Date of Report (Date of earliest event reported) | May 11, 2017 | |
(May 11, 2017) |
Delaware | 000-51719 | 81-5366183 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
600 Travis Houston, Texas | 77002 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (281) 840-4000 | |
NOT APPLICABLE | |
(Former name or former address, if changed since last report.) |
Exhibit Number | Description | |
Exhibit 99.1 | Press release dated May 11, 2017. |
LINN ENERGY, INC. | |
(Registrant) | |
Date: May 11, 2017 | /s/ David B. Rottino |
David B. Rottino | |
Executive Vice President and Chief Financial Officer |
• | Successfully emerged from restructuring and reduced total debt to $834 million as of March 31, 2017 |
• | Entered into a definitive agreement to sell the Jonah and Pinedale assets in Wyoming for $581.5 million |
• | Commenced trading on OTCQB market under ticker symbol LNGG |
• | Average daily production of 779 MMcfe/d, exceeding midpoint of production guidance |
• | Merge horizontal net production increased to 8,000 BOE/d at the end of first quarter and added a second rig |
• | LINN’s midstream business in the Merge is now processing ~40 MMcf/d from the Chisholm Trail refrigeration facility |
• | Approved the construction of the Chisholm Trail cryogenic plant with a designed capacity of 250 MMcf/d |
• | G&A expenses were lower than guidance and the Company continues to improve its cost structure |
First Quarter | ||||||||
$ in millions, except per unit amounts | 2017 (1) | 2016 (2) | ||||||
Average daily production (MMcfe/d) | 779 | 858 | ||||||
Total revenues | $ | 393 | $ | 347 | ||||
Total assets | $ | 3,645 | $ | 9,439 | (4) | |||
Net income (loss) | $ | 2,390 | $ | (1,348 | ) | |||
Adjusted EBITDAX (a non-GAAP financial measure) | $ | 128 | $ | 335 | ||||
Total debt | $ | 834 | $ | 8,170 | ||||
Total debt / Adjusted EBITDAX (3) | 1.63x | 6.10x | ||||||
Net cash provided by (used in) operating activities | $ | (3 | ) | (5) | $ | 270 | ||
Oil and natural gas capital | $ | 57 | $ | 24 | ||||
Total capital | $ | 65 | $ | 28 |
(1) | All amounts reflect the combined results of the one month ended March 31, 2017 (successor) and the two months ended February 28, 2017 (predecessor) |
(2) | All amounts reflect continuing operations with the exception of total assets and net loss for 2016 |
(3) | Annualized |
(4) | Includes Berry assets of $2,772 million |
(5) | Includes funding of professional fees escrow account and general unsecured claims cash distribution pool of approximately $80 million recorded to restricted cash |
LINN Operated Well | Working Interest | First Production | Zone | Lateral Length (ft) | Peak IP-30 (BOE/d)(1) | Normalized Peak IP-30(1&2) (BOE/d) | % Oil(1) | Total % Liquids | ||
1 | Barbour 12-10-7 1H | 90% | Mar-16 | Woodford | 4,209 | 668 | 1,587 | 29% | 50% | |
2 | Hinparr 31-6-10-5 1XH | 90% | Nov-16 | Mississippi | 9,898 | 2,268 | 2,291 | 70% | 76% | |
3 | McNeff 22-10-5 1H | 99% | Dec-16 | Mississippi | 4,391 | 961 | 2,189 | 44% | 54% | |
4 | Braum 28-21-10-6 1XH | 95% | Dec-16 | Woodford | 10,206 | 1,445 | 1,416 | 13% | 30% | |
5 | Braum 33-4-10-6 1XH | 77% | Dec-16 | Woodford | 10,179 | 769 | 755 | 35% | 56% | |
6 | Langston 13-24-9-6 1XH | 34% | Jan-17 | Woodford | 10,135 | 842 | 831 | 19% | 42% | |
7 | Jackson 25-24-10-6 1XH | 62% | Jan-17 | Mississippi | 9,769 | 1,612 | 1,650 | 47% | 63% | |
8 | Doris 12-13-10-6 1XH | 58% | Mar-17 | Woodford | 10,042 | 1,455 | 1,449 | 47% | 62% | |
9 | Dream Cooler 13-12-10-6 2XH | 59% | Mar-17 | Mississippi | 9,637 | 1,242 | 1,289 | 23% | 53% |
(1) | Calculated from gross 2-stream volumes |
(2) | The average Peak IP-30 rate shown has been normalized to a 10,000 ft. lateral |
$ in millions | Merge | Rest of LINN | 2017 Capital | ||||||
Horizontal development | $ | 100 | $ | 65 | $ | 165 | |||
Vertical development and optimization | — | $ | 95 | $ | 95 | ||||
Land, seismic and water infrastructure | $ | 34 | $ | 6 | $ | 40 | |||
Oil and natural gas capital | $ | 134 | $ | 166 | $ | 300 | |||
Plant and pipeline / Midstream | $ | 100 | $ | 2 | $ | 102 | |||
Administrative | — | $ | 11 | $ | 11 | ||||
Total Capital | $ | 234 | $ | 179 | $ | 413 |
First Quarter Actuals and Guidance | |||||||||||
2017 Actuals (4)(5) | Q1 2017E (4) | ||||||||||
Net Production | |||||||||||
Natural gas (MMcf/d) | 496 | 475 | - | 495 | |||||||
Oil (Bbls/d) | 25,300 | 25,000 | - | 27,000 | |||||||
NGL (Bbls/d) | 22,000 | 21,000 | - | 24,000 | |||||||
Total (MMcfe/d) | 779 | 750 | - | 800 | |||||||
Other revenues, net (in thousands) (1) | $ | 21,508 | $ | 13,500 | - | $ | 15,500 | ||||
Costs (in thousands) | |||||||||||
Lease operating expenses | $ | 80,390 | $ | 76,000 | - | $ | 84,000 | ||||
Transportation expenses | $ | 39,695 | $ | 38,000 | - | $ | 42,000 | ||||
Taxes, other than income taxes | $ | 23,249 | $ | 22,000 | - | $ | 26,000 | ||||
Total operating expenses | $ | 143,334 | $ | 136,000 | - | $ | 152,000 | ||||
General and administrative expenses (2)(3) | $ | 27,724 | $ | 30,000 | - | $ | 36,000 |
Costs per Mcfe (Mid-Point) | ||||||||
Lease operating expenses | $ | 1.15 | $ | 1.14 | ||||
Transportation expenses | $ | 0.57 | $ | 0.57 | ||||
Taxes, other than income taxes | $ | 0.33 | $ | 0.35 | ||||
Total operating expenses | $ | 2.05 | $ | 2.06 | ||||
General and administrative expenses (2)(3) | $ | 0.40 | $ | 0.47 |
Targets (Mid-Point) (in thousands) | ||||||||
Adjusted EBITDAX | $ | 128,134 | $ | 122,000 | ||||
Interest expense | $ | 23,323 | $ | 25,000 | ||||
Oil and natural gas capital | $ | 56,806 | $ | 56,000 | ||||
Total capital | $ | 65,488 | $ | 84,000 |
Weighted Average NYMEX Differentials | |||||||||||
Natural gas (MMBtu) | $ | (0.23 | ) | $ | (0.32 | ) | - | $ | (0.22 | ) | |
Oil (Bbl) | $ | (3.26 | ) | $ | (4.50 | ) | - | $ | (3.50 | ) |
NGL price as a % of crude oil price | 45% | 40%-45% |
(1) | First two months includes other revenues, margin on marketing activities and ~$6 million of Berry management fee reimbursements |
(2) | First two months includes G&A expenses related to operating Berry’s assets. See footnote (1) for ~$6 million of Berry management fee reimbursements in “other revenues, net” |
(3) | As included in operating cash flow and excludes share-based compensation expenses of approximately $54 million |
(4) | Does not include any post-emergence restructuring costs |
(5) | Does not include effect of asset sales or related severance costs |
Second Quarter and Full Year 2017 Guidance Update | |||||||||||||||
Q2 2017E (4)(5) | FY 2017E (1)(2)(4)(5) | ||||||||||||||
Net Production | |||||||||||||||
Natural gas (MMcf/d) | 460 | - | 510 | 470 | - | 520 | |||||||||
Oil (Bbls/d) | 24,000 | - | 27,000 | 25,000 | - | 28,000 | |||||||||
NGL (Bbls/d) | 21,000 | - | 23,000 | 21,000 | - | 23,000 | |||||||||
Total (MMcfe/d) | 730 | - | 810 | 745 | - | 825 | |||||||||
Other revenues, net (in thousands) | $ | 9,000 | - | $ | 10,000 | $ | 44,000 | - | $ | 48,000 | |||||
Costs (in thousands) | |||||||||||||||
Lease operating expenses (3) | $ | 75,000 | - | $ | 83,000 | $ | 302,000 | - | $ | 336,000 | |||||
Transportation expenses | 37,000 | - | 42,000 | 151,000 | - | 168,000 | |||||||||
Taxes, other than income taxes | 22,000 | - | 26,000 | 91,000 | - | 101,000 | |||||||||
Total operating expenses | $ | 134,000 | - | $ | 151,000 | $ | 544,000 | - | $ | 605,000 | |||||
General and administrative expenses (2)(3) | $ | 27,000 | - | $ | 30,000 | $ | 115,000 | - | $ | 125,000 |
Costs per Mcfe (Mid-Point) | |||||||
Lease operating expenses (3) | $ | 1.13 | $ | 1.11 | |||
Transportation expenses | $ | 0.56 | $ | 0.56 | |||
Taxes, other than income taxes | $ | 0.34 | $ | 0.33 | |||
Total operating expenses | $ | 2.03 | $ | 2.00 | |||
General and administrative expenses (2)(3) | $ | 0.41 | $ | 0.42 | |||
Targets (Mid-Point) (in thousands) | |||||||
Adjusted EBITDAX | $ | 116,000 | $ | 496,000 | |||
Interest expense | $ | 13,000 | $ | 60,000 | |||
Oil and natural gas capital | $ | 52,000 | $ | 300,000 | |||
Total capital | $ | 88,000 | $ | 413,000 |
Weighted Average NYMEX Differentials | |||||||||||||||
Natural gas (MMBtu) | $ | (0.15 | ) | - | $ | (0.35 | ) | $ | (0.35 | ) | - | $ | (0.15 | ) | |
Oil (Bbl) | $ | (5.00 | ) | - | $ | (3.00 | ) | $ | (5.00 | ) | - | $ | (3.00 | ) |
NGL price as a % of crude oil price | 34%-38% | 34%-42% |
Unhedged Commodity Price Assumptions | Apr | May | Jun | FY 2017E | |||||||||||
Natural gas (MMBtu) | $ | 3.18 | $ | 3.14 | $ | 3.28 | $ | 3.33 | |||||||
Oil (Bbl) | $ | 51.12 | $ | 49.33 | $ | 49.33 | $ | 50.51 | |||||||
NGL (Bbl) | $ | 18.41 | $ | 17.80 | $ | 17.84 | $ | 19.06 |
(1) | Includes other revenues, margin on marketing activities and ~$6 million of Berry management fee reimbursements for the first quarter |
(2) | First quarter includes two months of G&A expenses related to operating Berry’s assets. See footnote (1) for ~$6 million of Berry management fee reimbursements in “other revenues, net” |
(3) | As included in operating cash flow and excludes share-based compensation expenses |
(4) | Does not include any post-emergence restructuring costs |
(5) | Does not include the effect of asset sales or related severance costs |
2017 | 2018 | 2019 | ||||||||||
Volume (MMMBtu/d) | Average Price (per MMBtu) | Volume (MMMBtu/d) | Average Price (per MMBtu) | Volume (MMMBtu/d) | Average Price (per MMBtu) | |||||||
Swaps | 370 | $ | 3.17 | 131 | $ | 3.01 | 31 | $ | 2.97 |
2017 | 2018 | 2019 | ||||||||
Volume (Bbls/d) | Average Price (per Bbl) | Volume (Bbls/d) | Average Price (per Bbl) | Volume (Bbls/d) | Average Price (per Bbl) | |||||
Swaps | 12,000 | $ | 52.13 | 1,500 | $ | 54.07 | - | - | ||
Collars | - | - | 5,000 | $50.00 - $55.00 | 5,000 | $50.00 - $55.00 |
Successor | Predecessor | |||||||
March 31, 2017 | December 31, 2016 | |||||||
(in thousands) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,072 | $ | 694,857 | ||||
Accounts receivable – trade, net | 181,034 | 198,064 | ||||||
Derivative instruments | 2,406 | — | ||||||
Restricted cash | 81,766 | 1,602 | ||||||
Other current assets | 91,005 | 106,011 | ||||||
Total current assets | 357,283 | 1,000,534 | ||||||
Noncurrent assets: | ||||||||
Oil and natural gas properties (successful efforts method) | 2,203,893 | 13,232,959 | ||||||
Less accumulated depletion and amortization | (15,351 | ) | (9,999,560 | ) | ||||
2,188,542 | 3,233,399 | |||||||
Other property and equipment | 445,951 | 636,487 | ||||||
Less accumulated depreciation | (4,197 | ) | (224,547 | ) | ||||
441,754 | 411,940 | |||||||
Derivative instruments | 8,960 | — | ||||||
Deferred income taxes | 624,704 | — | ||||||
Other noncurrent assets | 23,352 | 14,718 | ||||||
657,016 | 14,718 | |||||||
Total noncurrent assets | 3,287,312 | 3,660,057 | ||||||
Total assets | $ | 3,644,595 | $ | 4,660,591 | ||||
LIABILITIES AND EQUITY (DEFICIT) | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 334,160 | $ | 295,077 | ||||
Derivative instruments | 18,701 | 82,508 | ||||||
Current portion of long-term debt, net | 28,125 | 1,937,729 | ||||||
Other accrued liabilities | 48,829 | 26,304 | ||||||
Total current liabilities | 429,815 | 2,341,618 | ||||||
Derivative instruments | — | 11,349 | ||||||
Long-term debt | 805,625 | — | ||||||
Other noncurrent liabilities | 350,981 | 399,607 | ||||||
Liabilities subject to compromise | — | 4,305,005 | ||||||
Temporary Equity | ||||||||
Redeemable noncontrolling interests | 29,350 | — | ||||||
Stockholders’/unitholders’ equity (deficit): | ||||||||
Predecessor units issued and outstanding | — | 5,386,885 | ||||||
Predecessor accumulated deficit | — | (7,783,873 | ) | |||||
Successor Class A common stock | 89 | — | ||||||
Successor additional paid-in capital | 2,035,991 | — | ||||||
Successor accumulated deficit | (7,256 | ) | — | |||||
Total stockholders’/unitholders’ equity (deficit) | 2,028,824 | (2,396,988 | ) | |||||
Total liabilities and equity (deficit) | $ | 3,644,595 | $ | 4,660,591 |
Successor | Predecessor | |||||||||||
One Month Ended March 31, 2017 | Two Months Ended February 28, 2017 | Three Months Ended March 31, 2016 | ||||||||||
(in thousands, except per share and per unit amounts) | ||||||||||||
Revenues and other: | ||||||||||||
Oil, natural gas and natural gas liquids sales | $ | 87,445 | $ | 203,766 | $ | 199,849 | ||||||
Gains (losses) on oil and natural gas derivatives | (11,959 | ) | 92,691 | 109,453 | ||||||||
Marketing revenues | 2,914 | 6,636 | 9,061 | |||||||||
Other revenues | 2,033 | 9,925 | 28,336 | |||||||||
80,433 | 313,018 | 346,699 | ||||||||||
Expenses: | ||||||||||||
Lease operating expenses | 27,166 | 53,224 | 88,387 | |||||||||
Transportation expenses | 13,723 | 25,972 | 41,994 | |||||||||
Marketing expenses | 2,539 | 4,820 | 7,833 | |||||||||
General and administrative expenses | 10,411 | 71,745 | 83,720 | |||||||||
Exploration costs | 55 | 93 | 2,693 | |||||||||
Depreciation, depletion and amortization | 21,362 | 56,484 | 105,215 | |||||||||
Impairment of long-lived assets | — | — | 123,316 | |||||||||
Taxes, other than income taxes | 7,502 | 15,747 | 19,754 | |||||||||
Losses on sale of assets and other, net | 445 | 672 | 1,269 | |||||||||
83,203 | 228,757 | 474,181 | ||||||||||
Other income and (expenses): | ||||||||||||
Interest expense, net of amounts capitalized | (4,917 | ) | (18,406 | ) | (85,267 | ) | ||||||
Other, net | (388 | ) | (149 | ) | 68 | |||||||
(5,305 | ) | (18,555 | ) | (85,199 | ) | |||||||
Reorganization items, net | (2,565 | ) | 2,331,189 | — | ||||||||
Income (loss) from continuing operations before income taxes | (10,640 | ) | 2,396,895 | (212,681 | ) | |||||||
Income tax expense (benefit) | (3,384 | ) | (166 | ) | 10,246 | |||||||
Income (loss) from continuing operations | (7,256 | ) | 2,397,061 | (222,927 | ) | |||||||
Loss from discontinued operations, net of income taxes | — | — | (1,124,819 | ) | ||||||||
Net income (loss) | $ | (7,256 | ) | $ | 2,397,061 | $ | (1,347,746 | ) | ||||
Basic and diluted income (loss) per share/unit – continuing operations | $ | (0.08 | ) | $ | 6.79 | $ | (0.64 | ) | ||||
Basic and diluted loss per share/unit – discontinued operations | $ | — | $ | — | $ | (3.19 | ) | |||||
Basic and diluted net income (loss) per share/unit | $ | (0.08 | ) | $ | 6.79 | $ | (3.83 | ) | ||||
Basic and diluted weighted average shares/units outstanding | 89,848 | 352,792 | 352,234 |
Successor | Predecessor | |||||||||||
One Month Ended March 31, 2017 | Two Months Ended February 28, 2017 | Three Months Ended March 31, 2016 | ||||||||||
(in thousands) | ||||||||||||
Cash flow from operating activities: | ||||||||||||
Net income (loss) | $ | (7,256 | ) | $ | 2,397,061 | $ | (1,347,746 | ) | ||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||
Loss from discontinued operations | — | — | 1,124,819 | |||||||||
Depreciation, depletion and amortization | 21,362 | 56,484 | 105,215 | |||||||||
Impairment of long-lived assets | — | — | 123,316 | |||||||||
Deferred income taxes | (3,384 | ) | (166 | ) | 9,422 | |||||||
Noncash (gains) losses on oil and natural gas derivatives | 17,741 | (104,263 | ) | 225,258 | ||||||||
Share-based compensation expenses | 4,177 | 50,255 | 12,425 | |||||||||
Amortization and write-off of deferred financing fees | 3 | 1,338 | 4,676 | |||||||||
Losses on sale of assets and other, net | 345 | 1,069 | 2,226 | |||||||||
Reorganization items, net | — | (2,359,364 | ) | — | ||||||||
Changes in assets and liabilities: | ||||||||||||
(Increase) decrease in accounts receivable – trade, net | 26,614 | (7,216 | ) | (16,082 | ) | |||||||
(Increase) decrease in other assets | (2,620 | ) | 402 | (8,225 | ) | |||||||
Increase in restricted cash | — | (80,164 | ) | — | ||||||||
Increase (decrease) in accounts payable and accrued expenses | (43,476 | ) | 20,949 | (630 | ) | |||||||
Increase in other liabilities | 4,187 | 2,801 | 35,713 | |||||||||
Net cash provided by (used in) operating activities – continuing operations | 17,693 | (20,814 | ) | 270,387 | ||||||||
Net cash provided by operating activities – discontinued operations | — | — | 20,641 | |||||||||
Net cash provided by (used in) operating activities | 17,693 | (20,814 | ) | 291,028 | ||||||||
Cash flow from investing activities: | ||||||||||||
Development of oil and natural gas properties | (20,244 | ) | (50,739 | ) | (70,407 | ) | ||||||
Purchases of other property and equipment | (2,466 | ) | (7,851 | ) | (6,404 | ) | ||||||
Proceeds from sale of properties and equipment and other | 326 | (166 | ) | (280 | ) | |||||||
Net cash used in investing activities – continuing operations | (22,384 | ) | (58,756 | ) | (77,091 | ) | ||||||
Net cash used in investing activities – discontinued operations | — | — | (14,330 | ) | ||||||||
Net cash used in investing activities | (22,384 | ) | (58,756 | ) | (91,421 | ) | ||||||
Cash flow from financing activities: | ||||||||||||
Proceeds from rights offering, net | — | 514,069 | — | |||||||||
Proceeds from borrowings | 30,000 | — | 978,500 | |||||||||
Repayments of debt | (96,250 | ) | (1,038,986 | ) | (100,000 | ) | ||||||
Payment to holders of claims under the second lien notes | — | (30,000 | ) | — | ||||||||
Other | 17,658 | (6,015 | ) | (20,719 | ) | |||||||
Net cash provided by (used in) financing activities – continuing operations | (48,592 | ) | (560,932 | ) | 857,781 | |||||||
Net cash from financing activities – discontinued operations | — | — | — | |||||||||
Net cash provided by (used in) financing activities | (48,592 | ) | (560,932 | ) | 857,781 | |||||||
Net increase (decrease) in cash and cash equivalents | (53,283 | ) | (640,502 | ) | 1,057,388 | |||||||
Cash and cash equivalents: | ||||||||||||
Beginning | 54,355 | 694,857 | 2,168 | |||||||||
Ending | 1,072 | 54,355 | 1,059,556 | |||||||||
Less cash and cash equivalents of discontinued operations at end of period | — | — | (7,334 | ) | ||||||||
Ending – continuing operations | $ | 1,072 | $ | 54,355 | $ | 1,052,222 |
Three Months Ended March 31, | |||||||
2017(1) | 2016 | ||||||
(in thousands) | |||||||
Net income (loss) | $ | 2,389,805 | $ | (1,347,746 | ) | ||
Plus (less): | |||||||
Loss from discontinued operations | ― | 1,124,819 | |||||
Interest expense | 23,323 | 85,267 | |||||
Income tax expense (benefit) | (3,550 | ) | 10,246 | ||||
Depreciation, depletion and amortization | 77,846 | 105,215 | |||||
Exploration costs | 148 | 2,693 | |||||
EBITDAX | 2,487,572 | (19,506 | ) | ||||
Plus (less): | |||||||
Impairment of long-lived assets | ― | 123,316 | |||||
Noncash (gains) losses on oil and natural gas derivatives | (86,522 | ) | 225,258 | ||||
Accrued settlements on oil derivative contracts related to current production period (2) | 1,302 | (7,862 | ) | ||||
Share-based compensation expenses | 54,432 | 12,425 | |||||
Write-off of deferred financing fees | ― | 16 | |||||
(Gains) losses on sale of assets and other, net (3) | (26 | ) | 1,358 | ||||
Reorganization items, net (4) | (2,328,624 | ) | ― | ||||
Adjusted EBITDAX | $ | 128,134 | $ | 335,005 |
Three Months Ended March 31, | |||||||
2017(1) | 2016 | ||||||
(in thousands) | |||||||
Prepetition restructuring costs included in general and administrative expenses (5) | $ | — | $ | 17,164 | |||
Premiums paid for put options that settled during the period (6) | — | (37,485 | ) |
(1) | All amounts reflect the combined results of the one month ended March 31, 2017 (successor) and the two months ended February 28, 2017 (predecessor). |
(2) | Represent amounts related to oil derivative contracts that settled during the respective period (contract terms had expired) but cash had not been received as of the end of the period. |
(3) | Primarily represent gains or losses on the sale of assets, gains or losses on inventory valuation and amortization of basis difference for equity method investments. |
(4) | Represent costs and income directly associated with the Company’s filing for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code since the petition date, and also include adjustments to reflect the carrying value of certain liabilities subject to compromise at their estimated allowed claim amounts, as such adjustments are determined. |
(5) | Represent restructuring costs incurred by the Company prior to its filing for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code, which are included in general and administrative expenses. |
(6) | Represent premiums paid at inception for put options that settled during the respective period. The Company has not purchased any put options since 2012. |
Three Months Ended March 31, | |||||||
2017(1) | 2016(2) | ||||||
(in thousands, except ratios) | |||||||
Total debt (3) | $ | 833,750 | $ | 8,170,040 | |||
Adjusted EBITDAX | $ | 128,134 | $ | 335,005 | |||
Adjusted EBITDAX (Annualized twelve months) | $ | 512,536 | $ | 1,340,020 | |||
Total debt / Adjusted EBITDAX (4) | 1.63x | 6.10x |
(1) | Adjusted EBITDAX reflects the combined results of the one month ended March 31, 2017 (successor) and the two months ended February 28, 2017 (predecessor). |
(2) | Information presented for 2016 relates only to LINN Energy’s continuing operations. |
(3) | Total debt as of March 31, 2017, and March 31, 2016, respectively. |
(4) | Calculated as total debt divided by adjusted EBITDAX (annualized twelve months). |
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