Houston, TX, United States
Houston, TX, United States

Time filter

Source Type

HOUSTON, May 23, 2017 (GLOBE NEWSWIRE) -- LINN Energy, Inc. (OTCQB:LNGG) (“LINN” or the “Company”) announced today that it has signed a definitive agreement to sell its interest in properties located in the San Joaquin Basin, California to an undisclosed buyer for a contract price of $263 million, subject to closing adjustments. This sale represents the first executed agreement of the Company’s non-core divestiture program. LINN continues to market the previously announced non-core asset sales and there remains significant interest in each of those packages. Year-to-date, the Company has announced sale agreements with contract prices totaling $844.5 million with net proceeds expected to be used to reduce outstanding borrowings under the Company’s revolving credit facility and term loan. Pro-forma for these transactions, the Company expects to have less than $50 million in total debt outstanding. The California properties, located in Kern County, consist of approximately 500 total net acres in the South Belridge Field. First quarter net production was approximately 3,000 BOE/d, proved developed reserves of ~11.7 MMBOE(1) and proved developed PV-10 of approximately $168 million.(2) The Company forecasts full-year adjusted EBITDAX associated with these properties of approximately $30 million.(3) In the second half of the year, the Company had budgeted $21 million of capital for the development of these properties. This capital will be redeployed for the development of growth projects or used to further de-lever the balance sheet. The transaction is expected to close no later than July 31, 2017 with an effective date of March 1, 2017. This transaction is subject to satisfactory completion of title and environmental due diligence, as well as the satisfaction of closing conditions. Tudor, Pickering, Holt & Co. and Jefferies LLC acted as co-financial advisors and Kirkland & Ellis LLP as legal counsel during the transaction. LINN Energy, Inc. was formed in February 2017 as the reorganized successor to LINN Energy, LLC. Headquartered in Houston, Texas, the Company’s core focus is the upstream and midstream development of the SCOOP / STACK / Merge in Oklahoma. Additionally, the Company is pursuing emerging horizontal opportunities in the Mid-Continent, Rockies, North Louisiana and East Texas while continuing to add value by efficiently operating and applying new technology to a diverse set of long-life producing assets. More information about LINN Energy is available at www.linnenergy.com. Forward-Looking Statements Statements made in this press release that are not historical facts are “forward-looking statements.” These statements are based on certain assumptions and expectations made by the Company which reflect management’s experience, estimates and perception of historical trends, current conditions, and anticipated future developments. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. These include risks relating to financial performance and results, ability to improve our financial results and profitability following emergence from bankruptcy, ability to list our common stock on an established securities market, availability of sufficient cash flow to execute our business plan, ability to execute planned asset sales, continued low or further  declining commodity prices and demand for oil, natural gas and natural gas liquids, ability to  hedge future production, ability to replace reserves and efficiently develop current reserves, the regulatory environment and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These and other important factors could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Please read “Risk Factors” in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other public filings. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information or future events.


HOUSTON, May 23, 2017 (GLOBE NEWSWIRE) -- LINN Energy, Inc. (OTCQB:LNGG) (“LINN” or the “Company”) announced today that it has signed a definitive agreement to sell its interest in properties located in the San Joaquin Basin, California to an undisclosed buyer for a contract price of $263 million, subject to closing adjustments. This sale represents the first executed agreement of the Company’s non-core divestiture program. LINN continues to market the previously announced non-core asset sales and there remains significant interest in each of those packages. Year-to-date, the Company has announced sale agreements with contract prices totaling $844.5 million with net proceeds expected to be used to reduce outstanding borrowings under the Company’s revolving credit facility and term loan. Pro-forma for these transactions, the Company expects to have less than $50 million in total debt outstanding. The California properties, located in Kern County, consist of approximately 500 total net acres in the South Belridge Field. First quarter net production was approximately 3,000 BOE/d, proved developed reserves of ~11.7 MMBOE(1) and proved developed PV-10 of approximately $168 million.(2) The Company forecasts full-year adjusted EBITDAX associated with these properties of approximately $30 million.(3) In the second half of the year, the Company had budgeted $21 million of capital for the development of these properties. This capital will be redeployed for the development of growth projects or used to further de-lever the balance sheet. The transaction is expected to close no later than July 31, 2017 with an effective date of March 1, 2017. This transaction is subject to satisfactory completion of title and environmental due diligence, as well as the satisfaction of closing conditions. Tudor, Pickering, Holt & Co. and Jefferies LLC acted as co-financial advisors and Kirkland & Ellis LLP as legal counsel during the transaction. LINN Energy, Inc. was formed in February 2017 as the reorganized successor to LINN Energy, LLC. Headquartered in Houston, Texas, the Company’s core focus is the upstream and midstream development of the SCOOP / STACK / Merge in Oklahoma. Additionally, the Company is pursuing emerging horizontal opportunities in the Mid-Continent, Rockies, North Louisiana and East Texas while continuing to add value by efficiently operating and applying new technology to a diverse set of long-life producing assets. More information about LINN Energy is available at www.linnenergy.com. Forward-Looking Statements Statements made in this press release that are not historical facts are “forward-looking statements.” These statements are based on certain assumptions and expectations made by the Company which reflect management’s experience, estimates and perception of historical trends, current conditions, and anticipated future developments. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. These include risks relating to financial performance and results, ability to improve our financial results and profitability following emergence from bankruptcy, ability to list our common stock on an established securities market, availability of sufficient cash flow to execute our business plan, ability to execute planned asset sales, continued low or further  declining commodity prices and demand for oil, natural gas and natural gas liquids, ability to  hedge future production, ability to replace reserves and efficiently develop current reserves, the regulatory environment and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These and other important factors could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Please read “Risk Factors” in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other public filings. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information or future events.


HOUSTON, May 23, 2017 (GLOBE NEWSWIRE) -- LINN Energy, Inc. (OTCQB:LNGG) (“LINN” or the “Company”) announced today that it has signed a definitive agreement to sell its interest in properties located in the San Joaquin Basin, California to an undisclosed buyer for a contract price of $263 million, subject to closing adjustments. This sale represents the first executed agreement of the Company’s non-core divestiture program. LINN continues to market the previously announced non-core asset sales and there remains significant interest in each of those packages. Year-to-date, the Company has announced sale agreements with contract prices totaling $844.5 million with net proceeds expected to be used to reduce outstanding borrowings under the Company’s revolving credit facility and term loan. Pro-forma for these transactions, the Company expects to have less than $50 million in total debt outstanding. The California properties, located in Kern County, consist of approximately 500 total net acres in the South Belridge Field. First quarter net production was approximately 3,000 BOE/d, proved developed reserves of ~11.7 MMBOE(1) and proved developed PV-10 of approximately $168 million.(2) The Company forecasts full-year adjusted EBITDAX associated with these properties of approximately $30 million.(3) In the second half of the year, the Company had budgeted $21 million of capital for the development of these properties. This capital will be redeployed for the development of growth projects or used to further de-lever the balance sheet. The transaction is expected to close no later than July 31, 2017 with an effective date of March 1, 2017. This transaction is subject to satisfactory completion of title and environmental due diligence, as well as the satisfaction of closing conditions. Tudor, Pickering, Holt & Co. and Jefferies LLC acted as co-financial advisors and Kirkland & Ellis LLP as legal counsel during the transaction. LINN Energy, Inc. was formed in February 2017 as the reorganized successor to LINN Energy, LLC. Headquartered in Houston, Texas, the Company’s core focus is the upstream and midstream development of the SCOOP / STACK / Merge in Oklahoma. Additionally, the Company is pursuing emerging horizontal opportunities in the Mid-Continent, Rockies, North Louisiana and East Texas while continuing to add value by efficiently operating and applying new technology to a diverse set of long-life producing assets. More information about LINN Energy is available at www.linnenergy.com. Forward-Looking Statements Statements made in this press release that are not historical facts are “forward-looking statements.” These statements are based on certain assumptions and expectations made by the Company which reflect management’s experience, estimates and perception of historical trends, current conditions, and anticipated future developments. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. These include risks relating to financial performance and results, ability to improve our financial results and profitability following emergence from bankruptcy, ability to list our common stock on an established securities market, availability of sufficient cash flow to execute our business plan, ability to execute planned asset sales, continued low or further  declining commodity prices and demand for oil, natural gas and natural gas liquids, ability to  hedge future production, ability to replace reserves and efficiently develop current reserves, the regulatory environment and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These and other important factors could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Please read “Risk Factors” in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other public filings. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information or future events.


News Article | April 13, 2017
Site: globenewswire.com

HOUSTON, April 13, 2017 (GLOBE NEWSWIRE) -- LINN Energy, Inc. (OTCQB:LNGG) will host a conference call on Thursday, May 11, 2017 at 10 a.m. (CDT) to discuss the company’s first quarter 2017 results. There will be prepared remarks by Mark E. Ellis, President and Chief Executive Officer, and David B. Rottino, Executive Vice President and Chief Financial Officer. Investors and analysts are invited to participate in the call by dialing (844) 625-4392, or (409) 497-0988 for international calls using Conference ID: 7613116. Interested parties may also listen over the Internet at www.linnenergy.com. A replay of the call will be available on the company’s website or by phone until May 25, 2017. The number for the replay is (855) 859-2056 or (404) 537-3406 for international calls using Conference ID: 7613116. LINN Energy, Inc. was formed in February 2017 as the reorganized successor to Linn Energy, LLC. Headquartered in Houston, Texas, the company’s core focus is the upstream and midstream development of the SCOOP / STACK / Merge in western Oklahoma. Additionally, the company is pursuing emerging horizontal opportunities in the Mid-Continent, Rockies, North Louisiana and East Texas while continuing to add value by efficiently operating and applying new technology to a diverse set of long-life producing assets.


News Article | April 13, 2017
Site: globenewswire.com

HOUSTON, April 13, 2017 (GLOBE NEWSWIRE) -- LINN Energy, Inc. (OTCQB:LNGG) will host a conference call on Thursday, May 11, 2017 at 10 a.m. (CDT) to discuss the company’s first quarter 2017 results. There will be prepared remarks by Mark E. Ellis, President and Chief Executive Officer, and David B. Rottino, Executive Vice President and Chief Financial Officer. Investors and analysts are invited to participate in the call by dialing (844) 625-4392, or (409) 497-0988 for international calls using Conference ID: 7613116. Interested parties may also listen over the Internet at www.linnenergy.com. A replay of the call will be available on the company’s website or by phone until May 25, 2017. The number for the replay is (855) 859-2056 or (404) 537-3406 for international calls using Conference ID: 7613116. LINN Energy, Inc. was formed in February 2017 as the reorganized successor to Linn Energy, LLC. Headquartered in Houston, Texas, the company’s core focus is the upstream and midstream development of the SCOOP / STACK / Merge in western Oklahoma. Additionally, the company is pursuing emerging horizontal opportunities in the Mid-Continent, Rockies, North Louisiana and East Texas while continuing to add value by efficiently operating and applying new technology to a diverse set of long-life producing assets.


News Article | May 2, 2017
Site: globenewswire.com

HOUSTON, May 02, 2017 (GLOBE NEWSWIRE) -- LINN Energy, Inc. (OTCQB:LNGG) (“LINN” or the “Company”) announced today that it has signed a definitive agreement to sell its interest in properties located in western Wyoming to Jonah Energy LLC for a contract price of $581.5 million, subject to closing adjustments. Proceeds from the sale are expected to be used to reduce outstanding borrowings under the Company’s revolving credit facility and term loan. “This sale allows us to significantly reduce leverage and improve financial flexibility,” said Mark E. Ellis, President and Chief Executive Officer. “We are aggressively pursuing higher return opportunities in the SCOOP / STACK / Merge play where we are increasing rig activity and building out our midstream business. In addition, we are pursuing other emerging horizontal plays in the Mid-Continent, Rockies, North Louisiana and East Texas.” The properties consist of approximately 27,500 total net acres including ~16,000 net acres in the Jonah and Pinedale Anticline fields with first quarter net production of approximately 129 MMcfe/d, proved reserves of ~384 Bcfe (1) and proved developed PV-10 of approximately $369 million.(2) The Company forecasts full-year unlevered free cash flow associated with these properties of approximately $60 million.(3) In the second half of the year, the Company had budgeted $16 million of capital for the development of these properties. This capital will be redeployed for the development of growth projects or used to further de-lever the balance sheet. “This sale also marks the first step of transitioning LINN from a conventional production-based MLP to a streamlined growth-oriented enterprise. The Board will continue to work hand-in-hand with management to execute on a value maximizing and transformative business plan.  This plan includes continuing the previously announced sale of non-core assets, accelerating investment in key horizontal growth plays and focusing on our overall cost structure to become a best-in-class low cost operator,” said Chairman Evan Lederman on behalf of the Board. The sale of Jonah is expected to close in the second quarter of 2017 with an effective date of March 1, 2017. This transaction is subject to satisfactory completion of title and environmental due diligence, as well as the satisfaction of closing conditions. Jefferies LLC acted as sole financial advisor and Kirkland & Ellis LLP as legal counsel during the transaction. (1) Proved reserves as of March 1, 2017 with updated pricing of $3.00 per MMBtu for natural gas and $50.00 per bbl for oil.  (2) PV-10 represents the present value, discounted at 10% per year, of estimated future net cash flows. The Company’s calculation of PV-10 herein differs from the standardized measure of discounted future net cash flows determined in accordance with the rules and regulations of the SEC in that it is calculated before income taxes with the pricing and timing assumptions noted in footnote (1).  (3) Forecasted unlevered free cash flow is calculated from management’s estimates of projected adjusted EBITDAX attributable to these properties less management’s estimates of capital expenditures attributable to these properties using the pricing estimates noted below. As previously disclosed, total company (LINN Energy, Inc.) projected adjusted EBITDAX for 2017 is $490 million and total expected capital expenditures for 2017 is $395 million based on pricing estimates of $3.23 per MMBtu for natural gas and $50.48 per bbl for oil. LINN Energy, Inc. was formed in February 2017 as the reorganized successor to LINN Energy, LLC. Headquartered in Houston, Texas, the Company’s core focus is the upstream and midstream development of the SCOOP / STACK / Merge in Oklahoma. Additionally, the Company is pursuing emerging horizontal opportunities in the Mid-Continent, Rockies, North Louisiana and East Texas while continuing to add value by efficiently operating and applying new technology to a diverse set of long-life producing assets. More information about LINN Energy is available at www.linnenergy.com. Forward-Looking Statements Statements made in this press release that are not historical facts are “forward-looking statements.” These statements are based on certain assumptions and expectations made by the Company which reflect management’s experience, estimates and perception of historical trends, current conditions, and anticipated future developments. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. These include risks relating to financial performance and results, ability to improve our financial results and profitability following emergence from bankruptcy, ability to list our common stock on an established securities market, availability of sufficient cash flow to execute our business plan, ability to execute planned asset sales, continued low or further  declining commodity prices and demand for oil, natural gas and natural gas liquids, ability to  hedge future production, ability to replace reserves and efficiently develop current reserves, the regulatory environment and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These and other important factors could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Please read “Risk Factors” in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other public filings. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information or future events.


Gates, Bezos, Khosla, Bloomberg, Branson, Doerr, Plattner and the other billionaire investors in the $1 billion Breakthrough Energy Coalition have hired folks with actual energy backgrounds. David Danielson is now managing director for science and Eric Toone is executive managing director and science lead -- the first employees on the Breakthrough Energy Ventures science team. Danielson was most recently a Precourt Energy Scholar at Stanford. Before that, he served as the Assistant Secretary for Energy Efficiency and Renewable Energy. He was the first program director hired by the DOE's Advanced Research Projects Agency-Energy (ARPA-E), which focuses on high-risk clean energy technologies. Toone was most recently the leader of the Innovation and Entrepreneurship Initiative at Duke University. In 2009, he was a founding member of ARPA-E, where he led the electrofuels program. On the relatively rare topic of investors focused on energy and sustainability: Sam Youneszadeh, regional GM with SunEdison, is now chief development officer at ForeFront Power. As we've reported, SunEdison's commercial and industrial solar development team has been reincarnated as ForeFront Power. Earlier this month, the Japanese industrial and energy giant Mitsui & Co. acquired the remainder of SunEdison's commercial business for $15 million. The acquisition included 50 employees -- down from 300 at SunEdison's peak -- focused on building and financing projects. Kevin Christy, previously with SunEdison and Axio Power, is now COO for North America at project developer Lightsource Renewable Energy. GlassPoint Solar, a supplier of solar for the oil and gas industry, announced that Tunde Deru, previously with LINN Energy, joined the firm as director of sales for the Americas, and Jeffrey Kennedy, most recently with SunPower, joined as senior director of project finance. Co-founder and CEO of GlassPoint Rod MacGregor has left the CEO role but remains on the board. David Miles, formerly with Ideematec Deutschland GmbH, is now senior director of project development at Hannah Solar, a solar developer and EPC in the Southeast U.S. John Megna, previously with SMA Solar Technology, is now sales director of grid-scale energy storage at LG Chem Power. According to Greenbiz, ExxonMobil CEO Darren Woods "has signaled his backing for the Paris Agreement and called for a carbon tax to reduce U.S. emissions." Woods replaced Rex Tillerson, who is now the U.S. Secretary of State. Woods also cited the necessity of "managing the risks of climate change." Northern Power Systems added Kevin Kopczynski to the board of directors. When First Solar acquired Enki Technology for its anti-reflection coatings late last year, Enki's CEO, Kopczynski, joined First Solar as a senior director. Previously, Kopczynski was a partner at RockPort Capital Partners. Northern Power Systems manufactures wind turbines with permanent magnet direct drive technology. Enertech Search Partners, an executive search firm with a dedicated cleantech practice, is the sponsor of the GTM jobs column. Among its many active searches, Enertech is looking for a Regional Account Executive. The client brings electric vehicle (EV) charging to more people and places than ever before. They operate the world's largest and most open EV charging network and also design, build and support the technology that powers it. The client is seeking a Regional Account Executive in Colorado with value-based/solution sales experience and a natural knack for hunting and closing large enterprise transactions. SaaS experience is highly desired, as well as exceptional pipeline management. Survalent, a provider of advanced distribution management systems (ADMS) to utilities worldwide, announced three new executives: Serge Savchenko, most recently with OpenText, joins as chief revenue officer; Ian MacCuaig, with past leadership roles at GE Digital Energy, SNC-Lavalin, and CAE Electronics, joins as VP of customer success; and Marianne Kupina, previously head of marketing at Esri Canada, joins as VP of marketing. IOTAS, looking to supply a smart home system for the apartment rental market, named Tim Enwall, previously head of strategy at Nest and former CEO of Revolv to its board. Revolv, acquired by Nest, had developed a smart hub aimed at homeowners. Soumya Sastry was promoted to principal, short-term electric supply/energy policy & procurement at PG&E. Electric-bus builder Proterra named Matt Horton as chief commercial officer. Prior to joining Proterra, Horton was the CEO of Propel Fuels. Proterra has sold more than 380 vehicles to 36 different municipal, university, and commercial transit agencies throughout North America. According to the company, by 2030, every single transit bus sold in the U.S. will run on electricity. (Here's the recent Energy Gang podcast interview with Proterra CEO Ryan Popple.) Hannah Masterjohn was promoted to VP of policy and regulatory affairs at Clean Energy Collective. In 2014, First Solar made its entry into the U.S. residential solar market by becoming the single largest investor in Clean Energy Collective's community solar business with the purchase of a 28 percent ownership interest for $21.8 million. CEC builds and sells community solar projects to residential and small business customers on behalf of utilities. In 2012, CEC won $13 million in equity financing from the New Energy Capital Cleantech Infrastructure Fund, Black Coral Capital and other investors.


News Article | February 23, 2017
Site: www.businesswire.com

BAKERSFIELD, Calif.--(BUSINESS WIRE)--GlassPoint Solar, the leading supplier of solar for the oil and gas industry, today announced two new appointments to accelerate its projects in California. Tunde Deru joins GlassPoint as Director of Sales, Americas, and Jeffrey Kennedy as Senior Director of Project Finance. GlassPoint’s solar technology powers oilfield operations, reducing a field’s production costs and carbon emissions. In 2011, GlassPoint unveiled its first commercial project at Berry Petroleum’s 21Z lease in Kern County, California. Following the success of the pilot project, GlassPoint scaled its technology overseas in Oman and is currently constructing Miraah, a landmark project with Petroleum Development Oman (PDO). Once complete, Miraah will produce over one gigawatt of peak thermal energy, making it one of the world’s largest solar plants of any kind. “GlassPoint is growing its presence in California to deliver large-scale solar oilfield projects that will generate thousands of local energy jobs while cutting carbon emissions,” said Sanjeev Kumar, GlassPoint Senior Vice President of Project Development, North America. “In today’s challenging operating environment, producers are seeking innovative solutions, including GlassPoint’s solar technology, to improve oilfield economics and reduce their carbon footprint.” Deru joins GlassPoint’s office in Bakersfield, California from LINN Energy (formerly Berry Petroleum), where he was first introduced to GlassPoint’s technology and successful pilot. He most recently served as the Technical Team Lead for Major Projects and previously as the Project Manager for the company’s Diatomite Asset team. Prior to that, he was with Bakersfield’s Process Unlimited (ProU), which was acquired by Stantec. “I joined Berry Petroleum shortly after GlassPoint’s pilot was commissioned and kept a close eye on it throughout the years as it demonstrated its reliability on the oilfield. I’m confident that GlassPoint’s proven solar technology, made in California and deployed around the world, can help move Bakersfield’s oil industry forward,” said Deru. Kennedy brings to GlassPoint over 20 years of expertise in project finance, corporate finance, and strategy and management. Most recently, Kennedy was a Director in Project Finance at SunPower, where he raised more than $1.4 billion in debt, tax equity and cash equity for SunPower’s domestic utility-scale solar projects. Prior to that, Kennedy spent eight years at McKinsey & Co. in China. Kennedy is based in GlassPoint’s headquarters in Fremont, California. “I am excited to join an organization that is leading deployment of solar for the oil and gas industry, an enormous untapped market to scale renewable energy,” said Kennedy. GlassPoint’s solar technology provides the lowest-cost energy for extracting heavy oil, which accounts for half of California’s crude oil production. Heavy oil is produced by injecting steam in to the reservoir to heat the oil so it can be pumped to the surface. By harnessing the sun to generate steam for oil extraction, GlassPoint enables producers to reduce operating costs, lower emissions and create local jobs. GlassPoint Solar is the leading supplier of solar to the oil and gas industry. The global oil and gas industry consumes an amount of energy equal to 10% of its own production, making it one of the biggest markets for renewable energy. Operating worldwide from the Middle East to California, GlassPoint’s enclosed trough technology delivers the lowest cost energy to power oilfield operations. By harnessing sunshine, instead of burning natural gas or other fuels, GlassPoint helps oil producers reduce operating expenses while significantly cutting greenhouse gas emissions. GlassPoint is one of the fastest-growing solar companies in the world with more than one gigawatt of solar oilfield projects under construction. The World Economic Forum recently recognized GlassPoint as a 2016 Technology Pioneer for its role in enabling more economical and sustainable oil production.


News Article | February 28, 2017
Site: globenewswire.com

HOUSTON, Feb. 28, 2017 (GLOBE NEWSWIRE) -- LINN Energy, Inc., the reorganized successor to LINN Energy, LLC, and its affiliated entities (the “Company” or “LINN”), today announced that it has emerged from Chapter 11 restructuring.  Pursuant to the Plan of Reorganization, LINN and Berry Petroleum (“Berry”) will operate as stand-alone companies. Through the restructuring, LINN has reduced debt by more than $5 billion to total debt of $1.012 billion and pro forma net debt of $962 million, resulting in $730 million of liquidity.  The new structure significantly enhances financial flexibility and positions the Company for long-term success. Mark E. Ellis, President and Chief Executive Officer, said, “Today marks a new beginning for our company and all of our stakeholders. With significantly less debt and an infusion of new equity capital, we have ample liquidity to accelerate growth in our core areas, including our SCOOP/STACK/Merge position.  We are confident that our diverse and high-quality asset base will serve as a foundation for our future success.” The following are highlights of LINN’s asset position: A supplemental presentation has been posted to the Company’s website, which includes an overview of the emerging company, an update on the capital structure, operational highlights of LINN’s asset areas and additional information on the asset sales. Effective today, the Company’s Board of Directors are comprised of members of management and representatives of the Company’s largest shareholders.  The new directors are: The Board of Directors has engaged Jefferies LLC as lead advisor and has initiated a process to explore and evaluate potential strategic alternatives, which includes marketing five non-core assets. The Company has retained the following advisors to work alongside Jefferies LLC in the sales process: RBC Richardson Barr will market the Williston and Permian packages, CIBC Griffis & Small will market the South Texas and Salt Creek packages, and Tudor Pickering, Holt & Co. will market California. The proceeds received from any future asset sales are expected to further de-lever the Company’s balance sheet and allow for flexibility to focus resources on the remaining growth assets. The new Board of Directors collectively echoed Mr. Ellis’ comments and said, “We are very excited for the prospects of LINN as we transition from an upstream MLP to a growth-oriented E&P company.  We also believe the asset sales will allow us to re-deploy capital to focus on significant growth opportunities and position LINN to maximize returns for shareholders.” “We thank our outstanding employees for their unwavering commitment throughout the restructuring process,” said Mark E. Ellis.  “Because of their efforts, we were able to achieve strong operational results and reduce costs while working safely.  Looking ahead, our employees are critical in creating future value and driving the Company’s success.” Kirkland & Ellis LLP served as legal adviser to LINN, Lazard served as financial adviser and AlixPartners served as restructuring adviser.  Jefferies LLC is serving as lead financial advisor in the strategic review process. Forward-Looking Statements Statements made in this press release that are not historical facts are “forward-looking statements.” These statements are based on certain assumptions and expectations made by the Company which reflect management’s experience, estimates and perception of historical trends, current conditions, and anticipated future developments. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. These include risks relating to financial performance and results, ability to improve our financial results and profitability following emergence from bankruptcy, availability of sufficient cash flow to execute our business plan, continued low or further  declining commodity prices and demand for oil, natural gas and natural gas liquids, ability to hedge future production, ability to replace reserves and efficiently develop current reserves, the regulatory environment and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These and other important factors could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Please read “Risk Factors” in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other public filings. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information or future events. PV-10 PV-10 represents the present value, discounted at 10% per year, of estimated future net cash flows. The Company’s calculation of PV-10 herein differs from the standardized measure of discounted future net cash flows determined in accordance with the rules and regulations of the SEC in that it is calculated before income taxes and including the impact of helium, using strip prices as of February 15, 2017, rather than after income taxes and not including the impact of helium, using the average price during the 12-month period, determined as an unweighted average of the first-day-of-the-month price for each month. The Company’s calculation of PV-10 should not be considered as an alternative to the standardized measure of discounted future net cash flows determined in accordance with the rules and regulations of the SEC. Net Debt Net debt is defined by the Company as total debt less cash and cash equivalents.


News Article | March 1, 2017
Site: www.prnewswire.com

BAKERSFIELD, Calif., Feb. 28, 2017 /PRNewswire/ -- Berry Petroleum Company LLC (the "Company" or "Berry") successfully emerged from bankruptcy today following confirmation of its Chapter 11 plan of reorganization by the Honorable Judge David R. Jones of the U.S. Bankruptcy Court for the...

Loading LINN Energy collaborators
Loading LINN Energy collaborators