Linn Energy

Linn Energy, Inc.

Industry	Petroleum industry
Founded	2003 (2003)
Founder	Michael C. Linn
Defunct	Template:End date and age
Headquarters	Houston
Products	Petroleum Natural gas
Production output	102 thousand barrels of oil equivalent (620,000 GJ) per day (2017)
Revenue	$0.826 billion (2017)
Net income	$0.435 billion (2017)
Total assets	$2.881 billion (2017)
Total equity	$2.351 billion (2017)
Website	www.linnenergy.com

Linn Energy, Inc. operated as a hydrocarbon exploration firm based in Houston. In 2018, the company was divided into two entities: Roan Resources and Riviera Resources.

By the end of 2017, Linn Energy reported proved reserves totaling 1.968 trillion cubic feet equivalent, composed of approximately 8% petroleum, 70% natural gas, and 22% natural gas liquids. The firm's primary holdings were situated in Western Oklahoma, with supplementary operations utilizing directional drilling techniques throughout the Mid-Continent oil province, Rocky Mountains, North Louisiana, and East Texas regions.

History

Established in 2003 by businessman Michael C. Linn, Linn Energy went public in 2006 via an initial public offering that generated more than $200 million in capital.

In 2007, the company enhanced its asset portfolio by acquiring oil and gas properties from Hogshead Spouter and Dominion Energy located in Oklahoma for $2.05 billion.

The founder, Michael C. Linn, stepped down from leadership in 2011.

From 2012 to 2014, Linn Energy engaged in significant expansion through acquisitions: purchasing BP’s interests in the Hugoton Natural Gas Area for $1.2 billion (2012), acquiring BP’s Jonah Field assets valued near $1 billion (2012), completing a $4.3 billion stock transaction to acquire Berry Petroleum Company (2013), obtaining Permian Basin assets for $525 million (2013), and securing Devon Energy properties for $2.3 billion (2014). The company also bought Hugoton assets from Pioneer Natural Resources for $340 million and sold non-producing acreage in the Anadarko Basin for $90 million.

Encountering financial difficulties, Linn Energy defaulted on a debt obligation in March 2016 and subsequently filed for Chapter 11 bankruptcy protection on May 11, 2016.

After restructuring its finances in February 2017—which involved spinning off Berry Petroleum and divesting assets to Hogshead Spouter—the company concentrated on refining its asset base.

In 2017, Linn Energy sold several major holdings: its interest in the Salt Creek Field to Denbury Resources for $71.5 million, Jonah Field assets for $581.5 million, and Wyoming properties for $200 million. That year also saw the establishment of Roan Resources through a joint venture with Citizen Energy.

The company's strategic direction culminated in its dissolution as an independent firm in 2018 when it split into Roan Resources and Riviera Resources.