Linn Energy Reports Loss For Q2; Raises Annual Production Outlook

(RTTNews) - Texas-based Linn Energy, LLC (LINE) Thursday reported a net loss for the second quarter, compared with profit last year, amid a sharp fall in revenues.

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.

Total quarterly revenues and other were $597 million, compared with $839 million in the same period last year. Analysts expected $954.79 million.

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 authrized the issuance and sale of up to $500 million units from time to time under the previously authorized ATM program