Founder and Director Michael C. Linn founded LINN Energy in 2003. Headquartered in Houston, Texas, the Company’s core focus areas are in the Rockies, the Hugoton Basin, California, east Texas and north Louisiana (“TexLa”), the Mid-Continent, the Permian Basin, Michigan, Illinois and south Texas.
LINN Energy raised approximately $261 million through its initial public offering (IPO) in January 2006 and had an initial equity market capitalization of approximately $584 million. The Company has grown through 62 transactions totaling approximately $17 billion and had approximately 7.3 Tcfe of proved reserves in producing U.S. basins as of December 31, 2014.
LINN Energy units representing limited liability company interests are listed on The NASDAQ Global Select Market under the symbol “LINE.”
KEY MILESTONES:
2006
- January: LINN Energy initial public offering
- August: Expanded operations into California and Oklahoma through the acquisition of assets from Blacksand Energy, LLC and Kaiser-Francis Oil Company for approximately $423 million
- For the year ended: Completed five acquisitions totaling approximately $450 million
2007
- February: Completed the acquisition of oil and natural gas properties and related assets in the Texas Panhandle from Stallion Energy for $411 million
- August: Completed the acquisition of Mid-Continent oil and natural gas properties from Dominion Resources for approximately $2 billion
- For the year ended: Completed eight acquisitions totaling approximately $2.7 billion
2008
- January: Completed the acquisition of Mid-Continent oil and natural gas properties from Lamamco Drilling Company for approximately $537 million
- July: Completed the sale of oil and natural gas properties located in the Appalachian Basin to XTO for approximately $590 million
- For the year ended: Completed three acquisitions totaling approximately $583 million
2009
- August/September: Entered into the Permian Basin with the acquisitions of oil and natural gas properties in Texas and New Mexico for approximately $114 million
- For the year ended: Completed two acquisitions totaling $114 million
2010
- April: Entered into a new operating region in northern Michigan with the acquisition of natural gas properties in the Antrim Shale from HighMount Exploration and Production LLC for approximately $325 million
- May: Significantly increased LINN’s Permian position with the acquisition of oil and natural gas properties for approximately $323 million
- August-November: Completed three acquisitions of oil and natural gas properties located in the Wolfberry trend in the Permian Basin for approximately $472 million
- For the year ended: Completed 11 acquisitions totaling approximately $1.4 billion
2011
- March: Entered into the Bakken play, located in the Williston Basin of North Dakota with the acquisition of non-operated properties from Concho Resources for approximately $192 million
- June: Entered into the horizontal Cleveland play in the Anadarko Basin with the acquisition of oil and natural gas properties in Ochiltree and Lipscomb counties, Texas and Ellis county, Oklahoma from Panther Energy Company, LLC and Red Willow Mid-Continent, LLC for approximately $224 million
- December: Doubled LINN’s inventory of horizontal drilling locations in the Granite Wash with the acquisition of oil and natural gas properties located in Texas and Oklahoma from Plains Exploration & Production Company for approximately $542 million
- For the year ended: Completed 12 acquisitions totaling approximately $1.5 billion
2012
- March: Completed the acquisition of Hugoton Basin properties located in Kansas from BP America Production Company for approximately $1.2 billion, marking LINN’s entry into this large conventional gas field
- July: Completed the acquisition of properties in the Jonah Field, located in the Green River Basin of southwest Wyoming for approximately $988 million
- October: LinnCo initial public offering
- For the year ended: Completed seven acquisitions totaling approximately $2.9 billion
2013
- October: Completed the acquisition of oil and natural gas properties located in the Permian Basin for approximately $524 million
- December: Completed an approximately $4.6 billion transaction, net of cash acquired, with Berry Petroleum Company, LLC gaining producing properties in California (San Joaquin Valley Basin and Los Angeles Basin), Texas (Permian Basin and east Texas), Utah (Uinta Basin) and Colorado (Piceance Basin)
- For the year ended: Completed three acquisitions totaling approximately $5.2 billion
2014
- August/September: Acquired mature, long-life primarily natural gas assets, including diversified properties in five U.S. producing basins from Devon Energy Corporation for approximately $2.1 billion and properties in the Hugoton Basin from Pioneer Natural Resources Company for approximately $328 million
- August/November: Completed two asset trades through which LINN received mature, long-life primarily natural gas assets in the Hugoton Basin and oil assets in the San Joaquin Valley Basin, in exchange for acreage prospective for horizontal Wolfcamp development and higher decline production in the Permian Basin
- November/December: Sold higher capital intensity assets, including LINN’s entire position in the Granite Wash and Cleveland plays, to EnerVest, Ltd. for approximately $1.8 billion and oil and natural gas properties in the Permian Basin to Fleur de Lis Energy, LLC for approximately $351 million
- For the year ended: Completed two acquisitions totaling approximately $2.4 billion
