Linn Energy

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Linn Energy, Inc.
Public company
Traded asNASDAQLNGG
IndustryPetroleum industry
Founded2003; 16 years ago (2003)
FounderMichael C. Linn
Headquarters,
United States
Key people
Mark E. Ellis, CEO & President
David B. Rottino, CFO
Arden L. Walker, Jr., COO
ProductsPetroleum
Natural gas
Production output
102 thousand barrels of oil equivalent (620,000 GJ) per day (2017)
RevenueIncrease $0.826 billion (2017)
Increase $0.435 billion (2017)
Total assetsDecrease $2.881 billion (2017)
Total equityIncrease $2.351 billion (2017)
Websitewww.linnenergy.com
Footnotes / references
[1]

Linn Energy, Inc. is a petroleum, natural gas, and natural gas liquids exploration and production company incorporated in Delaware and headquartered in Houston.

Current operations[edit]

As of December 31, 2017, the company had 1.968 trillion cubic feet equivalent of estimated proved reserves, of which 8% were petroleum, 70% were natural gas, and 22% were natural gas liquids.[1]

The company's core focus is production in Western Oklahoma. The company is also pursuing directional drilling in the Mid-Continent oil province, Rocky Mountains, North Louisiana and East Texas.[1]

History[edit]

The company was founded in 2003 by Michael C. Linn.[2]

In 2006, the company became a public company via an initial public offering that raised over $200 million.[3]

In 2007, the company doubled its holdings by acquiring many of the oil and gas assets of Dominion Energy, mainly in Oklahoma, for $2.05 billion.[4]

In 2011, the founder of the company, Michael C. Linn, retired.[2]

In March 2012, the company acquired the holdings of BP in the Hugoton Natural Gas Area, the large gas-producing region from southwestern Kansas into the Texas Panhandle for $1.2 billion. The purchase included 2,400 active wells on 600,000 acres and a gas processing plant.[5]

In June 2012, the company acquired 12,500 acres in the Jonah Field in southwest Wyoming from BP for approximately $1 billion.[6]

In February 2013, the company acquired Berry Petroleum Company in a stock deal valued at $4.3 billion.[7]

In September 2013, the company acquired assets in the Permian Basin for $525 million.[8]

In June 2014, the company acquired assets from Devon Energy for $2.3 billion.[9]

In August 2014, the company acquired assets in the Hugoton Natural Gas Area from Pioneer Natural Resources for $340 million. The company also sold its interests in non-producing acreage in the Anadarko Basin for $90 million.[10]

In March 2016, the company missed a debt payment and announced that a bankruptcy filing was likely.[11]

On May 11, 2016, the company filed for bankruptcy under Chapter 11, Title 11, United States Code.[12]

In February 2017, the company completed a financial restructuring, which include the corporate spin-off of Berry Petroleum Company.[13]

In May 2017, the company sold its interest in properties in the Salt Creek Field in Wyoming to Denbury Resources for $71.5 million.[14]

In June 2017, the company sold its properties in the Jonah Field for $581.5 million.[15]

In September 2017, the company formed Roan Resources LLC, a joint venture with Citizen Energy II, LLC.[16]

In October 2017, the company sold properties in Wyoming for $200 million.[17]

References[edit]

  1. ^ a b c "Linn Energy, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b "LINN Energy Founder Michael C. Linn Retiring and Named Director and Founder; LINN Energy President and CEO Mark E. Ellis Named Chairman of the Board" (Press release). GlobeNewswire. December 1, 2011.
  3. ^ "Linn Energy Prices Initial Public Offering" (Press release). PR Newswire. January 13, 2006.
  4. ^ "Linn Energy to Acquire Mid-Continent Oil and Gas Properties from Dominion Resources, Inc. for $2.05 Billion" (Press release). PR Newswire. July 2, 2007.
  5. ^ "LINN Energy Announces $1.2 Billion Acquisition of BP's Hugoton Basin Properties" (Press release). GlobeNewswire. February 27, 2012.
  6. ^ De La Merced, Michael J. (June 25, 2012). "Linn Energy to Buy BP Property in Wyoming for $1 Billion". The New York Times.
  7. ^ "LINN Energy and LinnCo to Acquire Berry Petroleum Company for $4.3 Billion" (Press release). GlobeNewswire. February 21, 2013.
  8. ^ "LINN Energy Announces $525 Million Acquisition of Permian Basin Properties" (Press release). GlobeNewswire. September 12, 2013.
  9. ^ "LINN Energy Announces $2.3 Billion Acquisition of Assets from Devon Energy" (Press release). GlobeNewswire. June 30, 2014.
  10. ^ "LINN Energy Announces $340 Million Acquisition From Pioneer Natural Resources" (Press release). GlobeNewswire. August 4, 2014.
  11. ^ Kakouris, Rachelle (March 15, 2016). "Distressed Debt: Linn Energy Skips Interest Payment, Warns of Chapter 11". Forbes.
  12. ^ "Linn Energy Chapter 11 Voluntary Petition" (PDF). PacerMonitor. May 11, 2016.
  13. ^ "LINN Energy Successfully Completes Financial Restructuring" (Press release). GlobeNewswire. February 28, 2017.
  14. ^ "LINN Energy Announces Sale of Salt Creek for $71.5 Million and Extinguishes All Debt Pro-forma of Announced Transactions" (Press release). GlobeNewswire. May 30, 2017.
  15. ^ "LINN Energy Closes on the Jonah Sale, Announces Amendment to Credit Agreement and Authorization of Initial Share Repurchase Program" (Press release). GlobeNewswire. June 1, 2017.
  16. ^ "Roan Resources is Formed and Its Board of Directors Announced by LINN Energy and Citizen Energy" (Press release). GlobeNewswire. September 5, 2017.
  17. ^ "LINN Energy Announces Sale of Washakie Properties for $200 Million and Increases Share Repurchase Authorization to $400 Million" (Press release). GlobeNewswire. October 4, 2017.

External links[edit]