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SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc

Linn Energy, Llc · Mar 24, 2015 · 23 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. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 1
    Scotia Howard Weil Energy Conference March 2015
  2. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 2
    Mark E. Ellis Chairman, President & Chief Executive Officer
  3. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 3
    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 Company may use terms in this…
  4. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 4
    LINN Energy Overview Williston Basin Michigan LINN Energy IPO in 2006 with initial Powder River Basin ND enterprise value of 713 million Green River Basin Acquire, develop and maximize cash flow MI Uinta Basin WY from long-lived…
  5. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 5
    LINNs 2014 Keys to Success Below were the key portfolio initiatives established for 2014; actions taken during the year addressed all four objectives 1) Maximize value for Permian Wolfcamp position All strategic alternatives have…
  6. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 6
    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…
  7. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 7
    Recent Announcements 2015 oil and natural gas capital budget of 520 million Represents a 65% reduction from the 1.5 billion 2014 budget Focused on low risk development and optimization projects, along with workover and recompletion…
  8. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 8
    Oil and Gas Capital Allocation By Project Type Focused on low-risk development and optimization projects, along with workover and recompletion opportunities on existing wells 2014 2015 1.5 billion 520 million 1,210 MMcfe/d 1,090…
  9. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 9
    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+…
  10. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 10
    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…
  11. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 11
    Hugoton Basin Building Scale in Ideal MLP Asset Legacy LINN Acreage Hugoton Overview ExxonMobil Acreage Pioneer Acreage Closed ExxonMobil Assets Trade I on August 15; Devon Acreage Kearny acquisition from Pioneer on September 12…
  12. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 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…
  13. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 13
    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 Low base decline rate of 10% and long KERN COUNTY Exxon Trade…
  14. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 14
    California Ideal MLP Assets and Heavy Oil Growth 2014 Overview Operations Map Hill 21Z Total proved reserves of 1.1 Tcfe Diatomite California 74% proved developed Poso Creek Production of 171 MMcfe/d or 14% of Bakersfield…
  15. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 15
    Kolja Rockov Executive Vice President & Chief Financial Officer
  16. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 16
    AcqCo Details & Strategic Rationale Partnership between LINN and Quantum Transaction Structure(1) to acquire and develop assets Quantum commits up to 1 billion of equity capital New Acquisition LINN may acquire 15% - 50% direct…
  17. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 17
    DrillCo Details & Strategic Rationale Asset-level joint venture to fund drilling Transaction Structure(1) 500 million, with 5-year commitment Could be utilized on either new or existing assets LINN GSO expected to fund 100% of…
  18. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 18
    Debt Maturities As of December 31, 2014 Significant liquidity and financial flexibility; 2.2 billion of undrawn revolver capacity No debt maturities until 2019 Credit Facility Maturities Senior Note Maturities 2,000 3,500 1,800…
  19. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 19
    Significant Hedge Position Natural gas hedged 100% through 2017 Oil hedged 70% in 2015 and 65% in 2016 Gas-weighted transactions provided natural hedge for California steam operations(1) Natural Gas Positions Oil Positions 600…
  20. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 20
    Hedge Position (Equivalent Basis) Peer Group Comparison LINNs significant hedge position provides greater commodity price protection as compared to peers 100% 90% 87% Expected Production Hedged 80% 29% 29% 66% 71% 60% 61% 50%…
  21. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 21
    Upstream MLP Acquisition History Rationalization of E&P space between growth and mature assets Since 2008, Upstream MLPs have made over 32 billion in acquisitions LINN represents 44% of total Upstream MLP / LLC acquisitions over this…
  22. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 22
    Strategy For Success Significant size and scale of operations across the onshore United States Stable Asset Diversified, low decline, low risk asset base Base 2014 portfolio initiatives reduced capital intensity and base decline rate to…
  23. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Linn Energy, Llc – slide 23
    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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