Linn Energy, LLC (LINEQ) - NASDAQ
  • Wed, Mar. 9, 9:15 AM
    | Wed, Mar. 9, 9:15 AM | 1 Comment
  • Tue, Mar. 8, 9:17 AM
    | Tue, Mar. 8, 9:17 AM | 3 Comments
  • Mon, Mar. 7, 5:40 PM
    | Mon, Mar. 7, 5:40 PM | 8 Comments
  • Mon, Mar. 7, 12:45 PM
    | Mon, Mar. 7, 12:45 PM | 11 Comments
  • Mon, Mar. 7, 9:11 AM
    | Mon, Mar. 7, 9:11 AM | 1 Comment
  • Tue, Mar. 1, 7:59 AM
    • Linn Energy (NASDAQ:LINE) and LinnCo (NASDAQ:LNCO) both delay their 10-K filings and include "going concern" language (I, II).
    • LINE says it does not expect to remain in compliance with all of the restrictive covenants contained in its credit facilities throughout 2016, and expects to report significant non-cash impairments of oil and natural gas properties, negative revisions of estimated proved reserves and other possible adjustments.
    • As of Feb. 29, total borrowings under LINE credit facility were $3.6B with no remaining availability.
    • LNCO's cash flow is totally dependent upon the ability of LINE to make distributions to its unitholders, which were suspended last October.
    | Tue, Mar. 1, 7:59 AM | 15 Comments
  • Tue, Feb. 23, 6:13 PM
    • Cash-strapped energy companies are coming under increasing pressure from U.S. bank lenders and could see an average 15%-20% cut in their credit lines, the head of JPMorgan Chase's (NYSE:JPM) commercial bank says.
    • Banks had been more lenient with energy clients despite the prolonged slump in oil prices, but JPM's Doug Petno says that is changing, as companies such as Linn Energy (NASDAQ:LINE) and SandRidge Energy (NYSE:SD) max out revolving credit lines.
    • Petno says JPM is not waiting for April redetermination, when banks traditionally reassess the value of oil reserves underpinning energy loans to reassess its exposure.
    • JPM says it plans to increase provisions for expected losses on bad energy loans by more than 60% during Q1.
    • Earlier: Banks lower as JPMorgan warns on energy
    | Tue, Feb. 23, 6:13 PM | 44 Comments
  • Mon, Feb. 22, 6:58 PM
    • Devastation in the oil patch has caused large losses for investors in MLPs, and in some cases increased their tax burden, NYT's Gretchen Morgenson explained in a weekend analysis.
    • Some upstream energy MLPs are being forced to restructure their debts to stave off bankruptcy, and when they do, MLP owners must pay income taxes on their share of debt forgiven by creditors, even though unitholders received no actual income as a result of the restructuring; partnership tax expert Robert Willens told Morgenson that a lot of upstream MLP investors will be surprised by such a tax bill in the coming years.
    • Linn Energy (NASDAQ:LINE) was discussed in the article as a case in point: As part of its November restructuring, creditors forgave $1B in debt, which will trigger taxes to its investors, and more restructuring likely is on the way.
    • Most of the more widely-held midstream MLPs are holding up, so this particular tax hit is not a risk, Barron's Amey Stone notes, but even some midstream MLPs could need to restructure if energy prices stay low for a long time.
    • ETFs: AMLP, AMJ, KYN, YMLP, TYG, SRV, KYE, CEM, MLPI, NML, FEN, NTG, MLPA, KMF, EMLP, FMO, FEI, JMF, MLPN, SRF, CBA, MLPG, MLPX, GMZ, EMO, MLPS, MLPY, TTP, CTR, AMZA, GER, ZMLP, CEN, YMLI, AMU, SMM, MIE, DSE, FPL, ENFR, ATMP, JMLP, MLPC, MLPW, IMLP
    | Mon, Feb. 22, 6:58 PM | 58 Comments
  • Thu, Feb. 18, 11:48 AM
    • Wells Fargo cuts its rating on all upstream MLPs in its coverage to Underperform, the firm's equivalent to a Sell rating, and downgrades its sector rating to Underweight, citing the MLPs' high default risk and its belief that many "could have zero equity value" when their hedges expire over the next 1-2 years.
    • The upstream MLP's could have "very high" debt-to-EBITDA ratios over the next 12-24 months, and all could default on their debt payments during that time frame, according to Wells analyst Praneeth Satish.
    • Satish says Mid-Con Energy (MCEP -1.9%), Linn Energy (LINE -14.9%) and Atlas Resource Partners (ARP -2.6%) have the greatest risk of default in the near-term, while Breitburn Energy (BBEP +2.4%), EV Energy (EVEP -6.9%), Legacy Reserves (LGCY -7.9%), Memorial Production Partners (MEMP -6.4%), LINE and MCEP have the greatest risk of default in the medium term.
    • The analyst cuts his rating on all the above companies, plus LinnCo (LNCO -10.7%), to Underperform from Market Perform.
    | Thu, Feb. 18, 11:48 AM | 76 Comments
  • Fri, Feb. 12, 2:17 PM
    • Linn Energy (LINE +1.8%) and LinnCo (LNCO -3.1%) are downgraded to Sell from Neutral at Citigroup, where oil and gas analyst Faisel Khan believes Linn likely will file for Chapter 11 bankruptcy after the next round of borrowing base redetermination and/or post a covenant breach.
    • Citi says Linn’s hedges protecting cash flows against the steep declines in oil are starting to roll off, and that cash flows could turn negative next year.
    • Khan adds that recoveries in bankruptcy for unsecured bondholders likely will be low, which is reflected in the company’s bond prices that are trading at pennies to a dollar.
    | Fri, Feb. 12, 2:17 PM | 73 Comments
  • Mon, Feb. 8, 5:45 PM
    • The MLP sector needs to "absorb more pain" before it can represent a "compelling investment," Hedgeye's Kevin Kaiser said in a Barron's weekend profile of the controversial analyst, adding that the "pain" can come in but one form: a reduction in distributions that investors cherish.
    • The longtime MLP bear disagrees with the analysts and MLP investors who think the sector is deeply undervalued now that the benchmark Alerian MLP index is down 45%, countering that “we’re in the early innings of the MLP down-cycle. We had a 15-year up-cycle, and now we’re a year and a half into the downturn.”
    • Kaiser first gained Wall Street attention as the only bear among more than 20 analysts that covered Kinder Morgan (NYSE:KMI); while most of the damage has been done, Kaiser thinks KMI could fall further, to below $10, as he sees KMI still overleveraged with $41B of net debt, more than 5x annual cash flow.
    • On Linn Energy (LINE, LNCO) and Chesapeake Energy (NYSE:CHK), "we said those stocks could be going to zero, and I think we’re going to be right," Kaiser adds.
    • ETFs: AMLP, AMJ, KYN, MLPL, YMLP, TYG, SRV, KYE, CEM, MLPI, NML, FEN, NTG, MLPA, KMF, EMLP, FMO, FEI, JMF, MLPN, SRF, CBA, MLPG, MLPX, GMZ, EMO, MLPS, MLPY, TTP, CTR, AMZA, GER, ZMLP, CEN, AMU, YMLI, SMM, MIE, DSE, FPL, ENFR, ATMP, JMLP, MLPC, MLPW
    | Mon, Feb. 8, 5:45 PM | 73 Comments
  • Fri, Feb. 5, 6:15 PM
    • Linn Energy (LINE, LNCO) CEO Mark Ellis is eligible for a $6.9M cash award this year, even as the company says it is considering all strategic options including a bankruptcy filing.
    • In the same 8-K filing where Linn said it took out a new $919M loan from Wells Fargo, the company gave Ellis a new annual bonus target of $6.9M, up from his previous incentive bonuses of just over $1M/year; CFO David Rottino and COO Arden Walker each received $2.7M bonus targets.
    • "Retaining key leadership and our talented employees is a top priority for Linn Energy as we engage in this process and maintaining continuity of leadership will help secure the best possible outcome for the company.” Linn says.
    | Fri, Feb. 5, 6:15 PM | 126 Comments
  • Fri, Feb. 5, 12:40 PM
    | Fri, Feb. 5, 12:40 PM
  • Fri, Feb. 5, 9:17 AM
    | Fri, Feb. 5, 9:17 AM | 10 Comments
  • Fri, Feb. 5, 8:05 AM
    • Linn Energy (NASDAQ:LINE) -45% premarket after saying it would explore strategic alternatives to shore up its balance sheet and that it exhausted its credit facility by drawing down the remaining $919M.
    • Stifel downgrades LINE and LinnCo (NASDAQ:LNCO) to Sell from Hold with a zero valuation, seeing a growing likelihood of a reorganization process or outright sale of the company, with no residual value under a reorganization as it estimates the partnership has ~$10B of debt outstanding vs. an estimated 2015 PV-10 valuation of $6.4B.
    • Hedgeye's Kevin Kaiser believes the announcement means Linn likely will file for bankruptcy protection soon.
    • LINE traded at more than $40/unit in 2012 and at $30-plus as recently September 2014 before oil prices began plummeting; units closed yesterday at $1.20.
    • LNCO -53% premarket.
    | Fri, Feb. 5, 8:05 AM | 44 Comments
  • Thu, Feb. 4, 5:38 PM
    • Linn Energy (LINE, LNCO) says it has started a process to explore strategic alternatives to strengthen its balance sheet and maximize the value of the company, and has hired Lazard as its financial adviser.
    • LINN also says it recently borrowed $919M from its credit facility, which is the remaining undrawn amount that was available.
    • LINE -8.3%, LNCO -10% AH.
    | Thu, Feb. 4, 5:38 PM | 90 Comments
Company Description
Linn Energy, LLC is a oil and natural gas company, which engages in development, exploitation and acquisition of natural gas. It seeks to be the operator of its properties so that it can develop drilling programs and projects. The company was founded by Michael C. Linn on March 14, 2003 and is... More
Industry: Independent Oil & Gas
Country: United States