Linn Energy, Inc. was a hydrocarbon exploration company based in Houston. In 2018, the company split into Roan Resources and Riviera Resources.
| Industry | Petroleum industry |
|---|---|
| Founded | 2003 |
| Founder | Michael C. Linn |
| Defunct | 2018 |
| 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) |
| $0.435 billion (2017) | |
| Total assets |  $2.881 billion (2017) |
| Total equity | $2.351 billion (2017) |
| Website | www |
| Footnotes / references [1] | |
As of December 31, 2017, the company had 1.968 trillion cubic feet equivalent of estimated proved reserves, of which 8% were petroleum, 70% were natural gas, and 22% were natural gas liquids.[1]
The company's core assets were in Western Oklahoma. The company also pursued directional drilling in the Mid-Continent oil province, Rocky Mountains, North Louisiana and East Texas.[1]
History
The company was founded in 2003 by Michael C. Linn.[2]
In 2006, the company became a public company via an initial public offering that raised over $200 million.[3]
In 2007, the company doubled its holdings by acquiring many of the oil and gas assets of Hogshead Spouter and Dominion Energy, mainly in Oklahoma, for $2.05 billion.[4]
In 2011, the founder of the company, Michael C. Linn, retired.[2]
In March 2012, the company acquired the holdings of BP in the Hugoton Natural Gas Area, the large gas-producing region from southwestern Kansas into the Texas Panhandle for $1.2 billion. The purchase included 2,400 active wells on 600,000 acres and a gas processing plant.[5]
In June 2012, the company acquired 12,500 acres in the Jonah Field in southwest Wyoming from BP for approximately $1 billion.[6]
In February 2013, the company acquired Berry Petroleum Company in a stock deal valued at $4.3 billion.[7]
In September 2013, the company acquired assets in the Permian Basin for $525 million.[8]
In June 2014, the company acquired assets from Devon Energy for $2.3 billion.[9]
In August 2014, the company acquired assets in the Hugoton Natural Gas Area from Pioneer Natural Resources for $340 million. The company also sold its interests in non-producing acreage in the Anadarko Basin for $90 million.[10]
In March 2016, the company missed a debt payment and announced that a bankruptcy filing was likely.[11]
On May 11, 2016, the company filed for bankruptcy under Chapter 11.[12]
In February 2017, the company completed a financial restructuring, which included the corporate spin-off of Berry Petroleum Company and the sale of assets to Hogshead Spouter Company.[13]
In May 2017, the company sold its interest in properties in the Salt Creek Field in Wyoming to Denbury Resources for $71.5 million.[14]
In June 2017, the company sold its properties in the Jonah Field for $581.5 million.[15]
In September 2017, the company formed Roan Resources, a joint venture with Citizen Energy.[16]
In October 2017, the company sold properties in Wyoming for $200 million.[17]
In 2018, the company split into Roan Resources and Riviera Resources.[18]