Reuters logo
Linn Energy profit misses Street on falling natgas liquid prices
July 26, 2012 / 11:14 AM / in 5 years

Linn Energy profit misses Street on falling natgas liquid prices

* Q2 EPS $0.31 vs est$0.43

* Q2 production up 76 pct

July 26 (Reuters) - Oil and gas company Linn Energy reported a lower-than-expected quarterly profit on weak natural gas liquids (NGL)prices.

Linn said weak NGL prices would hurt its 2012 earnings, but recent acquisitions and a shift to oil drilling are expected to mitigate the weak prices.

Linn spent $1.4 billion on acquisitions in the second quarter. The company bought natural gas acreage in southwest Wyoming from BP America Production Co for $1.03 billion.

Quarterly production rose 76 percent to 630 million cubic feet per day. (mmcfe/d)

The company earned $237 million, or $1.19 per share, lower than $237.1 million, or $1.34 cents per share, a year earlier.

Excluding items, the company earned 31 cents per share.

Analysts had expected earnings of 42 cents a share, according to Thomson Reuters I/B/E/S.

Linn units closed at $39.50 on Wednesday on the Nasdaq.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below