Linn Energy Inc., the reorganized successor to Linn Energy LLC, and its affiliated entities have emerged from Chapter 11 restructuring, with Linn and Berry Petroleum operating as standalone companies. Linn and Berry merged in 2013 (OGJ Online, Dec. 17, 2013).
Through the restructuring, Linn has reduced debt by more than $5 billion to a total of $1.012 billion and pro forma net debt of $962 million, resulting in $730 million of liquidity.
Linn will market 130,000 net acres in South Texas, 90,000 in the Permian, 20,000 in the Williston, 5,000 in Salt Creek, and 3,000 in California.
Linn’s position now includes 185,000 net acres in SCOOP-STACK-Merge, including 49,000 net acres in the Merge, where Linn operates a 60 MMcfd refrigeration plant with expansion capability; and 2.6 million net acres that’s 98% held by production with exposure to emerging stacked pay opportunities in Midcontinent, Rockies, East Texas, and North Louisiana.
Linn says its position covers low-cost base production that averaged 828 MMcfed in 2016 with a 13% decline rate.
