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# Linn Energy, LLC (LINE) Message Board

• diodia2000 diodia2000 Jul 12, 2013 12:55 PM Flag

## DCF really is \$.64. Here are the numbers

My calculation of DCF, which ends up the same as Linn's. I subtract all cash expenses from total revenues, but I do not subtract derivatives, depreciation, or impairment.

(in thousands) Three Months Ended March 31,
................................................................................... 2013.............. 2012

REVENUES:

Oil, natural gas and natural gas liquids sales....... \$ 462,732....... \$ 348,895

Marketing revenues.................................................... 9,852.............. 1,290

Other revenues............................................................ 4,846 ............. 1,874

................................................................................\$ 477,430

EXPENSES:

Lease operating expenses........................................ 88,721............. 71,636

Transportation expenses........................................... 27,18.................10,562

Marketing expenses.....................................................7,374................... 692

General and administrative expenses...................... 58,566............... 43,321

Exploration costs......................................................... 2,226 .................. 410

Taxes, other than income taxes................................ 39,671.............. 25,195

Losses on sale of assets and other, net..................... 3,172 ................. 1,494

Interest expense, net of amounts capitalized.......... 100,359 ............... 77,519

Other, net .................................................................... 1,643.................. 3,269

TOTAL....................................................................\$ 148,515

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• If this is not clear, I am showing that total revenues minus expenses -- except for derivatives, depreciation, and impairment of assets, which I leave out, is:

\$ 148,515,000 in the first quarter of 2013.

Divide that by 233,176,000 units, and you get:

63.7 cents.

I think Linn got their 64 cents by exactly the same calculation I did.

Ruellia

• TOTAL..................................................... \$ 148,515

Diluted units.................................................233,176

Distributable cash flow calculated by me:....... .637

calculated by Linn............................................ .64

WHAT I LEFT OUT of expenses:

Gains (losses) on oil and natural gas derivatives.......( 108,370 )

Depreciation, depletion and amortization...................... 197,441

Impairment of long-lived assets....................................... 57,053

• Just to be clear, I want to get this straight. Extremely large financial institutions and analysts like Bank of America, Merril Lynch (BAML), Wells, et. al regularly review LINE strategies, Large Hedgefunds and Billionaires like Omega and Cooperman reviewed and re-reviewed and are very comfortable with the strategies, and the financial and regulaory institutions that recently reviewed the merger information, financials, and accounting strategies were comfortable. So These large players, who stand to lose BIG if this is done wrong, the ones who employ people that do this for a living to make their banks and hedgefunds money --- they are ALL wrong because you, a couple of bears, and Hedgeeye throw some numbers together on the Yahoo! Message board and get Barron's to say so?

Just trying to understand why I should change my position...

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