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Linn Energy Announces Preliminary Third Quarter 2015 Results

The following excerpt is from the company's SEC filing.

LINN Energy, LLC (Nasdaq: LINE) (“LINN” or the “Company) and LinnCo, LLC (Nasdaq:LNCO) (“LinnCo”) announced today preliminary third quarter 2015 results, interim estimated proved reserves and other financial information.

Preliminary Third Quarter 2015 Results

The following table presents LINN’s preliminary production and expense information as compared to the guidance ranges issued on July 30, 2015.

Average Daily Production:

Q3 2015

Q3 2015E

As of July 30, 2015

Natural gas (MMcf/d)

Oil (Bbls/d)


60,00 0


NGL (Bbls/d)




Total (MMcfe/d)

Other revenues, net (in thousands)




Costs (in thousands):

Lease operating expenses




Transportation expenses



Taxes, other than income taxes




Total operating expenses




General and administrative expenses




Depreciation, depletion and amortization




Impairment of long-lived assets

$2,000,000 — $2,500,000

Includes other revenues and margin on marketing activities.

As included in operating cash flow.

Interim Estimated Proved Reserves Update

The following provides a summary of the Company’s estimated proved reserves and PV-10 (see Schedule 1) as of October 8, 2015. The estimated proved reserves have not been prepared by an independent engineering

firm, or in accordance with SEC regulations, which require they be estimated 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, excluding escalations based upon future conditions. The use of these prices is for illustration purposes only, and does not represent a forecast or estimate of the actual proved reserves, which will be prepared as of December 31, 2015.

Total (Bcfe)


($ millions)

Proved developed


Proved undeveloped

Estimated hedge value

Total including hedges


Berry Petroleum Company, LLC (“Berry”)






Based on internal estimates. Prepared using strip prices as of October 8, 2015 (approximately $50-$60 per Bbl and approximately $2.60-$4.35 per MMBtu).

PV-10 is a non-GAAP measure. Please see the reconciliation to standardized measure of discounted future net cash flows provided on Schedule 1.

Other Financial Information

The following provides a summary of the Company’s adjusted EBITDA (see Schedule 2) for the twelve months ended June 30, 2015.

($ in millions)

Adjusted EBITDA



Adjusted EBITDA is a non-GAAP measure. Please see the reconciliation to net loss provided on Schedule 2.

The Company is disclosing the information in this press release pursuant to its obligations under confidentiality agreements with certain holders of its unsecured notes (“Noteholders”). The Company is continuing discussions with Noteholders concerning a potential transaction but cautions investors that such transaction

may not be completed. The information disclosed herein does not constitute an offer to buy, or a solicitation of an offer to buy, notes or any other security of the Company.


LINN Energy’s mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets. More information about LINN Energy is available at


LinnCo was created to enhance LINN Energy’s ability to raise additional equity capital to execute on its acquisition and growth strategy. LinnCo is a Delaware limited liability company that has elected to be taxed as a corporation for United States federal income tax purposes, and accordingly its shareholders will receive a Form 1099 in respect of any dividends paid by LinnCo. More information about LinnCo is available at


This press release includes...