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Nov. 13, 2015, 6:41 PM
- Linn Energy (LINE, LNCO) says it has agreed to a debt exchange with private investors in an attempt to improve its balance sheet and reduce its interest expense.
- Linn says it will exchange $2B of unsecured senior notes for $1B of newly issued senior secured second lien notes as part of a series of private transactions expected to close on Nov. 20.
- Reuters reported yesterday on a potential debt deal and identified Franklin Income Fund as one of the likely participants in the debt swap.
Nov. 12, 2015, 6:48 PM
- Linn Energy (LINE, LNCO) is working with Barclays in exploring distressed restructuring options, as the oil price collapse tests its ability to service $10B of debt after next year, Reuters reports.
- One of the potential options to raise liquidity is said to be a deal with Franklin Income Fund to swap the mutual fund's unsecured bonds with a new second-lien secured loan; Franklin, which has invested in the debt of other distressed drillers such as Halcon Resources and SandRidge Energy, holds unsecured bonds in Linn once worth nearly $1B but trading at $236M at the end of Q3.
- Linn has no major maturities until 2019 but its hedge book will begin to roll off into much lower commodity prices in 2016, hitting EBITDA and pressuring cash flow coverage of interest and debt starting next year, according to Moody's.
Nov. 5, 2015, 8:01 AM
- Linn Energy (NASDAQ:LINE): Q3 EPS of -$4.47 may not be comparable to consensus of $0.13.
Nov. 4, 2015, 5:30 PM
- AAWW, ACIW, ACRE, ACTA, AES, AGIO, AGU, AINV, ALSK, AMCX, AMED, AMRC, ANSS, APA, ATHM, AZN, BBEP, BCE, BCRX, BDBD, BEE, BR, CCC, CCOI, CECE, CELG, CLDT, CNK, CNP, CNQ, CNSL, CONE, COTY, CROX, CSTM, CWEI, DNR, DUK, EGL, ENB, ENDP, ENOC, ESI, FUN, GEO, GLOG, GLP, GOGO, HFC, HGG, HII, HRC, INSY, IRC, IT, ITC, ITG, KATE, KOP, LAMR, LBY, LINE, LPI, LXP, MEG, MGA, MITL, MPEL, MPW, MSG, MSO, MVIS, MZOR, NDLS, NGS, NHI, NILE, NRP, OGE, OMED, PBH, PDCE, PRFT, PRIM, PWE, PWR, RDUS, RGEN, RGLD, RICE, RL, RLGY, RRD, RVLT, RWLK, SCOR, SEAS, SFM, SFY, SJI, SNSS, SPAR, SRC, SRPT, SSTK, STN, STWD, SYMC, TAP, TDC, TE, THS, TIME, TK, TLP, TNK, TRXC, TU, USAC, VC, VER, VIVO, WAC, WIN, WPP, ZEUS
Oct. 21, 2015, 5:43 PM
- Linn Energy (LINE, LNCO) says its maximum borrowing availability under its credit facility has been reduced to $3.6B, and the borrowing base under the credit facility for Berry Petroleum has been reduced to $900M.
- Linn's lenders also approve a potential combination of the Linn and Berry credit facilities under certain conditions, subject to a combined borrowing base of $4.05B; Linn currently has undrawn capacity of ~$790M.
- LINE -2.9%, LNCO -2.1% AH.
Oct. 12, 2015, 12:58 PM
- Linn Energy (LINE -10.1%) is downgraded to Underperform from Market Perform with a $2 price target, and Mid-Con Energy Partners (MCEP -9.9%) is cut to Market Perform from Outperform with a $4 target, at FBR Capital.
- The firm says it does not see any residual value for LINE unitholders unless commodity prices improve meaningfully, and it expects another distribution cut at MCEP by the end of 2016.
- However, FBR reiterates Outperform ratings on Atlas Resource Partners (ARP -5.1%), Legacy Reserves (LGCY -8.8%), Memorial Production Partners (MEMP -7.6%) and Vanguard Natural Resources (VNR -4.8%), saying the market is "discounting too dire a scenario" for certain partnerships.
Oct. 7, 2015, 9:14 AM
Oct. 6, 2015, 5:32 PM| Oct. 6, 2015, 5:32 PM | 62 Comments
Oct. 6, 2015, 3:49 PM
- Stifel's Brian Brungardt is the last analyst to drop his Buy rating for Linn Energy (LINE +8%) and sister firm LinnCo (LNCO +14.1%), saying he favors partnerships with more conservative leverage in a lower-for-longer commodity price environment.
- Brungardt believes in a brighter long-term outlook for LINE/LNCO as management continues to execute on the deleveraging process, but says he would be more constructive upon successful monetization of non-core assets, an improved commodity environment, significant deleveraging of the balance sheet, or meaningful developments behind the DrillCo and AcqCo structures.
- LINE and LNCO are rallying sharply today thanks to higher crude prices.
Oct. 5, 2015, 10:32 AM
- The energy sector is an early leader in today's trading even after Standard & Poor's issued negative outlooks for Exxon Mobil (XOM +0.3%) and Chevron (CVX +1.9%) after Friday's close, citing high debt levels and low energy prices.
- XOM "has substantially more debt than during the last cyclical commodity price trough in 2009, while upstream production and costs are at similar levels,” S&P said, adding that “a sustained period of lower oil and gas prices will significantly reduce the company’s operating cash flow in 2015 and 2016 from 2014 levels, resulting in rising debt balances as the company sustains its capital investments and dividends.”
- The ratings agency anticipates CVX "will outspend internally generated cash flow to fund major project capital spending and dividends."
- While S&P stopped short of credit downgrades - it held CVX’s long-term credit rating at AA and XOM’s at AAA - it did downgrade 12 others: CHK, WLL, UPL, DNR, LINE, BBG, LGCY, TPLM, ARP, CWEI, MPO, EXXI.
- Outlooks also were lowered for NOG and EVEP.
- Ratings were affirmed for COP, WPX, WTI and CRK.
Sep. 25, 2015, 9:12 AM
Sep. 11, 2015, 4:43 PM
- Line Energy (NASDAQ:LINE), Memorial Production Partners (NASDAQ:MEMP) and Hi-Crush Partners (NYSE:HCLP) all suffered heavy losses today after the MLPs were dropped from the Alerian MLP Index and the Alerian MLP Equal Weight Index, effective after the end of trading on Sept 18.
- In today's trade: LINE -11.1%, MEMP -12.8%, HCLP -2.7%.
- The three stocks are being replaced by Boardwalk Pipeline Partners (NYSE:BWP), Columbia Pipeline Partners (NYSE:CPPL) and Vanguard Natural Resources (NASDAQ:VNR).
Sep. 1, 2015, 5:10 PM
- Linn Energy (NASDAQ:LINE) declares $0.1042/share monthly dividend, in line with previous.
- Forward yield 36.45%
- Payable Sept. 16; for shareholders of record Sept. 11; ex-div Sept. 9.
Sep. 1, 2015, 9:13 AM
Aug. 31, 2015, 3:49 PM
- West Texas crude oil surged 8.8% to $49.19/bbl, capping a three-day rally that added more than 27% to the price - the largest three-day rally since January 2009 - after U.S. oil production data showed output falling and OPEC said it would talk with other producers about low prices.
- Brent crude rallied 7.4% to $53.80, as the spread between the two benchmarks widened to more than $5 intraday after narrowing to $4.33.
- "Oil markets are hungry for any evidence of a fall in production, anywhere,” says Global Hunter's Robert Hastings.
- The SPDR Energy ETF (XLE +1.2%) jumped after being down as much as 2.5% early in the day, and the Market Vectors Oil Services ETF (OIH +2.3%) reversed a 2.6% loss at its intraday low.
- However, trading volumes were lower and volatility perhaps greater than usual due to a U.K. holiday.
- Andrew Keene tells CNBC he is selling today's pop, noting that XLE is again trading at its 20-day MA and "we haven't traded above this moving average since May."
- Among the shares of some of the more active energy companies, Chevron (CVX +0.5%) and Exxon Mobil (XOM +0.4%) are higher after respective early losses of 3.1% and 2.4%; also, COP +5%, PSX +2.6%, SLB +2.2%, RIG +4.1%, HAL +2.4%, WLL +8.3%, MRO +3.4%, NFX +5.1%, LINE +5.7%.
- Other ETFs: VDE, ERX, XOP, ERY, FCG, DIG, GASL, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, PXI, FIF, PXJ, NDP, RYE, FXN, DDG
Aug. 28, 2015, 5:40 PM
Linn Energy LLC is an independent oil and natural gas company. The Company's properties are located in United States in Rockies, Hugoton Basin, California, East Texas and north Louisiana, Mid-Continent, Permian Basin, Michigan/Illinois and South Texas.
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