Linn Energy

    [td_text_with_title custom_title=”Company description”]Linn Energy, LLC is an independent oil and natural gas company based in Houston, Texas. It holds oil and gas producing assets in many parts of the United States: Mid-Continent, including properties in Texas, Louisiana, and Oklahoma; the Hugoton Basin in Kansas; the Green River Basin in Wyoming; East Texas; California, including the Brea-Olinda Oil Field in Los Angeles and Orange Counties; the Williston/Powder River Basin, which includes a position in the Bakken Formation; Michigan/Illinois; and the Permian Basin in Texas. At the end of 2012, the firm reported proved reserves of 4,796 bcfe (billion cubic feet equivalent) of oil and gas combined. Of this total, 24% was crude oil, 54% natural gas, and 22% natural gas liquids.[/td_text_with_title]
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    [/td_text_with_title][td_text_with_title custom_title=”From Wikipedia”]

    Linn Energy, Inc. is a petroleum, natural gas, and natural gas liquids exploration and production company based in Houston, Texas.

    Current operations

    As of December 31, 2016, the company had 3.5 trillion cubic feet equivalent of estimated proved reserves, of which 17% were petroleum, 65% were natural gas, and 18% were natural gas liquids.[3]

    The company controls 2.6 million acres of petroleum and natural producing assets including:[4]

    History

    Linn Energy was founded in 2003 by Michael Linn.[5]

    In 2006, the company became a public company via an initial public offering that raised over $200 million.[6]

    In 2007, the company doubled its holdings by purchasing many of the oil and gas assets of Dominion Energy, mainly in Oklahoma, for $2.05 billion.[7]

    In 2011, the company announced the retirement of founder Michael Linn.[5]

    In March 2012, the company bought 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.[8]

    Linn expanded its holdings in the Rocky Mountains in June 2012 with the purchase of 12,500 acres in the Jonah Field in southwest Wyoming from BP for approximately $1 billion. The field contains around 750 active natural gas wells which produce, in addition to natural gas, approximately one-quarter natural gas liquids such as butane and propane.[9]

    In February 2013, the company acquired Berry Petroleum Company in a stock deal valued at $4.3 billion.[10]

    In September 2013, the company announced the acquisition of assets in the Permian Basin for $525 million.[11]

    In June 2014, the company announced the acquisition of assets from Devon Energy for $2.3 billion and plans to sell assets in the Granite Wash Basin.[12]

    In August 2014, the company announced the acquisition of assets in the Hugoton Natural Gas Area from Pioneer Natural Resources for $340 million. The company also announced the sale of its interests in non-producing acreage in the Anadarko Basin for $90 million.[13]

    In March 2016, the company missed a debt payment and announced that a bankruptcy filing was likely.[14] On May 11, 2016, Linn Energy filed for Chapter 11 Bankruptcy Protection.[15]

    In February 2017, the company completed a financial restructuring.[4] The restructuring including the corporate spin-off of Berry Petroleum Company.[4]

    Controversies

    On April 3, 2006, Linn Energy announced to delay its filing of Form 10-K to allow restatement of 2003 and 2004 results.The restatement related to adjustments identified by the company relating to the accounting for the price of acquisitions.[16]

    On February 8, 2015, the U.S. Securities and Exchange Commission closed its probe into Linn Energy’s $4.6 billion acquisition of Berry Petroleum and decided to take no enforcement actions.[17]

    References

    1. ^ Linn Energy: Management
    2. ^ a b c d e "LINN Energy Reports First-Quarter 2017 Results" (Press release). Globe Newswire. May 11, 2017. 
    3. ^ a b c d e f g Emergence Presentation
    4. ^ a b c d "LINN Energy Successfully Completes Financial Restructuring" (Press release). Globe Newswire. February 28, 2017. 
    5. ^ 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). Globe Newswire. December 1, 2011. 
    6. ^ "Linn Energy Prices Initial Public Offering" (Press release). PRNewswire. January 13, 2006. 
    7. ^ "Linn Energy to Acquire Mid-Continent Oil and Gas Properties from Dominion Resources, Inc. for $2.05 Billion" (Press release). PRNewswire. July 2, 2007. 
    8. ^ "LINN Energy Announces $1.2 Billion Acquisition of BP's Hugoton Basin Properties" (Press release). Globe Newswire. February 27, 2012. 
    9. ^ Michael J. De La Merced (June 25, 2012). "Linn Energy to Buy BP Property in Wyoming for $1 Billion". New York Times. 
    10. ^ "LINN Energy and LinnCo to Acquire Berry Petroleum Company for $4.3 Billion" (Press release). Globe Newswire. February 21, 2013. 
    11. ^ "LINN Energy Announces $525 Million Acquisition of Permian Basin Properties" (Press release). Globe Newswire. September 12, 2013. 
    12. ^ "LINN Energy Announces $2.3 Billion Acquisition of Assets from Devon Energy" (Press release). Globe Newswire. June 30, 2014. 
    13. ^ "LINN Energy Announces $340 Million Acquisition From Pioneer Natural Resources" (Press release). Globe Newswire. August 4, 2014. 
    14. ^ "Distressed Debt: Linn Energy Skips Interest Payment, Warns of Chapter 11". Forbes Magazine. March 15, 2016. 
    15. ^ "Linn Energy Chapter 11 Voluntary Petition" (PDF). PacerMonitor. PacerMonitor. 11 May 2016. 
    16. ^ "LINN ENERGY TO DELAY FILING OF FORM 10-K TO ALLOW RESTATEMENT OF 2003 AND 2004 RESULTS" (PDF). 
    17. ^ "SEC closes Linn Energy probe with no enforcement action". Petro Global News. Retrieved 18 February 2015. 

    External links

    source: https://en.wikipedia.org/wiki/Linn_Energy[/td_text_with_title]