8 Dec 2008asset acquisition disposition▲ GoodMajor
Closed the Woodford Shale rights sale, adding to a string of 2008 divestitures that trimmed the portfolio and shored up liquidity heading into the financial crisis.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Oct 2008material agreement▲ GoodMajor
Agreed to sell its deep Woodford Shale rights under Oklahoma acreage for $229 million while keeping the shallower zones, and separately authorized a unit repurchase program -- pro forma liquidity was expected to top $600 million after the sale.
26 Aug 2008material agreement● Neutral
Reaffirmed its $1.85 billion borrowing base after the Verden disposition closed and amended the credit facility to permit up to $100 million of unit buybacks, though none were planned yet.
3 July 2008asset acquisition disposition▲ GoodMajor
Closed the $600 million Appalachian Basin sale to XTO Energy, using proceeds to fully repay the second-lien term loan and cut revolver debt; separately, SVP Thomas Lopus's employment was terminated with a standard severance package.
30 June 2008debt financing● NeutralMajor
Sold $255.9 million of 9.625% senior notes due 2018 -- its first high-yield bond issuance, diversifying funding beyond the bank revolver and unit offerings just as credit markets were tightening into the financial crisis.
5 June 2008material agreement● NeutralMajor
Agreed to sell its Verden-area Oklahoma properties to Laredo Petroleum for $185 million, a second divestiture alongside the XTO deal as Linn began trimming non-core acreage while debt-funded growth continued elsewhere.
17 Apr 2008material agreement● NeutralMajor
Agreed to sell its entire Appalachian Basin position to XTO Energy for $600 million, its first major divestiture after two years of pure acquisition, with proceeds earmarked to pay down the credit facility.
4 Feb 2008asset acquisition disposition● NeutralMajor
Took on a new $400 million second-lien term loan (at a steep 5-7.5% margin over LIBOR) to help fund the closing of the Lamamco acquisition -- the cost of capital already running higher than the 2006-07 deals.
21 Dec 2007material agreement▲ GoodMajor
Agreed to buy Mid-Continent oil and gas properties from Lamamco Drilling for about $552 million, backed by a new $400 million bridge facility -- another large debt-funded acquisition in the same mold as Dominion.
5 Sept 2007asset acquisition disposition▲ GoodMajor
Rolled its credit facility into a new Third Amended and Restated Credit Agreement with an $1.8 billion initial borrowing base, financing the Dominion Mid-Continent acquisition as it approached closing.
2 July 2007capital raising announcement▲ GoodMajor
Agreed to acquire Mid-Continent oil and gas properties from Dominion Resources for $2.05 billion -- by far its largest deal yet -- backed by a credit-line increase to roughly $1.8 billion and a $1.5 billion private unit placement, a step change in scale from the sub-$300 million deals of 2006.
4 June 2007capital raising announcement▲ GoodMajor
Closed a $260 million private placement of units to repay revolver debt, its second major equity raise in under a year.
5 Feb 2007asset acquisition disposition▲ Good
Amended its credit agreement to raise the borrowing base from $480 million to $725 million on the closing of the Stallion acquisition, continuing to scale debt capacity in step with the acquisition run.
19 Jan 2007material agreement● Neutral
Unitholders approved a routine amendment capping how many long-term incentive plan units can be issued as restricted units -- administrative, not strategic.
19 Dec 2006capital raising announcement▲ GoodMajor
Announced three more purchase agreements worth $454 million combined: a $415 million private Texas Panhandle producer and $39 million of Appalachian Basin gas properties, continuing the acquisition pace begun that summer.
25 Oct 2006capital raising announcement▲ GoodMajor
Raised $305 million in a private placement of units to institutional investors -- led by Zimmer Lucas Partners, with Goldman, Magnetar and others participating -- to repay acquisition debt, the first of many equity raises that would fund Linn's growth alongside its credit line.
15 Aug 2006asset acquisition disposition▲ GoodMajor
Closed the $125 million Kaiser-Francis Mid-Continent acquisition, funded through the new revolver and a bridge facility.
9 Aug 2006material agreement● Neutral
Granted routine phantom-unit awards to independent directors under its long-term incentive plan -- standard board compensation, not a strategic event.
7 Aug 2006asset acquisition disposition▲ GoodMajor
Replaced its credit facility with a new $800 million agreement and immediately raised the borrowing base to $430 million to fund the Blacksand acquisition, with room to grow further once Kaiser-Francis closes.
25 July 2006material agreement▲ GoodMajor
Signed its first large acquisitions as a public company: $291 million for Blacksand Energy's Brea-Olinda field in California and $125 million for Kaiser-Francis's Mid-Continent Oklahoma assets -- the start of the debt-funded roll-up strategy that would define Linn's next decade.
1 June 2006listing compliance notice▼ BadMajor
A second Nasdaq deficiency notice followed, now for a delinquent Q1 2006 10-Q on top of the unresolved restatement; Linn scheduled a Nasdaq hearing and expected to be caught up by June 30.
20 Apr 2006listing compliance notice▼ BadMajor
Nasdaq warned it could delist Linn Energy's units over the still-unfiled 2005 10-K stemming from the restatement; the company said it would appeal and did not expect a material earnings impact.
18 Apr 2006material agreement● Neutral
Hired Thomas Lopus as SVP of Operations under a standard executive pay package with unit options -- routine personnel move.
13 Apr 2006debt financing● Neutral
Replaced its original $300 million credit facility with a new agreement, the first step in building the large secured revolver that would fund the coming acquisition spree.
3 Apr 2006listing compliance notice▼ BadMajor
Linn Energy's audit committee concluded its 2003-2004 financial statements needed restatement over acquisition-accounting errors, forcing a delayed 2005 annual report and a heads-up to Nasdaq about noncompliance just months after going public.