new2 hit most of the key points about LINE-LNCO.
Another point worth considering is that until the merger, LNCO had about 34 million units of LINE and, in turn, had 34 million shares of LNCO stock outstanding. After the merger, LNCO holds another 92 million new shares of LINE and all of those additional 92 million shares were issued to BRY shareholders. So, by far, most of the LNCO shareholders were BRY shareholders (less the BRY shareholders who have sold their new LNCO shares).
Now. consider that BRY shareholders had a gain of about 50% from Jan 1 2013 to the present. I would strongly suspect that (1) many former BRY holders want to take their gains and are selling, (2) many former BRY holders aren't looking for big dividend income (they sure weren't getting much from their BRY shares, and (3) about 91% of BRY holders were insiders and institutions, meaning that movements in LNCO share prices are now heavily influence by institutions...much more is the case with LINE units.
OK, here's my take: Both LINE and LNCO are attractive stocks. But, it depends on what KIND of account you are holding it in, to know which is a better option. LINE is an MLP, which offers tax advantages if held in some kinds of accounts. Holding LINE requires filing a K-1, documenting distributions as income, & is a slightly complicated form. The tax advantages of LINE are lost if you hold units of LINE in, say, a Roth IRA. I hold shares of LNCO in my Roth to avoid the K-1 and I'm under 40, so prefer to pay my taxes prior to investing instead of later. I'll invest a little less now to gain a little more in retirement and not pay any taxes later. If you're investing in a Roth, LNCO makes more sense! If you're investing in a non-Roth, you'd probably come out a little ahead because of a few tax breaks the K-1 allows. But, you have the headache of filing the K-1 every year in your tax return. I prefer avoiding headaches. It's not worth the trouble, IMO. So, I hold LNCO.
The simpler answer for the difference in share price between LINE and LNCO is that there are more "buyers" that prefer the tax advantages of an MLP and don't mind the K-1 headaches in LINE right now. I prefer something different presently and so, I hold LNCO. Both are great -- for slightly different reasons.
I also think in time, LNCO will trade at a slight premium to LINE. I don't really care either way though. They'll both likely be trading within a few dollars of one another. Hope that helps.