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Linn Energy's Q2 EBITDAX sinks 90% on year to $11M

LINN Energy Inc. reported Aug. 8 that adjusted net income before interest expense, income taxes, depletion, depreciation amortization and exploration expenses for the second quarter plunged 90% on the year to $11 million.

The company said the figures exclude adjusted EBITDAX from discontinued operations of approximately $12 million for the second quarter of 2017 and include a severance expense of $14 million for the second quarter of this year.

During the second quarter, Linn's net income totaled $7 million, down from $220 million in the same period of 2017.

The company said production averaged 312 MMcfe/d for the second quarter despite a production shut-in in the Hugoton field caused by a third-party pipeline problem.

Linn Energy has completed its spinoff of Riviera Resources Inc., separating its midstream and certain upstream units.

Riviera's focus is on developing growth-oriented assets and operating mature low-decline assets, which include Linn's legacy properties in the Hugoton Basin, East Texas, North Louisiana, Michigan/Illinois, the Uinta Basin and Mid-Continent regions. Riviera also will serve as the parent of Blue Mountain Midstream LLC, which operates in the core of the Merge play in the Anadarko Basin.