Linn Energy, LLC Oil & Gas Exploration and Production Operations and Cost Analysis - Q1, 2016

 Published On: Aug, 2016 |    No of Pages: 94 |  Published By: GlobalData | Format: PDF
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Summary

Linn Energy, LLC Oil & Gas Exploration and Production Operations and Cost Analysis is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the operational and financial performance of the company. The report is an essential source for key operational metrics, analysis and provides a strategic insight into the company. The report provides an annual and quarterly overview of oil and gas reserves and production, changes in reserves, costs incurred and results of oil and gas operations, acreage and well details, share price performance and key valuation metrics.

Scope

The report provides in-depth analysis and insights into companies’ capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes the following -
- The report provides detailed and unique insight information on the key operational metrics. It gives a comprehensive overview of oil and gas production and reserves, costs incurred and results of oil and gas operations, acreage and well details and other performance metrics.
- Provides details with respect to the company’s oil and gas reserves and production information by country. It further consists of in-depth information on the company’s expenditures in relation to the acquisition, exploration and development activities; developed and undeveloped acreage position; key costs and revenue information; and performance metrics of the company as disclosed in its annual reports and regulatory filings.
- Provides a comprehensive overview of the company’s share price performance and key valuation metrics such as market capitalization, enterprise value, EV/Production ($boe/d) and EV/Proved Reserve ($/boe)
- Provides information on key operational and financial metrics on an annual and quarterly basis. The annual information provided is for a five-year period and the quarterly information is for the last five quarters.

*Note:

1. The scope mentioned above is generic and may not apply to all the companies. The report is based on the information disclosed by the companies in their annual and quarterly reports, regulatory filings and other company documents and sources.
2. Quarterly information is provided only for the companies that are December ending and files quarter reports and documents.
3. There can be cases where countries/regions data column/Charts will be blank. This can be due to the fact that the company might have discontinued the reporting of those countries/regions. Information that is not disclosed by the company may not be available in the report.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to -
- Be up-to-date with the latest information and in-depth analysis of the operational metrics of the company.
- Identify M&A targets from up-to-date information and in-depth analysis on financial and operational metrics of your competitors.
- Rank your performance against other companies in the exploration and production (E&P) sector using operational and financial benchmarking metrics.
- Formulate your strategies based on in-depth analysis of your competitors’ financial and operational data.
- Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational metrics.
- Establish relative performance among the industry’s players based on key operational and financial measures.

Table of Contents
Table of Contents 2
List of Tables 4
List of Figures 5
Company Snapshot 7
Key Information 7
Company Overview 7
Linn Energy, LLC, Valuation and Financial Data 8
Linn Energy, LLC, Share Price Performance 8
Share Price Performance, Q1, 2015-Q1, 2016 8
Linn Energy, LLC, Key Valuation Metrics 9
Key Valuation Metrics, Q1, 2015-Q1, 2016 9
Linn Energy, LLC, Quarterly Results of Oil & Gas Operations Per boe Produced 10
Results of Oil & Gas Operations Per boe Produced, Q1, 2015-Q1, 2016 10
Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2015-Q1, 2016 11
Linn Energy, LLC, Quarterly E&P Costs Trends 12
Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12
Linn Energy, LLC, Quarterly Production Trends 13
Linn Energy, LLC, Total Oil and Gas Production 13
Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 13
Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 14
Linn Energy, LLC, Crude Oil Production 15
Total Crude Oil Production Trend, Q1, 2015-Q1, 2016 15
Crude Oil Production, By Country/Region, Q1, 2015-Q1, 2016 16
Linn Energy, LLC, Natural Gas Production 17
Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 17
Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 18
Linn Energy, LLC, Valuation and Financial Data, 2011-2015 19
Linn Energy, LLC, Share Price Performance, 2011-2015 19
Share Price Performance, 2011-2015 19
Key Valuation Metrics, 2011-2015 20
Linn Energy, LLC, Production and Reserves Trends 21
Total Oil and Gas, Reserves and Production 21
Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 21
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 23
Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 25
Crude Oil/Liquids Production and Reserve 26
Crude Oil/Liquids Production and Reserve Trend, 2011-2015 26
Crude Oil Production and Reserves By Country/Region, 2011-2015 27
Crude Oil/Liquids Reserve Changes, 2011-2015 29
Natural Gas Production and Reserve 30
Natural Gas Production and Reserve Trend, 2011-2015 30
Natural Gas Production and Reserves, By Country/Region, 2011-2015 31
Natural Gas Reserve Changes, 2011-2015 33
Total Crude Oil and Natural Gas Reserves Life Index 34
Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 34
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 35
Linn Energy, LLC, E&P Costs Trends 37
Allocation of the Upstream Capital Expenditure 37
Upstream Capital Expenditure, 2011-2015 37
Acquisition Costs By Country/Region, 2011-2015 38
Exploration and Development Costs, By Country/Region, 2011-2015 39
Oil and Gas Cost Per boe, US$/boe 41
Oil and Gas Cost Per boe, US$/boe, 2011-2015 41
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 43
Linn Energy, LLC, Reserve Replacement Ratio 45
Oil and Gas Production Replacement Ratio 45
Oil and Gas Production Replacement Ratio, 2011-2015 45
Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 47
Linn Energy, LLC, Results of Oil & Gas Operations Trend 51
Oil and Gas Revenue and Expenses 51
Oil and Gas Revenue and Expenses, 2011-2015 51
Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 52
Oil and Gas Revenue and Expenses, Per boe 57
Oil and Gas Revenue and Expenses, By boe, 2011-2015 57
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 58
Oil and Gas Performance Metrics 62
Linn Energy, LLC, Land Holdings and Well Data 63
Developed and Undeveloped Acreage 63
Gross and Net Developed and Undeveloped Acreage, 2011-2015 63
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 64
Well Statistics 67
Producible Oil and Gas Well, 2011-2015 67
Producible Oil and Gas Well, By Country/Region, 2011-2015 68
Exploration and Development Wells Drilled, 2011-2015 72
Exploration and Development Wells Drilled, By Country/Region, 2011-2015 73
Recent Developments 74
Linn Energy, LLC - Recent Developments 74
May 23, 2016: LINN Energy And LinnCo Receive NASDAQ Delisting Notification 74
May 13, 2016: LINN Energy, LinnCo And Berry Petroleum Receive Court Approval Of First Day Motions To Support Business 74
May 11, 2016: LINN Energy, LinnCo And Berry Petroleum Enter Restructuring Support Agreement With First Lien Lenders 75
Apr 15, 2016: LINN Energy Announces Payment Of Interest Due Under Certain Senior Notes; Provides Update On Strategic Alternatives Process; Enters Into Amendments To Credit Facilities 76
Mar 15, 2016: LINN Energy Announces Fourth Quarter And Full-Year 2015 Results; Announces 2016 Outlook 77
Feb 04, 2016: LINN Energy Announces Process To Explore Strategic Alternatives Related To Its Capital Structure 82
Nov 05, 2015: Linn Energy Announces Third Quarter 2015 Results 83
Sep 11, 2015: Boardwalk Pipeline, Columbia Pipeline, And Vanguard Natural Resources To Join The Alerian MLP Index And Alerian MLP Equal Weight Index 86
Aug 24, 2015: LINN Energy Announces Appointment of New Chief Financial Officer 87
Jul 30, 2015: LINN Energy Announces Second Quarter 2015 Results 87
Appendix 92
Methodology 92
Coverage 92
Secondary Research 92
Primary Research 92
Data Information Sources 93
Company Source 93
SEC/Other Regulatory Filings 93
Other Sources 93
Expert Panel Validation 93
Data Definition 93
Oil and Gas Reserves 93
Units of Measure 94
About GlobalData 94
Disclosure 94
Disclaimer 94

List of Tables
Table 1: Linn Energy, LLC, Key Facts 7
Table 2: Linn Energy, LLC, Share Price Performance, Q1, 2015-Q1, 2016 8
Table 3: Linn Energy, LLC, Key Valuation Metrics, Q1, 2015-Q1, 2016 9
Table 4: Linn Energy, LLC, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10
Table 5: Linn Energy, LLC, Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2015-Q1, 2016 11
Table 6: Linn Energy, LLC, Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12
Table 7: Linn Energy, LLC, Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 13
Table 8: Linn Energy, LLC, Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 14
Table 9: Linn Energy, LLC, Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 15
Table 10: Linn Energy, LLC, Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 16
Table 11: Linn Energy, LLC, Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 17
Table 12: Linn Energy, LLC, Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 18
Table 13: Linn Energy, LLC, Share Price Performance, 2011-2015 19
Table 14: Linn Energy, LLC, Key Valuation Metrics, 2011-2015 20
Table 15: Linn Energy, LLC, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22
Table 16: Linn Energy, LLC, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 24
Table 17: Linn Energy, LLC, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 25
Table 18: Linn Energy, LLC, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 26
Table 19: Linn Energy, LLC, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 28
Table 20: Linn Energy, LLC, Crude Oil Reserve Changes, mmbbl, 2011-2015 29
Table 21: Linn Energy, LLC, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 30
Table 22: Linn Energy, LLC, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 32
Table 23: Linn Energy, LLC, Natural Gas Reserve Changes, bcf, 2011-2015 33
Table 24: Linn Energy, LLC, Oil and Gas Reserves Life Index, Years, 2011-2015 34
Table 25: Linn Energy, LLC, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 36
Table 26: Linn Energy, LLC, Upstream Capital Expenditure, US$ mil, 2011-2015 37
Table 27: Linn Energy, LLC, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 38
Table 28: Linn Energy, LLC, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 40
Table 29: Linn Energy, LLC, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 42
Table 30: Linn Energy, LLC, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 44
Table 31: Linn Energy, LLC, Oil and Gas Production Replacement Ratio, %, 2011-2015 46
Table 32: Linn Energy, LLC, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 50
Table 33: Linn Energy, LLC, Revenue and Expenses, US$ mil, 2011-2015 51
Table 34: Linn Energy, LLC, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 56
Table 35: Linn Energy, LLC, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 57
Table 36: Linn Energy, LLC, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 61
Table 37: Linn Energy, LLC, Oil and Gas Performance Metrics, 2011-2015 62
Table 38: Linn Energy, LLC, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 63
Table 39: Linn Energy, LLC, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 66
Table 40: Linn Energy, LLC, Producible Oil and Gas Wells, 2011-2015 67
Table 41: Linn Energy, LLC, Producible Oil and Gas Wells, By Country/Region, 2011-2015 71
Table 42: Linn Energy, LLC, Exploratory and Developed Wells, 2011-2015 72
Table 43: Linn Energy, LLC, Exploratory and Developed Wells, By Country/Region, 2011-2015 73

List of Figures
Figure 1: Linn Energy, LLC, Share Price Performance, USD/Share, Q1, 2015-Q1, 2016 8
Figure 2: Linn Energy, LLC, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 9
Figure 3: Linn Energy, LLC, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10
Figure 4: Linn Energy, LLC, Upstream Capital Expenditure, US$ mil, Q1, 2015-Q1, 2016 12
Figure 5: Linn Energy, LLC, Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2015-Q1, 2016 13
Figure 6: Linn Energy, LLC, Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 14
Figure 7: Linn Energy, LLC, Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 15
Figure 8: Linn Energy, LLC, Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 16
Figure 9: Linn Energy, LLC, Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 17
Figure 10: Linn Energy, LLC, Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 18
Figure 11: Linn Energy, LLC, Share Price Performance, USD/Share, 2011-2015 19
Figure 12: Linn Energy, LLC, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 20
Figure 13: Linn Energy, LLC, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 21
Figure 14: Linn Energy, LLC, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 23
Figure 15: Linn Energy, LLC, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 23
Figure 16: Linn Energy, LLC, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 25
Figure 17: Linn Energy, LLC, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 26
Figure 18: Linn Energy, LLC, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 27
Figure 19: Linn Energy, LLC, Oil Production, By Country/Region, mmbbl, 2011-2015 27
Figure 20: Linn Energy, LLC, Crude Oil Reserve Changes, mmbbl, 2015 29
Figure 21: Linn Energy, LLC, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 30
Figure 22: Linn Energy, LLC, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 31
Figure 23: Linn Energy, LLC, Gas Production, By Country/Region, bcf, 2011-2015 31
Figure 24: Linn Energy, LLC, Natural Gas Reserve Changes, bcf, 2015 33
Figure 25: Linn Energy, LLC, Oil and Gas Reserves Life Index, Years, 2011-2015 34
Figure 26: Linn Energy, LLC, Gas Reserve Life Index, By Country/Region, Years, 2011-2015 35
Figure 27: Linn Energy, LLC, Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 35
Figure 28: Linn Energy, LLC, Oil Reserve Life Index, By Country/Region, Years, 2011-2015 36
Figure 29: Linn Energy, LLC, Upstream Capital Expenditure, US$ mil, 2011-2015 37
Figure 30: Linn Energy, LLC, Development Costs, By Country/Region, US$ mil, 2011-2015 39
Figure 31: Linn Energy, LLC, Exploration Costs, By Country/Region, US$ mil, 2011-2015 39
Figure 32: Linn Energy, LLC, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 41
Figure 33: Linn Energy, LLC, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 43
Figure 34: Linn Energy, LLC, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 43
Figure 35: Linn Energy, LLC, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 44
Figure 36: Linn Energy, LLC, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 45
Figure 37: Linn Energy, LLC, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 47
Figure 38: Linn Energy, LLC, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 47
Figure 39: Linn Energy, LLC, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 48
Figure 40: Linn Energy, LLC, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 48
Figure 41: Linn Energy, LLC, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 49
Figure 42: Linn Energy, LLC, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 49
Figure 43: Linn Energy, LLC, Revenue and Expenses, US$ mil, 2011-2015 51
Figure 44: Linn Energy, LLC, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 52
Figure 45: Linn Energy, LLC, Exploration Expenses, By Country/Region, US$ mil, 2011-2015 52
Figure 46: Linn Energy, LLC, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 53
Figure 47: Linn Energy, LLC, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 53
Figure 48: Linn Energy, LLC, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 54
Figure 49: Linn Energy, LLC, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54
Figure 50: Linn Energy, LLC, Production Costs, By Country/Region, US$ mil, 2011-2015 55
Figure 51: Linn Energy, LLC, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55
Figure 52: Linn Energy, LLC, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 57
Figure 53: Linn Energy, LLC, Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 58
Figure 54: Linn Energy, LLC, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 58
Figure 55: Linn Energy, LLC, Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 59
Figure 56: Linn Energy, LLC, Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 59
Figure 57: Linn Energy, LLC, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 60
Figure 58: Linn Energy, LLC, Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 60
Figure 59: Linn Energy, LLC, Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 61
Figure 60: Linn Energy, LLC, Oil and Gas Performance Metrics, 2011-2015 62
Figure 61: Linn Energy, LLC, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 63
Figure 62: Linn Energy, LLC, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 64
Figure 63: Linn Energy, LLC, Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 64
Figure 64: Linn Energy, LLC, Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 65
Figure 65: Linn Energy, LLC, Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 65
Figure 66: Linn Energy, LLC, Producible Oil and Gas Wells, 2011-2015 67
Figure 67: Linn Energy, LLC, Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 68
Figure 68: Linn Energy, LLC, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 68
Figure 69: Linn Energy, LLC, Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 69
Figure 70: Linn Energy, LLC, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 69
Figure 71: Linn Energy, LLC, Net Productive Gas Wells, By Country/Region, Number, 2011-2015 70
Figure 72: Linn Energy, LLC, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 70
Figure 73: Linn Energy, LLC, Net Productive Oil Wells, By Country/Region, Number, 2011-2015 71
Figure 74: Linn Energy, LLC, Exploratory and Developed Wells, 2011-2015 72


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