Linn Energy

Linn Energy, Inc.
Public company
Traded as NASDAQ: LNGG
Industry Petroleum industry
Founded 2003 (2003)
Founder Michael C. Linn
Headquarters Houston, Texas
Key people
 Mark E. Ellis, CEO & President
David B. Rottino, CFO
Arden L. Walker, Jr., COO
Products Petroleum
Natural gas
Production output
 102 thousand barrels of oil equivalent (620,000 GJ) per day (2017)
Revenue Increase $0.826 billion (2017)
Increase $0.435 billion (2017)
Total assets Decrease $2.881 billion (2017)
Total equity Increase $2.351 billion (2017)
Website www.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

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

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

  1. 1 2 3 "Linn Energy, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 "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.
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