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 MillionGlobal 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 Prices $1.1 Billion Senior Notes Offering
Linn Energy has priced an offering of $450 million of 6.5% senior unsecured notes due 2019 at an offering price equal to 102% of par and $650 million of 6.5% senior unsecured notes due 2021 at an offering price equal to 98.619% of par.The 6.5% senior notes due 2019 are being offered as additional notes under...
Linn Prices $1.1 Billion Senior Notes OfferingLinn Energy has priced an offering of $450 million of 6.5% senior unsecured notes due 2019 at an offering price equal to 102% of par and $650 million of 6.5% senior unsecured notes due 2021 at an offering price equal to 98.619% of par.The 6.5% senior notes due 2019 are being offered as additional notes under...
Linn Prices $1.1 Billion Senior Notes OfferingHeadlinesLinn Energy has priced an offering of $450 million of 6.5% senior unsecured notes due 2019 at an offering price equal to 102% of par and $650 million of 6.5% senior unsecured notes due 2021 at an offering price equal to 98.619% of par.
The 6.5% senior notes due 2019 are being offered as additional notes under an indenture pursuant to which Linn issued $750 million aggregate principal amount of 6.5% senior notes due 2019 on 13-May-2011. These additional 6.5% senior notes due 2019 are substantially identical to, and will be treated as a single class of debt securities with, such previously issued 6.5% senior notes due 2019 under the indenture governing such notes. The offering of both series of senior notes is expected to close on 9-Sep-2014.
Barclays Capital, Scotia Capital, RBC Capital Markets, Wells Fargo Securities, Citigroup Global Markets, Crédit Agricole Corporate and Investment Bank, Goldman Sachs, RBS Securities and UBS Securities are acting as joint book-running managers for the offering.
September 5, 2014Linn Prices $1.1 Billion Senior Notes OfferingHeadlinesLinn Energy has priced an offering of $450 million of 6.5% senior unsecured notes due 2019 at an offering price equal to 102% of par and $650 million of 6.5% senior unsecured notes due 2021 at an offering price equal to 98.619% of par.
The 6.5% senior notes due 2019 are being offered as additional notes under an indenture pursuant to which Linn issued $750 million aggregate principal amount of 6.5% senior notes due 2019 on 13-May-2011. These additional 6.5% senior notes due 2019 are substantially identical to, and will be treated as a single class of debt securities with, such previously issued 6.5% senior notes due 2019 under the indenture governing such notes. The offering of both series of senior notes is expected to close on 9-Sep-2014.
Barclays Capital, Scotia Capital, RBC Capital Markets, Wells Fargo Securities, Citigroup Global Markets, Crédit Agricole Corporate and Investment Bank, Goldman Sachs, RBS Securities and UBS Securities are acting as joint book-running managers for the offering.
September 5, 2014 ExxonMobil, Linn Swap Assets in Hugoton, Permian Basin
ExxonMobil has entered into an agreement with Linn Energy to swap a portion of its operating interests in the Hugoton Basin, for a portion of Linn’s Permian Basin properties. The agreement is expected to close in Q3-2014.ExxonMobil will receive:Approximately 25,000 net acres in the Permian Basin,...
ExxonMobil, Linn Swap Assets in Hugoton, Permian BasinExxonMobil has entered into an agreement with Linn Energy to swap a portion of its operating interests in the Hugoton Basin, for a portion of Linn’s Permian Basin properties. The agreement is expected to close in Q3-2014.ExxonMobil will receive:Approximately 25,000 net acres in the Permian Basin,...
ExxonMobil, Linn Swap Assets in Hugoton, Permian BasinGlobal Deals, Headlines, OthersExxonMobil has entered into an agreement with Linn Energy to swap a portion of its operating interests in the Hugoton Basin, for a portion of Linn’s Permian Basin properties. The agreement is expected to close in Q3-2014.
ExxonMobil will receive:
- Approximately 25,000 net acres in the Permian Basin, located primarily in Midland, Martin, Upton and Glasscock counties;
- Approximately 1,000 acres in Lea County, New Mexico;
- Production of approximately 2 MBOE/d.
Linn will receive:
- More than 500,000 net acres and 2,300 operated wells (94% WI);
- Approximately 400 future drilling locations;
- Production of 85 MMcfe/d (20% liquids), with shallow base decline of approximately 6%;
- Total reserves of 700 Bcfe (20% liquids and 78% PDP).
View Linn May-2014 presentation
May 22, 2014ExxonMobil, Linn Swap Assets in Hugoton, Permian BasinGlobal Deals, Headlines, OthersExxonMobil has entered into an agreement with Linn Energy to swap a portion of its operating interests in the Hugoton Basin, for a portion of Linn’s Permian Basin properties. The agreement is expected to close in Q3-2014.
ExxonMobil will receive:
- Approximately 25,000 net acres in the Permian Basin, located primarily in Midland, Martin, Upton and Glasscock counties;
- Approximately 1,000 acres in Lea County, New Mexico;
- Production of approximately 2 MBOE/d.
Linn will receive:
- More than 500,000 net acres and 2,300 operated wells (94% WI);
- Approximately 400 future drilling locations;
- Production of 85 MMcfe/d (20% liquids), with shallow base decline of approximately 6%;
- Total reserves of 700 Bcfe (20% liquids and 78% PDP).
May 22, 2014- Linn Cuts 2015 Capex 53%
Linn Energy announced a 53% YoY reduction in its planned 2015 capex budget to $730 million from approximately $1.55 billion in 2014. The company expects to produce 1.1 – 1.2 MMcfe/d (48% liquids). The company added that the reduction in capex is approximately half in response to lower commodity prices...
Linn Cuts 2015 Capex 53%Linn Energy announced a 53% YoY reduction in its planned 2015 capex budget to $730 million from approximately $1.55 billion in 2014. The company expects to produce 1.1 – 1.2 MMcfe/d (48% liquids). The company added that the reduction in capex is approximately half in response to lower commodity prices...
Linn Cuts 2015 Capex 53%Headlines, OthersLinn Energy announced a 53% YoY reduction in its planned 2015 capex budget to $730 million from approximately $1.55 billion in 2014. The company expects to produce 1.1 – 1.2 MMcfe/d (48% liquids). The company added that the reduction in capex is approximately half in response to lower commodity prices and half as a result of divestiture of Granite Wash assets and the majority of its Midland Basin assets, and reduced investment in other areas.
Mark E. Ellis, Chairman, President and CEO, said: “After careful consideration, Linn's senior management proposed and the Board of Directors approved a 2015 budget that contemplates a significantly lower current crude oil price than in 2014.”
View Linn Energy press release
January 2, 2015Linn Cuts 2015 Capex 53%Headlines, OthersLinn Energy announced a 53% YoY reduction in its planned 2015 capex budget to $730 million from approximately $1.55 billion in 2014. The company expects to produce 1.1 – 1.2 MMcfe/d (48% liquids). The company added that the reduction in capex is approximately half in response to lower commodity prices and half as a result of divestiture of Granite Wash assets and the majority of its Midland Basin assets, and reduced investment in other areas.
Mark E. Ellis, Chairman, President and CEO, said: “After careful consideration, Linn's senior management proposed and the Board of Directors approved a 2015 budget that contemplates a significantly lower current crude oil price than in 2014.”
January 2, 2015 - Linn to Raise $500 Million from Blackstone
Linn Energy signed a non-binding LoI with GSO Capital Partners LP, which is part of the Blackstone Group LP, to raise up to $500 million with 5-year availability to fund drilling programs.According to the agreement, GSO will fund 100% of the costs associated with new wells drilled and is expected to receive...
Linn to Raise $500 Million from BlackstoneLinn Energy signed a non-binding LoI with GSO Capital Partners LP, which is part of the Blackstone Group LP, to raise up to $500 million with 5-year availability to fund drilling programs.According to the agreement, GSO will fund 100% of the costs associated with new wells drilled and is expected to receive...
Linn to Raise $500 Million from BlackstoneOthersLinn Energy signed a non-binding LoI with GSO Capital Partners LP, which is part of the Blackstone Group LP, to raise up to $500 million with 5-year availability to fund drilling programs.
According to the agreement, GSO will fund 100% of the costs associated with new wells drilled and is expected to receive an 85% WI in these wells until it achieves a 15% internal rate of return on annual groupings of wells. Linn is expected to receive a 15% carried working interest during this period. Upon reaching the internal rate of return target, GSO's interest will be reduced to 5%, while LINN's will increase to 95%.
View Linn Energy press release
January 2, 2015Linn to Raise $500 Million from BlackstoneOthersLinn Energy signed a non-binding LoI with GSO Capital Partners LP, which is part of the Blackstone Group LP, to raise up to $500 million with 5-year availability to fund drilling programs.
According to the agreement, GSO will fund 100% of the costs associated with new wells drilled and is expected to receive an 85% WI in these wells until it achieves a 15% internal rate of return on annual groupings of wells. Linn is expected to receive a 15% carried working interest during this period. Upon reaching the internal rate of return target, GSO's interest will be reduced to 5%, while LINN's will increase to 95%.
January 2, 2015 - Linn Production Grows 69% in Q1 2013
Linn Energy reported average production of 796 MMcfe/d in Q1-2013, up 69% YoY. The increase in production is primarily attributed to the company's continued success in its acquisition program and organic growth.Q1-2013Net loss of $222 million in Q1-2013 compared to 6 million in Q1-20121P reserves of 4.8...
Linn Production Grows 69% in Q1 2013Linn Energy reported average production of 796 MMcfe/d in Q1-2013, up 69% YoY. The increase in production is primarily attributed to the company's continued success in its acquisition program and organic growth.Q1-2013Net loss of $222 million in Q1-2013 compared to 6 million in Q1-20121P reserves of 4.8...
Linn Production Grows 69% in Q1 2013Others, Results & ReportsLinn Energy reported average production of 796 MMcfe/d in Q1-2013, up 69% YoY. The increase in production is primarily attributed to the company's continued success in its acquisition program and organic growth.
Q1-2013
- Net loss of $222 million in Q1-2013 compared to 6 million in Q1-2012
- 1P reserves of 4.8 Bcfe
- Revenue of $369 million up 4% YoY
View Linn Energy press release
April 26, 2013Linn Production Grows 69% in Q1 2013Others, Results & ReportsLinn Energy reported average production of 796 MMcfe/d in Q1-2013, up 69% YoY. The increase in production is primarily attributed to the company's continued success in its acquisition program and organic growth.
Q1-2013
- Net loss of $222 million in Q1-2013 compared to 6 million in Q1-2012
- 1P reserves of 4.8 Bcfe
- Revenue of $369 million up 4% YoY
April 26, 2013
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