Linn Energy
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Linn Energy, LLC is an independent oil and natural gas company based in Houston, Texas.
It holds oil and gas producing assets in many parts of the United States: Mid-Continent, including properties in Texas, Louisiana, and Oklahoma; the Hugoton Basin in Kansas; the Green River Basin in Wyoming; East Texas Oil Field; California, including the Brea-Olinda Oil Field in Los Angeles and Orange Counties; the Williston/Powder River Basin, which includes a position in the Bakken Formation; Michigan/Illinois; and the Permian Basin in Texas.[1]
At the end of 2012, the firm reported proved reserves of 4,796 bcfe (billion cubic feet equivalent) of oil and gas combined. Of this total, 24% was crude oil, 54% natural gas, and 22% natural gas liquids.[1]
History
Linn Energy was founded in 2003 and went public in 2006, with an Initial public offering that raised $261 million. Initial market capitalization following the offering was $584 million. Since then the company has expanded to an approximate value of $10 billion, through a series of acquisitions, all in the United States.[2]
In 2007 Linn doubled its holdings by purchasing many of the oil and gas assets of Dominion Energy, mainly in Oklahoma, for $2.05 billion.[3]
Linn bought the holdings of BP in the Hugoton Natural Gas Area, the large gas-producing region from southwestern Kansas into the Texas Panhandle, in March 2012 for $1.2 billion. The purchase included not only 2,400 active wells on 600,000 acres, but a gas processing plant.[4]
On April 30, 2012, Linn Energy created LinnCo, an affiliate whose only purpose is to own units of Linn Energy, incorporating it in Delaware as a limited liability corporation (an "LLC"). As of the end of 2012 it owned 15% of Linn Energy units, and its own stock was held publicly. LinnCo's IPO took place on October 17, 2012.[1]
Linn expanded its holdings in the Rocky Mountains in June 2012 with the purchase of 12,500 acres in the Jonah Field in southwest Wyoming from BP for approximately $1 billion. The field contains around 750 active natural gas wells which produce, in addition to natural gas, approximately one-quarter natural gas liquids such as butane and propane.[5]
In February 2013, Linn Energy acquired Denver-based Berry Petroleum in a stock deal valued at $4.3 billion. The merger of the two firms increases Linn's holdings in California, particularly in the Midway-Sunset Oil Field, as well as in Texas, Utah, and Colorado. The acquisition changes the mix of Linn's assets from mostly natural gas to mostly oil.[5]
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References
- ↑ 1.0 1.1 1.2 "Linn Energy 2012 Annual Report, Form 10-K, Filing Date Feb 21, 2013" (PDF). EdgarOnline. Retrieved February 26, 2013.
- ↑ "Linn Energy, LLC: History". Retrieved February 26, 2013.
- ↑ "Dominion Sells Some Ops to Linn Energy". AP Online. Retrieved February 26, 2013.
- ↑ "Linn energy buying BP's Hugoton Basin conventional Natgas assets". Natural Gas Week. Retrieved February 26, 2013.
- ↑ 5.0 5.1 Michael J. De La Merced. "Linn Energy to Buy BP Property in Wyoming for $1 Billion". New York Times. Retrieved February 26, 2013.
Wikipedia also has an article on Linn Energy. This article may use content from the Wikipedia article under the terms of the GFDL.
