Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nasdaq  >  Linn Energy LLC    LINEQ

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Linn Energy To Pay $400 Million For Stake In Anadarko Field

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/03/2012 | 09:04pm CET

Linn Energy LLC (>> Linn Energy, LLC) on Tuesday agreed to pay $400 million for a stake in a Wyoming oilfield developed by Anadarko Petroleum Corp. (APC), adding to Linn's growing portfolio of mature U.S. assets.

Anadarko assigned Linn 23% of its interest in its Salt Creek field, part of a group of oil deposits in Wyoming's Powder River Basin. Linn plans to foot $400 million of Anadarko's development costs over the next three to six years while investing $200 million more to fund its own stake in the field.

The investment expands Linn's growing base of so-called legacy fields, many of which contain oil or gas once considered too expensive to recover. New drilling techniques combined with climbing oil prices have made such areas more attractive for drilling in recent years, a trend that has underpinned Linn's growth strategy.

The latest deal comes after BP PLC (BP, BP.LN) in February agreed to sell Linn $1.2 billion of natural gas assets in Kansas, part of the British oil giant's effort to slim down its U.S. portfolio.

Anadarko has pumped carbon dioxide into the Salt Creek field since 2004, one of several enhanced oil recovery tools oil producers have used in recent years to boost production from harder-to-reach deposits. Linn said its new joint venture will give the company more experience with carbon-dioxide and other enhanced recovery techniques.

"We believe this long-life asset is unique because it is expected to deliver 10 years of steady production growth while, at the same time, providing a low base-decline rate," Linn Chairman and Chief Executive Mark E. Ellis said.

As it does with other fields, Linn has already hedged all of the current net production associated with the joint venture through 2014. The new investment is expected to double current production by 2015, Linn said.

Linn shares were recently up 1.2% at $38.64 mid-Tuesday, while Anadarko was off 47 cents at $78.64, in line with the broader market.

 
   -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com 

Stocks mentioned in the article : Linn Energy, LLC
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on LINN ENERGY LLC
02/16 LINNCO LLC : Broker's strategy a toxic mix including LINN Energy - claim alleges
02/02 LINN ENERGY LLC : Shareholders Object to Reorganization Plan; Believe Shareholde..
01/31 LINN ENERGY, LLC : Bankruptcy or Receivership, Financial Statements and Exhibits..
01/30 LINN ENERGY LLC : Bankruptcy Filings Plan Confirmations
01/25 LINN ENERGY LLC : Bankruptcy Filings Stories from the Bankruptcy Court Dockets
2016 LINN ENERGY LLC : Management's Discussion and Analysis of Financial Condition an..
2016 LINN ENERGY, LLC : Entry into a Material Definitive Agreement, Financial Stateme..
2016 LINN ENERGY LLC : Bankruptcy Filings D.I.P. Financing
2016 LINN ENERGY, LLC : Entry into a Material Definitive Agreement, Financial Stateme..
2016 LINN ENERGY, LLC : Entry into a Material Definitive Agreement, Regulation FD Dis..
More news
Sector news : Oil & Gas Exploration and Production - NEC
01:16p HUSKY ENERGY : Canada's Husky Energy posts smaller-than-expected loss
03:40aDJDEVON ENERGY : EPA Chief Scott Pruitt's Emails Show Close Ties With Oil and Gas ..
02:51aDJDEVON ENERGY : EPA Chief Scott Pruitt's Emails Show Close Ties With Oil and Gas ..
01:54aDJDEVON ENERGY : EPA Chief Scott Pruitt's Emails Show Close Ties With Oil and Gas ..
02/23 CRESCENT POINT ENERGY : loss bigger than expected as production falls
More sector news : Oil & Gas Exploration and Production - NEC
News from SeekingAlpha
2016 VALUE INVESTOR'S DAILY MACRO : Stop Chasing The Next Market Crash
2016 LINN ENERGY : A New Low
2016 LINN ENERGY : Likelihood Of Equity Recovery
2016 Linn Energy, LinnCo to move to the Pink Sheets tomorrow
2016 ENERGY RECAP : Introducing 2 New Segments On Bankruptcies And Rig Counts
Advertisement
Financials ($)
More Financials
Chart LINN ENERGY LLC
Duration : Period :
Linn Energy LLC Technical Analysis Chart | LINEQ | US5360201009 | 4-Traders
Full-screen chart
Income Statement Evolution
More Financials
Consensus 
Mean consensus
Number of Analysts
Average target price -
Spread / Average Target -100%
Consensus details
Managers
NameTitle
Mark E. Ellis Chairman, President & Chief Executive Officer
Arden L. Walker Chief Operating Officer & Executive Vice President
David B. Rottino Chief Financial Officer & Executive Vice President
Michael C. Linn Independent Director
Jeffrey C. Swoveland Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
LINN ENERGY LLC-5.63%34
PACIFIC EXPLORATION AN..--.--%133 818
CONOCOPHILLIPS-6.06%58 606
EOG RESOURCES INC-3.53%56 276
CNOOC LTD-2.28%54 313
OCCIDENTAL PETROLEUM C..-7.47%49 863
More Results