J.P. Morgan Global High Yield & Leveraged Finance Conference February 2015
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…
LINN Energy Overview Williston Basin Michigan LINN Energy IPO in 2006 with initial Powder River Basin enterprise value of 713 million ND Green River Basin Acquire, develop and maximize cash flow MI from long-lived oil and natural…
Recent Announcements 2015 oil and natural gas capital budget of 520 million Represents a 29% reduction from 730 million budget announced on January 2, 2015 Focused on low risk development and optimization projects, along with workover…
2014 Overview Executed on Plan Production averaged 1,210 MMcfe/d in 2014 2014 Operations Fully covered distribution with excess of net cash of 24 million(1) Lower LOE and G&A as compared to guidance Trades ExxonMobil Assets Trade…
Devon Energy Assets Acquisition 2.1 Billion Transaction 275 MMcfe/d; low 14% base decline Proved reserves estimated at 1.3 Tcfe; 3 Tcfe of total resource potential 900,000 net acres with 1,000+ future drilling locations and 600+…
ExxonMobil Assets Trade I Overview LINN traded a portion of its oil acreage and production in the Permian Basin to ExxonMobil for long life, low decline natural gas assets in the Hugoton Basin Closed on August 15, 2014 with an…
Hugoton Basin Building Scale in Ideal MLP Asset Legacy LINN Acreage Hugoton Overview ExxonMobil Acreage Closed ExxonMobil Assets Trade I on August 15; Pioneer Acreage Kearny Devon Acreage acquisition from Pioneer on September 12…
ExxonMobil Assets Trade II Overview LINN traded a portion of its oil acreage and higher decline production in the Permian Basin to ExxonMobil for low decline oil assets in the Belridge Field in Californias San Joaquin Valley…
ExxonMobil Assets Trade II California San Joaquin Valley Overview of Assets Received San Joaquin Valley Production of 3.4 MBoe/d (100% oil) LEGEND I-5 LINN Assets Decline rate of 10% and reserve life of KERN COUNTY Exxon Trade…
Permian Basin Transaction Activity Midland Basin Activity in 2014 Operations Map ExxonMobil Assets Trade I Traded 25,000 net acres; 2 MBoe/d Hockley ExxonMobil Assets Trade II MIDLAND Garza Stonewall Traded 17,000 net acres;…
Significant Hedge Position Natural gas hedged approximately 100% through 2017 Oil hedged approximately 70% in 2015 and 65% in 2016 Gas-weighted transactions provided natural hedge for California steam operations(1) Natural Gas…
Upstream MLP Acquisition History Rationalization of E&P space between growth and mature assets Since 2008, Upstream MLPs have made over 33 billion in acquisitions LINN represents 45% of total Upstream MLP acquisitions over this time…
Credit Highlights Significant size and scale of operations across the onshore United States Strong liquidity position of 2.2 billion at year-end 2014 Plan to balance cash flow and spending Reduced 2015 oil and natural gas capital…
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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