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 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 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, 2015 - Linn Mulls Sale of Granite Wash Assets in Texas
Linn Energy plans to sell its position in the Granite Wash and Cleveland plays located in the Texas Panhandle and western Oklahoma.The company currently operates four drilling rigs in the area and producing 230 MMcfe/d of liquids-rich natural gas. Linn has successfully tested and developed 17 horizontal...
Linn Mulls Sale of Granite Wash Assets in Texas
Global Deals, OthersLinn Energy plans to sell its position in the Granite Wash and Cleveland plays located in the Texas Panhandle and western Oklahoma.
The company currently operates four drilling rigs in the area and producing 230 MMcfe/d of liquids-rich natural gas. Linn has successfully tested and developed 17 horizontal intervals, including shallow oil, liquids-rich Granite Wash and deep Atoka natural gas. As a result of this delineation, the company has catalogued significant drilling inventory over its approximately 147,000 net acre position.
Linn first began horizontal drilling operations in the Granite Wash play in 2010 and has grown production from 65 MMcfe/d to its current rate.
July 1, 2014 - 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 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, 2013 - Linn Hit by $2.3 Billion in Impairments
Linn Energy LLC has reported a net loss of approximately $452 million in 2014, driven by non-cash impairment charges of approximately $2.3 billion. Total revenues and other income were approximately $5.0 billion for 2014, higher by 117% YoY.The company has cut its 2015 capex to $520 million, down 65% YoY,...
Linn Hit by $2.3 Billion in ImpairmentsResults & Reports, Projects & CapexLinn Energy LLC has reported a net loss of approximately $452 million in 2014, driven by non-cash impairment charges of approximately $2.3 billion. Total revenues and other income were approximately $5.0 billion for 2014, higher by 117% YoY.
The company has cut its 2015 capex to $520 million, down 65% YoY, driven by lower commodity prices and disposal of assets.
The 2014 production grew 47% to 1.21 Bcfe/d, compared to 822 MMcfe/d for 2013. The company has forecasted an average annual production of 1.1-1.2 Bcfe/d (46% liquids) in 2015.
View Linn Energy press release
February 20, 2015 - Linn Ups Berry Acquisition Offer by $600 Million
Linn Energy has executed an amendment to the existing agreement to pump in an additional amount of $600 million to acquire all of Berry Petroleum's outstanding shares for $4.9 billion instead of $4.3 billion, as agreed earlier.Asset highlights1P reserves of approximately 1.65 Tcfe (75% oil)2P reserves of...
Linn Ups Berry Acquisition Offer by $600 MillionGlobal Deals, Headlines, OthersLinn Energy has executed an amendment to the existing agreement to pump in an additional amount of $600 million to acquire all of Berry Petroleum's outstanding shares for $4.9 billion instead of $4.3 billion, as agreed earlier.
Asset highlights
- 1P reserves of approximately 1.65 Tcfe (75% oil)
- 2P reserves of approximately 3.8 Tcfe
- Production of approximately 250 MMcfe/d
- Approximately 2,850 producing wells in more than 200,000 net acres
November 5, 2013
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