LINN Energy cuts 2015 budget in half

Courtesy of LINN

Courtesy of LINN

Houston-based LINN Energy, LLC (Nasdaq: LINE) released its 2015 capital expenditure budget which includes a 53 percent decrease from the year prior.

In 2014, LINN’s capital expenditure for oil and gas was $1.55 billion compared to $730 million for 2015. Dividends to shareholders were also reduced from $2.90 to $1.25 per share on an annualized basis. The company cited lower crude prices as the cause for its revised budget.

Although crude oil is trading at a five-year low, with WTI opening today at $52.61 a barrel, LINN still plans to invest in major projects for 2015.

In December LINN closed a deal selling its Granite Wash and Cleveland plays for $1.95 billion to privately held affiliates of Houston-based EnerVest, Ltd. and FourPoint Energy, LLC. Read more…

LINN is a top-15 U.S. independent oil and natural gas company and focuses on the development and acquisition of long-life properties within the U.S.

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