LINN Energy – Day Four Breakout Notes

Mark Ellis, Chairman, Chief Executive Officer and President, and Kolja Rockov, Executive Vice President and Chief Financial Officer of LINN Energy (LINE) presented today at EnerCom’s The Oil & Gas Conference® 17. LINN Energy is an independent natural gas exploration and production company. The company develops and acquires various oil and gas properties in the United States. Headquartered in Houston, Texas, the company’s core focus areas are the Mid-Continent, Permian Basin, Hugoton Basin, Rockies, Michigan, and California.

During the company’s breakout session, management was asked the following questions:

• What prevents companies such as Anadarko from starting their own MLPs?
• What’s your total employee headcount, roughly?
• How many of your employees hold stock in LINN?
• Is there an institutional, or other, barrier that would keep you from looking at Canadian assets? Isn’t the same asset there often a little cheaper?
• Do the tax laws on MLPs apply to international assets as well?
• Have you said anything about development of the Mississippian acreage in Oklahoma?
• Could you talk about when the law of large numbers kicks in for LINN? When will growing at the rate you are become more difficult?
• What about the notion of buying entire companies versus buying properties?
• Could you explain what drives buying and selling units of stock?
• Have you ever run the numbers on all the stock buys you’ve done versus the average appreciation of the shares?
• Given that you’re trying to buy mature assets, what accounts for some of the assets that you don’t win?
• You’re in Texas and not in the Eagle Ford, why is that?
• Given the relatively low cost of debt, what is your view of the proper debt/equity balance?
• With regards to NGLs, is it not efficient to hedge those?
• For California, what are your plans and expectations going forward?

Click here for LINN Energy’s webcast.

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