LINN Energy, LLC (LINE: Quote) posted second quarter net income of $237.09 million versus $237.11 million last year. Net income per basic unit was $1.19, down from $1.34 last year.
Adjusted net income was $0.31 per basic unit versus $0.47 per basic unit a year earlier. On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share. Analysts' estimates typically exclude special items.
LINN increased production 76 percent to an average of 630 MMcfe/d from 358 MMcfe/d in the prior-year quarter. This increase in production is attributed to positive results from the company's drilling program and continued success of its acquisition program.
Moving ahead, LINN expects the mid-point of full-year 2012 adjusted EBITDA to be approximately $1.35 billion and anticipates a distribution coverage ratio of approximately 1.10x for the second half of the year. While the revised 2012 financial forecast was negatively impacted by declines in NGL prices, both recent acquisitions and the shift to oil in the company's Granite Wash drilling program are expected to mitigate the risk of lower NGL prices.
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by RTT Staff Writer
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