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WELLS FARGO PRESENTATION – Linn Energy, Llc

Linn Energy, Llc · Dec 1, 2014 · 14 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. WELLS FARGO PRESENTATION – Linn Energy, Llc – slide 1
    Wells Fargo Presentation December 2014
  2. WELLS FARGO PRESENTATION – 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 companies may use terms in this…
  3. WELLS FARGO PRESENTATION – Linn Energy, Llc – slide 3
    LINN Energy Overview LINN Energy IPO in 2006 with initial enterprise value of 713 million Acquire, develop and maximize cash flow from long-lived oil and natural gas assets Grown through 62 transactions for 17 billion(1) for…
  4. WELLS FARGO PRESENTATION – Linn Energy, Llc – slide 4
    LINNs 2014 Keys to Success 1) Maximize value for Permian Wolfcamp position All strategic alternatives have potential to: o Increase cash available for distribution o Lower capital intensity o Decrease overall decline rate 2)…
  5. WELLS FARGO PRESENTATION – Linn Energy, Llc – slide 5
    2014 Overview Executing on Plan Production averaged 1,245 MMcfe/d in the third quarter Third Quarter 2014 Fully covered distribution with excess of net cash of 88 million(1) Operations Lower LOE and G&A as compared to guidance…
  6. WELLS FARGO PRESENTATION – Linn Energy, Llc – slide 6
    Devon Energy Assets Acquisition 2.3 Billion Deal 275 MMcfe/d; 14% base decline Proved reserves estimated 1.4 Tcfe; 3 Tcfe of total resource potential 900K net acres with over 1,000 future drilling locations and over 600…
  7. WELLS FARGO PRESENTATION – Linn Energy, Llc – slide 7
    Mid-Continent Divesting Granite Wash / Cleveland Granite Wash / Cleveland Divestiture(1) Operations Map 1.95 Billion sale to EnerVest and Marmaton Woodward FourPoint announced October 3, 2014 Cleveland Lipscomb Cottage Grove…
  8. WELLS FARGO PRESENTATION – Linn Energy, Llc – slide 8
    Hugoton Basin (Pro Forma)(1) Building Scale in Ideal MLP Asset Hugoton Overview Existing LINN Acreage XOM Acreage Largest operator in Hugoton Basin with pro forma PXD Acreage Kearny 275 MMcfe/d production DVN Acreage Finney…
  9. WELLS FARGO PRESENTATION – Linn Energy, Llc – slide 9
    ExxonMobil California Permian Trade Accretion to excess of net cash available for distribution of 20MM - 30 MM annualized(1) Expected reduction in capital run rate by 20MM - 30MM LINN to Receive: San Joaquin Valley, California 3.4…
  10. WELLS FARGO PRESENTATION – Linn Energy, Llc – slide 10
    Permian Basin Overview Midland Basin Activity in 2014 Operations Map ExxonMobil Assets Trade I: Hockley Traded 25,000 net acres; 2 MBoe/d ExxonMobil Assets Trade II: MIDLAND Garza Stonewall BASIN Traded 17,000 net acres; 4.7…
  11. WELLS FARGO PRESENTATION – Linn Energy, Llc – slide 11
    Significant Hedge Position Natural gas hedged approximately 90%-100% in 2015 and 2016 Oil hedged approximately 60%-70% in 2015 and 50%-60% in 2016 Recent gas-weighted transactions provide natural hedge for California steam…
  12. WELLS FARGO PRESENTATION – Linn Energy, Llc – slide 12
    Upstream MLP Acquisition History Rationalization of E&P space between growth and mature assets is accelerating Since 2008, Upstream MLPs have made over 30 billion in acquisitions LINN represents 50% of total Upstream MLP acquisitions…
  13. WELLS FARGO PRESENTATION – Linn Energy, Llc – slide 13
    Why Invest in LINN Maximizing value through execution of 2014 goals Repositioned portfolio Completed or announced 6 meaningful transactions since May Decreased overall decline rate to 15%, pro forma for transactions Lowered capital…
  14. WELLS FARGO PRESENTATION – Linn Energy, Llc – slide 14
    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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