Linn Energy LLC (Nasdaq: LINE) announced that it is updating its 4Q 2013 guidance, posting a new investor presentation and announcing the recommendation of a leading independent proxy voting and corporate governance advisory firm.
Linn Energy reiterates total estimated production during the fourth quarter to be between 840 million cubic feet equivalent per day (MMcfe/d) and 860 MMcfe/d, which includes the impact from recent severe winter weather in the Permian and Midcontinent operating regions. Additionally, LINN increased its fourth quarter guidance for "excess of net cash" to be 5% to 10% above the company's current distribution, compared to prior guidance of 0% above the company's current distribution. Both estimates do not include the anticipated positive impact from the pending merger with Berry Petroleum Co. During the quarter, production has remained on-track, NGL prices have continued to increase and the company has continued to realize lower operating expenses, all of which have contributed to this updated fourth quarter guidance.
For the full-year 2013, Linn estimates production growth of 8% to 10%, which remains on-track with the previous guidance provided by the company.
LINN Energy LLC is an independent energy company engaged in the acquisition and development of oil and natural gas properties. The company is headquartered in Houston.