Texas-based Linn Energy, LLC (LINE) Thursday reported a net loss for the second quarter, compared with a profit last year.
For the 3-month period, net loss stood at around $208 million, or $0.64 per unit, compared with a profit of about $345 million, or $1.47 per unit a year earlier.
On average, fourteen analysts polled by Thomson-Reuters estimated the company's earnings to be $0.42 for the quarter. Analysts' estimates typically exclude one-time items.
The latest quarterly results included non-cash losses related to changes in fair value of unsettled commodity derivatives of approximately $393 million or $1.20 per unit.
The company said oil, natural gas and NGL sales jumped 98 percent to approximately $968 million compared with $488 million in the same period last year.
Second-quarter production surged by 45 percent to 1,131 MMcfe/d from 780 MMcfe/d f in the same period last year.
For the full year, LINN is increasing its production guidance to 1,217 to 1,268 MMcfe/d from the previous range of 1,075 to 1,135 MMcfe/d.
The company expects third-quarter production to be between 1,210 to 1,260 MMcfe/d.
LINN's Board has authorized the repurchase of up to $250 million LINN units and LinnCo's Board has authorized the repurchase of up to $250 million LinnCo shares, the company said.
The company also said its board has authorized the issuance and sale of up to $500 million units from time to time under the previously authorized ATM program
by RTT Staff Writer
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