6. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 6
    Asset Sales Update Williston Jonah More than 1.9 billion of closed or Salt Creek pending asset sales Altamont Bluebell* Washakie Drunkards Wash ACTIVE Drunkards Wash TX Panhandle* Oklahoma SALES Remaining Permian California…
  7. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 7
    2017 Year End Proved Reserves All assets owned by LINN as of December 31, 2017 70% Natural Gas 2.0 Tcfe of Proved Reserves PV-10 of 1.3 Billion (1) 3% 3% 3% 22% 5% 8% 70% 92% 94% Natural Gas Oil NGL PDP PDNP PUD PDP PDNP…
  8. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 8
    Roan Resources Focused on the accelerated development of the prolific Merge/SCOOP/STACK play LINN & Citizen sign a Contribution Agreement to form a Merge/SCOOP/STACK pure play company Each receive 50% of the equity interest…
  9. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 9
    Roan Resources Strong Offset Results Increase Growth Potential MRO Alta Mesa STACK Meramec STACK Oil Window Volatile oil wells continue Meramac / Osage to outperform 6 Active Rigs XEC EOG Lone Rock Play Eastern Anadarko…
  10. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 10
    Roan Resources Significant Activity in the Merge Roan Activity 6 Active horizontal drilling rigs 19 New wells online in 4Q 1,870 BOE/d Normalized Avg Peak IP-30(1&2) 80% 73% Avg Working Avg Liquids%(2) Interest…
  11. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 11
    Chisholm Trail Midstream Primary growth asset of Blue Mountain Midstream LLC Cryogenic plant with a capacity of 250 MMcf/d under construction and expected to be commissioned in the second quarter of 2018 LINN signed agreements…
  12. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 12
    NewCo Asset Map Growth 305 MMcfe/d 1.6 Tcfe 11% NW STACK Fourth Quarter 2017 Proved Developed Reserves Approximate Net Production 76% Natural Gas Base Decline Rate Net Production of 15 MMcfe/d 23% NGL Large HBP acreage position of…
  13. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 13
    NewCo Asset Detail NewCo Asset Detail Net Production(1) Proved Developed(2) Proved Developed(3) Reserves PV-10 MMcfe/d Bcfe in millions Hugoton 144 856 553 East Texas 57 256 146 North Louisiana 34 65 75 Michigan /…
  14. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 14
    NW STACK Asset Highlights NW STACK Majority operated position of 105,000 net acres that is 99%+ held by production is retained by LINN Net Production of 15 MMcfe/d(1) Significant and consolidated opportunity in the emerging…
  15. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 15
    North Louisiana & East Texas Asset Highlights Lassater Lisbon Pettit Net Production of 91 MMcfe/d(1) Waterflood Rocky Targeting Upper and Lower Red horizontals in Mount Ruston the Ruston field of North Louisiana Calhoun Targeting…
  16. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 16
    Arkoma Asset Highlights NFX Ellis 2H-34XX Net Production of 26 MMcfe/d(1) Woodford (82% Natural Gas, 18% NGL) 30-day Peak: 13.1 MMcf/d Base decline of approximately 9% Contiguous majority operated acreage in the core of Arkoma…
  17. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 17
    Hugoton Asset Highlights Net Production of 144 MMcfe/d(1) (65% Natural Gas, 35% NGL) 1.1 million net acres that are 99%+ held by production(2) Very mature, low decline, highly delineated natural gas field Jayhawk Plant Position…
  18. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 18
    Michigan / Illinois Asset Highlights Net Production of 29 MMcfe/d(1) (97% Natural Gas, 3% Oil) Base decline of approximately 4% Approximately 200,000 net acres Michigan is a low decline, biogenic natural gas asset Illinois is a…
  19. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 19
    2018 Guidance Q1 2018E FY 2018E Net Production (MMcfe/d) 375 415 296 328 Natural gas (MMcf/d) 257 284 220 243 Oil (Bbls/d) 7,327 8,098 2,619 2,894 NGL (Bbls/d) 12,426 13,734 10,073 11,133 Other revenues, net (in thousands) (1)…
  20. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 20
    FY 2018 Capital Allocation Total Capital 134 million ( in millions) Sold Assets (1), (3) Remaining O&G Assets Blue Mountain Midstream 1H'18 Blue Mountain 73 Midstream 2H'18 23 Chisholm Trail Midstream Asset Sales (2)…
  21. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 21
    2018 EBITDAX Outlook Current Adjusted Guidance Pro forma NewCo Estimates Guidance 175 150 (23) 125 38 (40) 100 5 Millions 75 153 133 50 90 25 0 FY 18 Guidance Pre-Close EBITDAX FY18 EBITDAX Implied proforma…
  22. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 22
    Pro-Forma Cash 3/31/2018 ( in millions) Ending Cash Feb '18 Share Projected Cash 12/31/17 Q1'18 EBITDA Q1'18 Capital 2017 Cash Taxes Tender offer (1) Q1'18 Asset Sales Other Repurchases Balance 3/31/2018 39 (60) 465 465 444…
  23. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 23
    Tender Offer TENDER OFFER TO PURCHASE SHARES 325 million Purchase Price 48.00 per share 6,770,833 SHARES 94% Participation Closing price per share on January 5, 2018 CLASS A 8.1% COMMON STOCK of companys current…
  24. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 24
    Share Repurchase and Tender Offer As of February 21, 2018 13 million total shares repurchased 14% of all shares issued at emergence 194 million remain under the current 400 million authorization 600 531 million 500 325…
  25. 4Q 2017 Earnings Presentation – Linn Energy, Inc – slide 25
    Commodity Hedge Portfolio Natural Gas Positions Oil Positions 250 7,000 6,500 191 6,000 200 5,000 5,000 Volume (MMMBtu/d) 150 Volume (Bbls/d) 4,000 50.00- 3.17 55.50 3,000 100 3.02 50.00- 55.50 2,000 3.02…

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