Linn Acquires Permian Basin Assets for $525 Million
Linn Energy signed an agreement to acquire Permian Basin assets for $525 million. The assets include more than 300 proved low-risk infill drilling opportunities as well as future waterflood potential.Asset HighlightsCovers 6,250 net acres including approximately 124 producing wellsEstimated net production (in...
Linn Acquires Permian Basin Assets for $525 Million
Global Deals, Headlines, OthersLinn Energy signed an agreement to acquire Permian Basin assets for $525 million. The assets include more than 300 proved low-risk infill drilling opportunities as well as future waterflood potential.
Asset Highlights
- Covers 6,250 net acres including approximately 124 producing wells
- Estimated net production (in the next 12 months) of 4.8 MBOE/d (63% oil) from the Clearfork formation
- 1P reserves 30 MMBOE (70% oil) with future additional waterflood reserve potential of approximately 24 MMBOE
September 12, 2013
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Linn in $350 Million Wolfberry Sale to KKR-Backed Firm
Headlines, Global Deals
Linn Energy LLC signed a definitive agreement with Fleur de Lis Energy LLC, a firm backed by KKR, to sell its Wolfberry positions in Ector and Midland counties in the Permian Basin for a contract price of $350 million.
The properties sold include approximately 7,200 net acres, 4.6 MBOE/d of current production and 19 MMBOE of year-end 2013 proved reserves. Linn is running a 2-rig vertical drilling program and has planned to spend approximately $95 million of capital on these assets in 2014.
Following the closing of this transaction, Linn will have remaining production of approximately 8 MBOE/d and approximately 6,600 net acres in the Midland Basin that is prospective for horizontal Wolfcamp drilling. The company added that it continues to see strong interest in the market for a trade or sale of these assets.
Linn also announced a $1.95 billion sale of assets in the Granite Wash and Cleveland plays to affiliates of EnerVest.
View Linn Energy press release
View Linn Energy Sep-2014 presentation
October 3, 2014 - Linn Acquires Berry Petroleum for $4.3 Billion
LINN Energy signed an agreement to acquire all of Berry Petroleum's outstanding shares for a total consideration of $4.3 billion, including the assumption of debt.Highlights~3,200 producing wells and more than 200,000 net acres in California, Permian Basin, East Texas, Rockies and Uinta...
Linn Acquires Berry Petroleum for $4.3 BillionGlobal Deals, Headlines, OthersLINN Energy signed an agreement to acquire all of Berry Petroleum's outstanding shares for a total consideration of $4.3 billion, including the assumption of debt.
Highlights
- ~3,200 producing wells and more than 200,000 net acres in California, Permian Basin, East Texas, Rockies and Uinta Basin
- Production of ~40 MBOE/d and 1P reserves of ~275 MMBOE (75% oil)
- Average unadjusted metric of $107,500/Daily BOE for production and $15.64/BOE for 1P reserves
Major LINN acquisitions:
- Wyoming property (Jun-2012, BP, $1.025 billion)
- Salt Creek EOR field (Apr-2012, Anadarko, $400 million)
- Kansas assets (Feb-2012, BP, $1.2 billion)
View LINN transactions in the Global M&A Database
February 22, 2013 -
Linn Exits Granite Wash, Cleveland Plays for $1.95 Billion
Headlines, Global Deals
Linn Energy LLC announced a sale of its entire position in the Granite Wash and Cleveland plays located in the Texas Panhandle and western Oklahoma to privately held institutional affiliates of EnerVest, for a contract price of $1.95 billion.
The properties sold include approximately 145,000 net acres, 195 MMcfe/d of current production, 755 Bcfe of year-end 2013 proved reserves and related midstream facilities. Linn is running a four-rig drilling program and has planned to spend approximately $210 million of capital on these assets in 2014.
Linn also announced a $350 million sale of Wolfberry assets to Fleur de Lis Energy LLC.
View Linn Energy press release
View Linn Energy Sep-2014 presentation
October 3, 2014 -
Linn and Anadarko form JV for Salt Creek EOR fieldGlobal Deals, Headlines
- Linn Energy forms Salt Creek JV with Anadarko in exchange for future funding of $400M
- Production of ~1.6 Mbbl/d and Proved Reserves of 16.35 MMBO
- Average metric of $24.46/BOE for Proved Reserves and $250,000/Daily BOE for Production.
View detailed analysis in the Global M&A Database.
April 3, 2012 - Linn Energy Increases Production by 76%
LINN Energy has announced its Q2-2012 results:Average daily production of 630 MMcfe/d; up 76% YoYAdjusted EBITDA of $319 million; up 21% YoY"We achieved a company record with $2.8 billion of acquisition announcements. The long-life, low decline acquisitions are expected to add 300 million cubic feet...
Linn Energy Increases Production by 76%Others, Results & ReportsLINN Energy has announced its Q2-2012 results:
- Average daily production of 630 MMcfe/d; up 76% YoY
- Adjusted EBITDA of $319 million; up 21% YoY
"We achieved a company record with $2.8 billion of acquisition announcements. The long-life, low decline acquisitions are expected to add 300 million cubic feet equivalent per day of production and increase total reserves by 1.7 Tcfe to 5.1 Tcfe" - Mark E. Ellis, Chairman, President and CEO of LINN.
July 26, 2012
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