Linn Energy

From SourceWatch
Jump to: navigation, search

This article is part of the FrackSwarm portal on SourceWatch, a project of CoalSwarm and the Center for Media and Democracy. To search by topic or location, click here.

This article is part of the FrackSwarm coverage of fracking.
Sub-articles:
Related articles:

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]

Articles and Resources

Related SourceWatch resources

Profiles and campaigns

External Articles

References

  1. 1.0 1.1 1.2 Linn Energy 2012 Annual Report, Form 10-K, Filing Date Feb 21, 2013. EdgarOnline. Retrieved on February 26, 2013.
  2. Linn Energy, LLC: History. Retrieved on February 26, 2013.
  3. Dominion Sells Some Ops to Linn Energy. AP Online. Retrieved on February 26, 2013.
  4. Linn energy buying BP's Hugoton Basin conventional Natgas assets. Natural Gas Week. Retrieved on February 26, 2013.
  5. 5.0 5.1 Michael J. De La Merced. Linn Energy to Buy BP Property in Wyoming for $1 Billion. New York Times. Retrieved on 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.