LINN Energy

Houston, TX, United States

LINN Energy

Houston, TX, United States
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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.


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 11, 2017
Site: globenewswire.com

HOUSTON, May 11, 2017 (GLOBE NEWSWIRE) -- LINN Energy, Inc. (OTCQB:LNGG) (“LINN” or the “Company”) announced today financial and operating results for the first quarter of 2017 and provided updated guidance for the second quarter and full-year 2017. The Company highlights the following: “We continue to work hand-in-hand with the new board to identify and execute on strategic opportunities to maximize value,” said Mark E. Ellis, President and Chief Executive Officer. “As previously announced, we entered into an agreement to divest of our Jonah and Pinedale assets for $581.5 million. This represents the first step in our transition to a growth-oriented E&P company. 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. In 2017, we plan to test horizontal potential in each of these areas. Our employees are the key driver to unlocking value from these opportunities and I would like to thank them for their commitment to the Company’s success.” Signed Agreement to Sell Jonah and Pinedale Assets for $581.5 Million  As previously announced, the Company signed a definitive agreement to sell its interests in the Jonah and Pinedale Anticline fields located in western Wyoming to Jonah Energy LLC for a contract price of $581.5 million.  The transaction is expected to close in the second quarter of 2017 and is subject to satisfactory completion of title and environmental due diligence, as well as the satisfaction of closing conditions. Net proceeds from the sale are expected to be used to reduce outstanding borrowings under the Company’s revolving credit facility and/or term loan. The Company continues to market the previously announced non-core asset sales and there is significant interest in each of the packages. Balance Sheet and Liquidity  At the end of the first quarter, total assets were approximately $3.6 billion and total liabilities were approximately $1.6 billion, including approximately $834 million of total debt. As of March 31, 2017, the Company had $540 million drawn on a $1.4 billion credit facility and a $294 million term loan outstanding, resulting in approximately $853 million of liquidity including $7 million of outstanding letters of credit. The planned asset sales are expected to further reduce leverage, improve liquidity and increase financial flexibility. Positive Results Continue in the Merge In the first quarter, the Company drilled 3 gross (1.86 net) and completed 4 gross (2.14 net) operated horizontal wells targeting the Mississippi and Woodford. To date, the Company has drilled and completed 9 gross (6.66 net) operated horizontal wells with an average normalized peak IP-30 rate of more than 1,450 BOE/d. Over the past two quarters, LINN has improved cycle times by more than 40% to ~30 days (spud to spud) on two-mile laterals and expects to see additional efficiency gains in 2017. The Company also participated in 5 gross (0.35 net) non-operated horizontal completions in the first quarter. Operated and non-operated horizontal net production in the Merge increased to 8,000 BOE/d by the end of the first quarter. With the addition of a second rig to the program in April and a target to drill 25 gross operated wells in 2017, the Company forecasts to exit 2017 with a horizontal net production rate of approximately 16,700 BOE/d. Recent well results are highlighted below and reflect all LINN operated horizontal wells completed in the Merge to date. LINN’s Chisholm Trail Midstream Business in the Merge is Enhancing Value  The positive production results in the Merge continue to increase demand for our Chisholm Trail midstream business. The refrigeration facility is currently processing approximately 40 MMcf/d and construction has been approved on a cryogenic plant with designed capacity of 250 MMcf/d. The Company has signed agreements dedicating its Merge acreage to Chisholm Trail for gathering and processing. The Company estimates that a midstream business of this type at full capacity could generate annual EBITDAX (a non-GAAP financial measure) between $100 million and $125 million. Activity Increases in the NW STACK The Company holds a significant acreage position in the NW STACK that is 99%+ held by production. The primary horizontal drilling targets are the Osage and Meramec formations. Industry activity has significantly increased in the area, with 43 horizontal well permits in the first quarter of 2017 compared to 18 in the first quarter of 2016. There are 17 rigs currently running and recently several companies have announced acreage acquisitions in the area. In the first quarter of 2017, the Company participated in 2 gross (0.24 net) non-operated horizontal completions in the NW STACK. Pursuing Emerging Growth Opportunities  The Company continues to pursue emerging horizontal opportunities in the Mid-Continent, Rockies, North Louisiana and East Texas. We plan to test horizontal potential in each of these areas and remain committed to the capital investment necessary to maximize the value of these assets. In the first quarter, LINN added one rig in North Louisiana and is currently drilling a Lower Red horizontal well on our Ruston acreage. Updated 2017 Guidance  2017 Capital has been increased $18 million to $413 million due to a 25% design capacity increase for the Chisholm Trail cryogenic plant. The tables below exclude the impact of asset sales and the Company will provide updated guidance in future quarters as the transactions close. In addition, the Company estimates reorganization costs of approximately $20 million for the remaining three quarters of the year. Update on Public Common Stock Listing  LINN Energy, Inc. (OTCQB:LNGG) announced April 10, 2017 that its common stock was approved for trading on the OTCQB market under the symbol LNGG. Investors can find real-time quotes and market information for the Company on www.otcmarkets.com. The Company currently has approximately 89.2 million shares issued and outstanding, with a total of 9.9 million shares reserved for issuance under the Company’s Omnibus Incentive Pan (of which 3.7 million have been issued to date as restricted stock units). Form 10‑Q / Earnings Call / Upcoming Conferences LINN plans to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, with the Securities and Exchange Commission on May 11, 2017 and will host a conference call on Thursday, May 11, 2017 at 10 a.m. (CDT) to discuss the Company’s first quarter 2017 results. A replay of the call and a transcript will be available on the Company’s website until May 25, 2017. Additionally, we plan to attend the upcoming UBS conference in late May and the RBC conference in early June. Link to the Company’s website: http://www.linnenergy.com Link to presentations: http://ir.linnenergy.com/presentations.cfm About LINN Energy   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. 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, 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 capacity and utilization of midstream facilities, 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. The non-GAAP financial measure of adjusted EBITDAX, as defined by the Company, may not be comparable to similarly titled measures used by other companies.  Therefore, this non-GAAP measure should be considered in conjunction with net income (loss) and other performance measures prepared in accordance with GAAP.  Adjusted EBITDAX should not be considered in isolation or as a substitute for GAAP. Adjusted EBITDAX is a measure used by Company management to evaluate the Company's operational performance and for comparisons to the Company's industry peers.  Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company's financial results. The following presents a reconciliation of net income (loss) to adjusted EBITDAX: In addition, the Company reported the following other items: The following presents the Company’s calculation of total debt to adjusted EBITDAX:


News Article | May 11, 2017
Site: globenewswire.com

HOUSTON, May 11, 2017 (GLOBE NEWSWIRE) -- LINN Energy, Inc. (OTCQB:LNGG) (“LINN” or the “Company”) announced today financial and operating results for the first quarter of 2017 and provided updated guidance for the second quarter and full-year 2017. The Company highlights the following: “We continue to work hand-in-hand with the new board to identify and execute on strategic opportunities to maximize value,” said Mark E. Ellis, President and Chief Executive Officer. “As previously announced, we entered into an agreement to divest of our Jonah and Pinedale assets for $581.5 million. This represents the first step in our transition to a growth-oriented E&P company. 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. In 2017, we plan to test horizontal potential in each of these areas. Our employees are the key driver to unlocking value from these opportunities and I would like to thank them for their commitment to the Company’s success.” Signed Agreement to Sell Jonah and Pinedale Assets for $581.5 Million  As previously announced, the Company signed a definitive agreement to sell its interests in the Jonah and Pinedale Anticline fields located in western Wyoming to Jonah Energy LLC for a contract price of $581.5 million.  The transaction is expected to close in the second quarter of 2017 and is subject to satisfactory completion of title and environmental due diligence, as well as the satisfaction of closing conditions. Net proceeds from the sale are expected to be used to reduce outstanding borrowings under the Company’s revolving credit facility and/or term loan. The Company continues to market the previously announced non-core asset sales and there is significant interest in each of the packages. Balance Sheet and Liquidity  At the end of the first quarter, total assets were approximately $3.6 billion and total liabilities were approximately $1.6 billion, including approximately $834 million of total debt. As of March 31, 2017, the Company had $540 million drawn on a $1.4 billion credit facility and a $294 million term loan outstanding, resulting in approximately $853 million of liquidity including $7 million of outstanding letters of credit. The planned asset sales are expected to further reduce leverage, improve liquidity and increase financial flexibility. Positive Results Continue in the Merge In the first quarter, the Company drilled 3 gross (1.86 net) and completed 4 gross (2.14 net) operated horizontal wells targeting the Mississippi and Woodford. To date, the Company has drilled and completed 9 gross (6.66 net) operated horizontal wells with an average normalized peak IP-30 rate of more than 1,450 BOE/d. Over the past two quarters, LINN has improved cycle times by more than 40% to ~30 days (spud to spud) on two-mile laterals and expects to see additional efficiency gains in 2017. The Company also participated in 5 gross (0.35 net) non-operated horizontal completions in the first quarter. Operated and non-operated horizontal net production in the Merge increased to 8,000 BOE/d by the end of the first quarter. With the addition of a second rig to the program in April and a target to drill 25 gross operated wells in 2017, the Company forecasts to exit 2017 with a horizontal net production rate of approximately 16,700 BOE/d. Recent well results are highlighted below and reflect all LINN operated horizontal wells completed in the Merge to date. LINN’s Chisholm Trail Midstream Business in the Merge is Enhancing Value  The positive production results in the Merge continue to increase demand for our Chisholm Trail midstream business. The refrigeration facility is currently processing approximately 40 MMcf/d and construction has been approved on a cryogenic plant with designed capacity of 250 MMcf/d. The Company has signed agreements dedicating its Merge acreage to Chisholm Trail for gathering and processing. The Company estimates that a midstream business of this type at full capacity could generate annual EBITDAX (a non-GAAP financial measure) between $100 million and $125 million. Activity Increases in the NW STACK The Company holds a significant acreage position in the NW STACK that is 99%+ held by production. The primary horizontal drilling targets are the Osage and Meramec formations. Industry activity has significantly increased in the area, with 43 horizontal well permits in the first quarter of 2017 compared to 18 in the first quarter of 2016. There are 17 rigs currently running and recently several companies have announced acreage acquisitions in the area. In the first quarter of 2017, the Company participated in 2 gross (0.24 net) non-operated horizontal completions in the NW STACK. Pursuing Emerging Growth Opportunities  The Company continues to pursue emerging horizontal opportunities in the Mid-Continent, Rockies, North Louisiana and East Texas. We plan to test horizontal potential in each of these areas and remain committed to the capital investment necessary to maximize the value of these assets. In the first quarter, LINN added one rig in North Louisiana and is currently drilling a Lower Red horizontal well on our Ruston acreage. Updated 2017 Guidance  2017 Capital has been increased $18 million to $413 million due to a 25% design capacity increase for the Chisholm Trail cryogenic plant. The tables below exclude the impact of asset sales and the Company will provide updated guidance in future quarters as the transactions close. In addition, the Company estimates reorganization costs of approximately $20 million for the remaining three quarters of the year. Update on Public Common Stock Listing  LINN Energy, Inc. (OTCQB:LNGG) announced April 10, 2017 that its common stock was approved for trading on the OTCQB market under the symbol LNGG. Investors can find real-time quotes and market information for the Company on www.otcmarkets.com. The Company currently has approximately 89.2 million shares issued and outstanding, with a total of 9.9 million shares reserved for issuance under the Company’s Omnibus Incentive Pan (of which 3.7 million have been issued to date as restricted stock units). Form 10‑Q / Earnings Call / Upcoming Conferences LINN plans to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, with the Securities and Exchange Commission on May 11, 2017 and will host a conference call on Thursday, May 11, 2017 at 10 a.m. (CDT) to discuss the Company’s first quarter 2017 results. A replay of the call and a transcript will be available on the Company’s website until May 25, 2017. Additionally, we plan to attend the upcoming UBS conference in late May and the RBC conference in early June. Link to the Company’s website: http://www.linnenergy.com Link to presentations: http://ir.linnenergy.com/presentations.cfm About LINN Energy   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. 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, 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 capacity and utilization of midstream facilities, 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. The non-GAAP financial measure of adjusted EBITDAX, as defined by the Company, may not be comparable to similarly titled measures used by other companies.  Therefore, this non-GAAP measure should be considered in conjunction with net income (loss) and other performance measures prepared in accordance with GAAP.  Adjusted EBITDAX should not be considered in isolation or as a substitute for GAAP. Adjusted EBITDAX is a measure used by Company management to evaluate the Company's operational performance and for comparisons to the Company's industry peers.  Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company's financial results. The following presents a reconciliation of net income (loss) to adjusted EBITDAX: In addition, the Company reported the following other items: The following presents the Company’s calculation of total debt to adjusted EBITDAX:


News Article | May 11, 2017
Site: globenewswire.com

HOUSTON, May 11, 2017 (GLOBE NEWSWIRE) -- LINN Energy, Inc. (OTCQB:LNGG) (“LINN” or the “Company”) announced today financial and operating results for the first quarter of 2017 and provided updated guidance for the second quarter and full-year 2017. The Company highlights the following: “We continue to work hand-in-hand with the new board to identify and execute on strategic opportunities to maximize value,” said Mark E. Ellis, President and Chief Executive Officer. “As previously announced, we entered into an agreement to divest of our Jonah and Pinedale assets for $581.5 million. This represents the first step in our transition to a growth-oriented E&P company. 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. In 2017, we plan to test horizontal potential in each of these areas. Our employees are the key driver to unlocking value from these opportunities and I would like to thank them for their commitment to the Company’s success.” Signed Agreement to Sell Jonah and Pinedale Assets for $581.5 Million  As previously announced, the Company signed a definitive agreement to sell its interests in the Jonah and Pinedale Anticline fields located in western Wyoming to Jonah Energy LLC for a contract price of $581.5 million.  The transaction is expected to close in the second quarter of 2017 and is subject to satisfactory completion of title and environmental due diligence, as well as the satisfaction of closing conditions. Net proceeds from the sale are expected to be used to reduce outstanding borrowings under the Company’s revolving credit facility and/or term loan. The Company continues to market the previously announced non-core asset sales and there is significant interest in each of the packages. Balance Sheet and Liquidity  At the end of the first quarter, total assets were approximately $3.6 billion and total liabilities were approximately $1.6 billion, including approximately $834 million of total debt. As of March 31, 2017, the Company had $540 million drawn on a $1.4 billion credit facility and a $294 million term loan outstanding, resulting in approximately $853 million of liquidity including $7 million of outstanding letters of credit. The planned asset sales are expected to further reduce leverage, improve liquidity and increase financial flexibility. Positive Results Continue in the Merge In the first quarter, the Company drilled 3 gross (1.86 net) and completed 4 gross (2.14 net) operated horizontal wells targeting the Mississippi and Woodford. To date, the Company has drilled and completed 9 gross (6.66 net) operated horizontal wells with an average normalized peak IP-30 rate of more than 1,450 BOE/d. Over the past two quarters, LINN has improved cycle times by more than 40% to ~30 days (spud to spud) on two-mile laterals and expects to see additional efficiency gains in 2017. The Company also participated in 5 gross (0.35 net) non-operated horizontal completions in the first quarter. Operated and non-operated horizontal net production in the Merge increased to 8,000 BOE/d by the end of the first quarter. With the addition of a second rig to the program in April and a target to drill 25 gross operated wells in 2017, the Company forecasts to exit 2017 with a horizontal net production rate of approximately 16,700 BOE/d. Recent well results are highlighted below and reflect all LINN operated horizontal wells completed in the Merge to date. LINN’s Chisholm Trail Midstream Business in the Merge is Enhancing Value  The positive production results in the Merge continue to increase demand for our Chisholm Trail midstream business. The refrigeration facility is currently processing approximately 40 MMcf/d and construction has been approved on a cryogenic plant with designed capacity of 250 MMcf/d. The Company has signed agreements dedicating its Merge acreage to Chisholm Trail for gathering and processing. The Company estimates that a midstream business of this type at full capacity could generate annual EBITDAX (a non-GAAP financial measure) between $100 million and $125 million. Activity Increases in the NW STACK The Company holds a significant acreage position in the NW STACK that is 99%+ held by production. The primary horizontal drilling targets are the Osage and Meramec formations. Industry activity has significantly increased in the area, with 43 horizontal well permits in the first quarter of 2017 compared to 18 in the first quarter of 2016. There are 17 rigs currently running and recently several companies have announced acreage acquisitions in the area. In the first quarter of 2017, the Company participated in 2 gross (0.24 net) non-operated horizontal completions in the NW STACK. Pursuing Emerging Growth Opportunities  The Company continues to pursue emerging horizontal opportunities in the Mid-Continent, Rockies, North Louisiana and East Texas. We plan to test horizontal potential in each of these areas and remain committed to the capital investment necessary to maximize the value of these assets. In the first quarter, LINN added one rig in North Louisiana and is currently drilling a Lower Red horizontal well on our Ruston acreage. Updated 2017 Guidance  2017 Capital has been increased $18 million to $413 million due to a 25% design capacity increase for the Chisholm Trail cryogenic plant. The tables below exclude the impact of asset sales and the Company will provide updated guidance in future quarters as the transactions close. In addition, the Company estimates reorganization costs of approximately $20 million for the remaining three quarters of the year. Update on Public Common Stock Listing  LINN Energy, Inc. (OTCQB:LNGG) announced April 10, 2017 that its common stock was approved for trading on the OTCQB market under the symbol LNGG. Investors can find real-time quotes and market information for the Company on www.otcmarkets.com. The Company currently has approximately 89.2 million shares issued and outstanding, with a total of 9.9 million shares reserved for issuance under the Company’s Omnibus Incentive Pan (of which 3.7 million have been issued to date as restricted stock units). Form 10‑Q / Earnings Call / Upcoming Conferences LINN plans to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, with the Securities and Exchange Commission on May 11, 2017 and will host a conference call on Thursday, May 11, 2017 at 10 a.m. (CDT) to discuss the Company’s first quarter 2017 results. A replay of the call and a transcript will be available on the Company’s website until May 25, 2017. Additionally, we plan to attend the upcoming UBS conference in late May and the RBC conference in early June. Link to the Company’s website: http://www.linnenergy.com Link to presentations: http://ir.linnenergy.com/presentations.cfm About LINN Energy   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. 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, 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 capacity and utilization of midstream facilities, 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. The non-GAAP financial measure of adjusted EBITDAX, as defined by the Company, may not be comparable to similarly titled measures used by other companies.  Therefore, this non-GAAP measure should be considered in conjunction with net income (loss) and other performance measures prepared in accordance with GAAP.  Adjusted EBITDAX should not be considered in isolation or as a substitute for GAAP. Adjusted EBITDAX is a measure used by Company management to evaluate the Company's operational performance and for comparisons to the Company's industry peers.  Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company's financial results. The following presents a reconciliation of net income (loss) to adjusted EBITDAX: In addition, the Company reported the following other items: The following presents the Company’s calculation of total debt to adjusted EBITDAX:


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...

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