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Linn Energy, LLC Message Board

  • elishapira elishapira Aug 8, 2013 4:56 PM Flag

    8/8/2013 JPM Note on LINE Earnings

    Full Disclosure, I current very long LINE. I can only post a few quotes from the analyst note that can explain why we are down today.

    "LINN reported adjusted EBITDA of $362mm, below the JPMe/Street median of

    "Quarterly results below expectations. 2Q13 production increased 24% YoY to
    780MMcfe/d (JPMe of 786MMcfe/d) but decreased 2% QoQ"

    "Lower EBITDA and DCF Guidance following 2Q results ....LINN lowered
    EBITDA guidance ~4% to $1,459mm and DCF ~10% to $611mm"

    "SEC Inquiry/BRY Merger. ...LINN remains committed to closing the
    transaction but we expect closure of the merger to be dependent on the successful
    resolution of the inquiry."

    "Distribution run-rate flat at $2.90, expect no increase in 2H13."

    "Current Wolfberry activity focused on vertical with potential for horizontal
    drilling ....The partnership is looking to expand
    into the horizontal Wolfcamp through 4 non-operated wells and 1 operated well. In
    the MS Lime, LINN is looking to farm out acreage in Alfalfa County to a JV partner
    with plans to drill ~50 wells over the next two years."

    JPM Remains Neutral on LINE.

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3.19+0.19(+6.33%)Oct 6 4:00 PMEDT