LINN Energy Updates Q3 Guidance, FY12 Outlook; Provides Updated Well Data
LINN Energy, LLC ( LINE ) issued an after-hours update on its Q3 guidance and financial outlook for the full year 2012. Shares are unmoved in late trade after clipping a new year high of $41.46 in the regular session.
LINE said it anticipates the mid-point of its Q3 adjusted EBITDA to be approximately $380 million and total production during the quarter to be between 760 MMcfe/d and 780 MMcfe/d.
For the full-year 2012, LINN estimates the mid-point of adjusted EBITDA to be approximately $1.365 billion. Furthermore, LINE is updating its 2012 total production guidance to be between 660 MMcfe/d and 685 MMcfe/d.
The company also issued an update on well results associated with its Hogshooter drilling program in the Granite Wash. During the quarter, LINE drilled an additional nine operated horizontal Hogshooter wells with an average initial production rate of 1,983 Bbls/d of oil, 534 Bbls/d of NGLs and 3.4 MMcf/d of natural gas per well. To-date, the company has drilled and completed 12 Hogshooter wells with an average initial production rate of 2,110 Bbls/d of oil, 528 Bbls/d of NGLs and 3.4 MMcf/d of natural gas per well.
Shares have increased 13% in the last 12 months.
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