LINN Energy Third Quarter

LINN reported the following third quarter 2013 results:

•	Average daily production of 823 MMcfe/d compared to 782 MMcfe/d for the third quarter 2012;

•	Oil, natural gas and NGL sales of approximately $538 million compared to $444 million for the third quarter 2012;

•	Distributions paid to unitholders of $171 million compared to $145 million for the third quarter 2012;

•	Excess of net cash provided by operating activities after distributions to unitholders and discretionary adjustments considered by the Board of Directors of $2 million compared to $57 million for the third quarter 2012 (see Schedule 1, footnote 7); and

•	Net loss of approximately $30 million, or $0.13 per unit, compared to a net loss of $430 million, or $2.18 per unit, for the third quarter 2012, which includes non-cash changes in fair value of unsettled commodity derivatives of approximately $99 million, or $0.42 per unit, and $520 million, or $2.63 per unit, respectively, including the reduction of put option premium value over time.

"During the third quarter LINN's capital program delivered positive results exceeding guidance across the board," said Mark E. Ellis, Chairman, President and Chief Executive Officer. "Higher production volumes coupled with lower operating costs resulted in an excess of net cash provided by operating activities after distributions to unitholders and discretionary adjustments considered by the Board of Directors."

Disclosure: I am long LINE.