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MERGER OVERVIEW – Linn Energy, Llc

Linn Energy, Llc · Feb 21, 2013 · 13 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. MERGER OVERVIEW – Linn Energy, Llc – slide 1
    Merger Overview February 21, 2013
  2. MERGER OVERVIEW – Linn Energy, Llc – slide 2
    LINN Energys mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets.
  3. MERGER OVERVIEW – Linn Energy, Llc – slide 3
    Transaction Overview LinnCo to acquire Berry for 1.25 common shares of LinnCo Consideration (equivalent to total consideration of 46.24 per Berry shares based on LinnCo closing price on February 20, 2013) Premium 20% to Berrys…
  4. MERGER OVERVIEW – Linn Energy, Llc – slide 4
    Transaction Details LinnCo, LLC (Nasdaq:LNCO) and LINN Energy, LLC (Nasdaq:LINE) announced the signing of a definitive merger agreement to acquire all of Berry Petroleum Companys (NYSE:BRY) shares outstanding Total enterprise value…
  5. MERGER OVERVIEW – Linn Energy, Llc – slide 5
    Strategic Rationale Low decline rate of 15% and reserve life of 18 years Excellent MLP Proved reserves of 1.65 Tcfe Assets Current production of 40,000 Boe/d Significantly Improves Credit 100% stock-for-stock transaction…
  6. MERGER OVERVIEW – Linn Energy, Llc – slide 6
    MLP and Independent E&P Rankings LINN is one of the largest MLP and independent E&P companies 7th largest public MLP/LLC 11th largest domestic independent oil & natural gas company Rank Master Limited Partnership Enterprise Value (MM)…
  7. MERGER OVERVIEW – Linn Energy, Llc – slide 7
    LINN Energy A Premier U.S. Independent E&P Company Increases LINNs size and scale among leading, independent E&P companies Now one of the largest producers of hydrocarbons in the United States Proved Reserves of E&P Peers (1) Daily…
  8. MERGER OVERVIEW – Linn Energy, Llc – slide 8
    Overview of Berry Petroleum High Quality Oil Portfolio Proved Reserves (MMBoe) Berry Asset Map 75% Liquids NGLs 7% Uinta Basin Piceance Basin Natural Gas 26% Oil 67% CA UT Corporate CO Headquarters (Denver) Permian…
  9. MERGER OVERVIEW – Linn Energy, Llc – slide 9
    LINN Energy Operational Overview ND Uinta Basin MI WY Piceance Basin IL CA UT KS CO OK East Texas NM California TX Corporate LA Headquarters (Houston) Permian Basin LINN Operations Recently Acquired Assets…
  10. MERGER OVERVIEW – Linn Energy, Llc – slide 10
    Meaningful Increase to Reserves and Production Proved Reserves (Bcfe) Proved Reserves (Bcfe) 7,000 6,446 6,000 4,796 5,000 2,996 4,000 2,571 3,000 2,000 1,650 3,450 1,000 2,225 425 1,225 0 LINN Energy Berry Pro Forma…
  11. MERGER OVERVIEW – Linn Energy, Llc – slide 11
    Permian Basin Operational Synergies Significant operational and field Permian Asset Map synergies Almost doubles LINNs Wolfberry inventory Hockley 725 proved drilling locations Garza Stonewall (pro forma for transaction (1))…
  12. MERGER OVERVIEW – Linn Energy, Llc – slide 12
    History of Strong Performance and Growth Reserves (Bcfe) Production (MMcfe/d) 7,000 (1) 1,200 6,446 (2) 1,040 6,000 1,000 4,796 5,000 800 671 4,000 3,370 600 3,000 2,597 369 400 2,000 1,660 1,712 265 1,419 212 218…
  13. MERGER OVERVIEW – Linn Energy, Llc – slide 13
    The U.S. Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only resources that qualify as reserves as defined by SEC rules. We use terms describing hydrocarbon quantities in…

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