Past year: ▼ 75%(5.50c – 41.9c USD)
Each one in plain English, with the numbers worked through for a shareholder.
1 July 2014material agreement▲ GoodMajor
Agreed to acquire a large multi-basin package (Rockies, Mid-Continent, east Texas, north Louisiana, south Texas) from Devon Energy for $2.3 billion -- its largest acquisition since Berry and the biggest pure cash purchase in its history, to be funded with committed interim financing.
28 May 2014business combination● Neutral
Linn Energy filed a second amendment to the registration statement for the exchange of $1.8 billion of 6.250% Senior Notes due 2019 for registered notes. It updates the documents incorporated by reference (including the Q1 2014 10-Q) and now speaks of the cost to integrate Berry rather than the cost to complete it. Completion of the exchange is still not shown.
22 May 2014material agreement● Neutral
Agreed to an asset swap with ExxonMobil, trading Permian Basin properties for ExxonMobil's Hugoton Basin assets -- Linn's first major exchange transaction rather than a straight cash purchase.
2 Apr 2014business combination● Neutral
Linn Energy filed an amendment to its registration statement for the exchange offer on its $1.8 billion of 6.250% Senior Notes due 2019, swapping unregistered notes for identical registered ones. This continues the exchange offer first filed in March 2013; the text shown does not give any change in terms and mentions the Berry acquisition as a cost and integration risk.
18 Dec 2013asset acquisition disposition▲ GoodMajor
Completed its acquisition of Berry Petroleum through LinnCo in a stock-for-stock merger, with Berry shareholders receiving 1.68 LinnCo shares each (about 93.6 million shares). Berry became an indirect wholly owned Linn subsidiary, Berry Petroleum Company, LLC, and LinnCo ended up owning about 39% of Linn's units.
9 Dec 2013business combination● Neutral
Reached an agreement in principle to settle shareholder litigation challenging the pending Berry Petroleum merger, clearing a legal hurdle on the path to closing Linn's largest-ever transaction.
5 Nov 2013debt financing▲ Good
Drew a new $500 million secured term loan under an amended credit agreement to fund the Permian acquisition just announced.
19 Sept 2013material agreement▲ GoodMajor
Agreed to acquire Permian Basin properties for $525 million, to be funded by a committed term loan rather than a bond or equity offering.
4 Apr 2013material agreement● Neutral
Agreed to sell its Texas/Oklahoma Panhandle interests (held alongside Panther Energy and Red Willow) to Midstates Petroleum for about $220 million.
22 Mar 2013business combination● Neutral
Linn Energy filed a registration statement to swap $1.8 billion of 6.250% Senior Notes due 2019 that were sold without SEC registration for identical registered notes, guaranteed by its subsidiaries. This is a routine exchange offer; the visible text shows no new money.
4 Oct 2012material agreement● Neutral
Amended its credit facility to accommodate the newly formed LinnCo, LLC -- a special-purpose affiliate created to let a broader set of investors hold Linn's economics through a corporate structure, foreshadowing its later use as the acquisition vehicle for Berry Petroleum.
21 Sept 2012business combination● Neutral
Linn Energy amended its May 2012 registration statement for the exchange of $750 million of 6.500% Senior Notes due 2019, mainly updating the list of reports incorporated by reference. The visible text shows no change to the terms or amount.
2 Aug 2012asset acquisition disposition▲ GoodMajor
Closed the $1.025 billion Jonah Field acquisition from BP America.
27 June 2012material agreement▲ GoodMajor
Agreed to buy BP America's Jonah Field gas properties in Wyoming for $1.025 billion, a second billion-dollar BP transaction within months of the Hugoton deal.
15 May 2012material agreement▲ Good
Amended its credit facility to raise the borrowing base to $3.5 billion (subject to a $2 billion commitment cap) and extend maturity to 2017 -- capacity kept scaling with the deal flow.
8 May 2012business combination● Neutral
Linn Energy filed a registration statement to swap $750 million of 6.500% Senior Notes due 2019 that were sold without SEC registration for identical registered notes. The notes are guaranteed by its subsidiaries. This is a standard exchange offer; the visible text shows no new money or change to the debt amount.
5 Apr 2012asset acquisition disposition▲ GoodMajor
Closed the $1.2 billion BP Hugoton Basin acquisition.
13 Mar 2012material agreement▲ Good
Agreed to acquire East Texas oil and gas properties for $175 million, funded through the revolver -- a smaller bolt-on alongside the much larger Hugoton deal working through the pipeline.
2 Mar 2012debt financing▲ GoodMajor
Sold $1.8 billion of 6.25% senior notes due 2019 to fund the Hugoton acquisition, its largest single bond offering to date.
28 Feb 2012material agreement▲ GoodMajor
Agreed to buy BP America's Hugoton Basin properties in Kansas for $1.2 billion -- its largest deal since the 2007 Dominion acquisition -- backed by a $360 million deposit and a planned $1.5 billion notes offering.
17 Jan 2012material agreement▲ Good
Sold 17 million units at $35.95, its largest unit offering by share count yet, as the acquisition-and-financing cadence carried into 2012.
19 Dec 2011asset acquisition disposition▲ GoodMajor
Closed the Granite Wash acquisition from Plains Exploration & Production on December 15, 2011, for approximately $530 million, subject to post-closing adjustments. The price was below the $600 million originally announced.
9 Nov 2011material agreement▲ GoodMajor
Agreed to acquire Granite Wash properties in Texas and Oklahoma from Plains Exploration & Production for $600 million, to be funded with cash flow and revolver borrowings.
23 Aug 2011material agreement● Neutral
Set up a $500 million at-the-market equity distribution program with Citigroup, giving it an ongoing, flexible way to sell units over time rather than only through discrete offerings.
16 May 2011debt financing▲ GoodMajor
Sold $750 million of 6.50% senior notes due 2019 to fund the Panther/Red Willow acquisition -- a materially lower coupon than the 11.75% and 7.75% notes sold in 2009-10, reflecting improved credit access.
9 May 2011material agreement▲ GoodMajor
Agreed to buy a 40% interest in Panther Energy and Red Willow Mid-Continent's Texas/Oklahoma properties for $220 million, to be funded by a planned $750 million notes offering, and raised full-year guidance accordingly.
5 May 2011debt financing▲ GoodMajor
Replaced its credit facility with a Fifth Amended and Restated Credit Agreement carrying a $2.5 billion initial borrowing base and $1.5 billion maximum commitment, maturing 2016 -- the borrowing base had grown roughly tenfold since 2006.
22 Mar 2011material agreement● Neutral
Tendered for 62.5% of its 11.75% senior notes due 2017 and executed a supplemental indenture with consenting holders -- a routine liability-management exercise ahead of the notes' step-up provisions.
2 Mar 2011material agreement▲ Good
Sold 16 million units at $38.80, Linn's highest unit offering price to date, underscoring investor appetite for the growth-and-yield story through early 2011.
10 Dec 2010material agreement▲ Good
Sold 10 million units at $35.92 (upsized with a fully exercised overallotment option) -- unit price had climbed steadily through 2010 as the growth story continued.
