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Linn Energy, LLC (LINE) Message Board

  • venturabay venturabay Oct 9, 2013 4:45 PM Flag

    WF what's up(stream) Oct.

    • Reviewing Recent SEC Actions And Potential Reporting Changes For
    The Upstream MLP Sector. Over the last few weeks, both LINE/LNCO and
    BBEP have received comments from the SEC relating to the partnerships’
    financial statements. Based on the comments received, LINE and BBEP have
    announced changes to their financial reporting. From what we can gather, there
    are two key changes that the SEC is advocating LINE, BBEP, and presumably all
    other upstream MLPs make: (1) provide additional disclosure around premiums
    paid for commodity derivative contracts and (2) eliminate a common line item in
    adjusted EBITDA that includes implied cash flow between the effective date and
    closing date of third party acquisitions. Other minor changes were also
    implemented (e.g. BBEP is combining realized and unrealized hedging
    gains/losses into one line item rather than breaking them out separately), but the
    aforementioned changes are most impactful to upstream MLP financial
    statements, in our view.

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