LINN Energy and LinnCo Announce Monthly Distribution and Dividend Policies
HOUSTON, April 25, 2013 (GLOBE NEWSWIRE) -- LINN Energy, LLC (Nasdaq:LINE) and LinnCo, LLC (Nasdaq:LNCO) announced today that both Boards of Directors have approved a change in their distribution and dividend policies from payment quarterly to payment monthly beginning in the second quarter of 2013. The payments of monthly distributions and dividends are expected to commence in July 2013.
Subject to declaration by the Boards of Directors, the table below illustrates the expected monthly payment schedule for the remainder of 2013, including the distribution increase management intends to recommend in the quarter immediately following the closing of the Berry merger, which is expected to occur on or before July 1, 2013.
|LINN Energy, LLC (NASDAQ: LINE) and LinnCo, LLC (NASDAQ: LNCO)|
|Month||Record Date||LINE / LNCO|
|April 2013||July 10, 2013||July 15 / 16, 2013||$0.2416||$2.90|
|May 2013||August 12, 2013||August 14 / 15, 2013||$0.2416||$2.90|
|June 2013||September 10, 2013||September 13 / 16, 2013||$0.2416||$2.90|
|July 2013||October 10, 2013||October 14 / 15, 2013||$0.2566||$3.08|
|August 2013||November 11, 2013||November 14 / 15, 2013||$0.2566||$3.08|
|September 2013||December 10, 2013||December 13 / 16, 2013||$0.2566||$3.08|
|October 2013||January 10, 2014||January 14 / 15, 2014||$0.2566||$3.08|
|November 2013||February 10, 2014||February 14 / 18, 2014||$0.2566||$3.08|
|December 2013||March 10, 2014||March 14 / 17, 2014||$0.2566||$3.08|
ABOUT LINN ENERGY
LINN Energy's mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets. LINN Energy is a top-15 U.S. independent oil and natural gas development company, with approximately 4.8 Tcfe of proved reserves in producing U.S. basins as of December 31, 2012. More information about LINN Energy is available at www.linnenergy.com.
LinnCo was created to enhance LINN Energy's ability to raise additional equity capital to execute on its acquisition and growth strategy. LinnCo is a Delaware limited liability company that has elected to be taxed as a corporation for United States federal income tax purposes, and accordingly its shareholders will receive a Form 1099 in respect of any dividends paid by LinnCo. More information about LinnCo is available at www.linnco.com.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
This press release includes "forward-looking statements." All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include, but are not limited to forward-looking statements about acquisitions, timing and payment of distributions, and the expectations of plans, strategies, objectives and anticipated financial and operating results of the company, including the company's drilling program, production, hedging activities, capital expenditure levels and other guidance included in this press release. These statements are based on certain assumptions made by the company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to the company's financial performance and results, availability of sufficient cash flow to pay distributions and execute its business plan, prices and demand for oil, natural gas and natural gas liquids, the ability to replace reserves and efficiently develop current reserves and other important factors that could cause actual results to differ materially from those projected as described in the company's reports filed with the Securities and Exchange Commission. See "Risk Factors" in the company's Annual Report filed on Form 10-K and other public filings and press releases.
Any forward-looking statement speaks only as of the date on which such statement is made and the company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
CONTACT: LINN Energy, LLC and LinnCo, LLC Investors & Media: Clay Jeansonne, Vice President, Investor and Public Relations 281-840-4193 Brook Wootton, Director, Investor and Public Relations 281-840-4099