LINN Energy Announces 5 Percent Increase in Cash Distribution
HOUSTON, April 24, 2012 (GLOBE NEWSWIRE) -- LINN Energy, LLC (LINE) announced today a cash distribution for the first fiscal quarter of 2012 of $0.725 per unit, or $2.90 per unit on an annualized basis, for all of its outstanding units. This distribution represents an increase of approximately 5 percent over the fourth-quarter 2011 distribution of $0.69 per unit. The distribution will be payable May 15, 2012, to unitholders of record at the close of business May 8, 2012.
"This marks the third consecutive year we have increased the distribution by 5 percent," said Mark E. Ellis, Chairman, President and Chief Executive Officer of LINN Energy. "The $1.8 billion in transactions announced in the first quarter, coupled with organic growth, positioned us for this distribution increase, and we anticipate capitalizing on the robust acquisition market expected for the remainder of the year."
ABOUT LINN ENERGY
LINN Energy's mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets. LINN Energy is a top-15 U.S. independent oil and natural gas development company, with approximately 4.3 Tcfe of proved reserves (pro forma for announced 2012 acquisitions) in producing U.S. basins as of Dec. 31, 2011. More information about LINN Energy is available at www.linnenergy.com .
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This press release includes "forward-looking statements." All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include, but are not limited to, forward-looking statements about acquisitions and the expectations of plans, strategies, objectives and anticipated financial and operating results of the company, including the company's drilling program, production, hedging activities, capital expenditure levels and other guidance included in this press release. These statements are based on certain assumptions made by the company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to the company's financial performance and results, availability of sufficient cash flow to pay distributions and execute its business plan, prices and demand for oil, natural gas and natural gas liquids, the ability to replace reserves and efficiently develop current reserves and other important factors that could cause actual results to differ materially from those projected as described in the company's reports filed with the Securities and Exchange Commission. See "Risk Factors" in the company's Annual Report filed on Form 10-K and other public filings and press releases.
Any forward-looking statement speaks only as of the date on which such statement is made and the company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
CONTACT: Investors: Clay Jeansonne, Vice President - Investor Relations 281-840-4193 Media: Paula Beasley, Manager, Public Affairs & Communications 281-840-4183
Source: LINN Energy, LLC 2012 GlobeNewswire, Inc.