History
Executive Chairman Michael C. Linn founded LINN Energy in 2003. Since then, the Company has grown from a handful of natural gas wells with a few employees into a top-20 publicly traded, multi-billion dollar E&P company with more than 700 employees in more than two dozen offices across the United States. Headquartered in Houston, Texas, the Company's core areas of operation are the Mid-Continent, Permian Basin, California and Michigan.
LINN raised approximately $261 million through its initial public offering (IPO) in January 2006 and had an initial equity market capitalization of approximately $584 million. By year-end 2008, the Company had raised approximately $2.4 billion of additional equity to help finance more than $3 billion of completed acquisitions. We had also increased total proved reserves from 190 Bcfe to 1.7 Tcfe – an 800 percent increase.
In 2009, LINN announced more than a quarter billion dollars of asset acquisitions, delivered a return to investors of more than 100 percent and paid our 15th consecutive quarterly distribution. At year-end 2009, the Company's enterprise value was approximately $5 billion.
LINN has more than 2.4 Tcfe of proved reserves in producing U.S. basins as of year-end 2009 (pro forma for closed and pending acquisitions in 2010), and the Company's enterprise value at the end of the third quarter 2010 was more than $7 billion.
LINN units, representing limited liability company interests, are listed on The NASDAQ Global Select Market under the symbol "LINE."
