Houston-based Linn Energy, LLC (Nasdaq:LINE) announced today that it is updating its third quarter 2012 guidance and financial outlook for the full year 2012. In addition, the company is providing updated well results associated with its Hogshooter drilling program in the Granite Wash.
Linn anticipates the mid-point of its third quarter 2012 adjusted EBITDA to be approximately $380 million and total production during the quarter to be between 760 MMcfe/d and 780 MMcfe/d. Linn expects its third quarter distribution coverage ratio to be approximately 1.25x.
For the full-year 2012, Linn estimates the mid-point of adjusted EBITDA to be approximately $1.365 million and anticipates a distribution coverage ratio over 1.10x. Furthermore, Linn is updating its 2012 total production guidance to be between 660 MMcfe/d and 685 MMcfe/d.
During the third quarter, LINN drilled an additional nine operated horizontal Hogshooter wells with an average initial production rate of 1,983 Bbls/d of oil, 534 Bbls/d of NGLs and 3.4 MMcf/d of natural gas per well. To date, the company has drilled and completed 12 Hogshooter wells with an average initial production rate of 2,110 Bbls/d of oil, 528 Bbls/d of NGLs and 3.4 MMcf/d of natural gas per well.
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