LinnCo (NASDAQ: LNCO) is a limited liability company (LLC) created to enhance LINN Energy’s (NASDAQ: LINE) ability to raise additional equity capital to execute on its acquisition and growth strategy. LinnCo’s initial sole purpose was to own units representing limited liability company interests (“units”) in its affiliate, LINN Energy, LLC. In connection with the acquisition of Berry Petroleum Company, now Berry Petroleum Company, LLC (“Berry”), LinnCo amended its limited liability company agreement to permit, among other things, the acquisition and subsequent transfer of assets to LINN Energy for consideration received. As of December 31, 2014, LinnCo had no significant assets or operations other than those related to its interest in LINN Energy.
LINN Energy’s mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets. LINN Energy is a top-20 U.S. independent oil and natural gas company. The Company focuses on the development and acquisition of long-life properties that complement its asset profile in producing basins within the U.S. LINN Energy began operations in March 2003 and completed its initial public offering (IPO) in January 2006.
LINN Energy had approximately 7.3 Tcfe of proved reserves as of December 31, 2014 and has approximately 1,800 employees spread across the United States. Headquartered in Houston, Texas, the Company’s core focus areas are the Rockies, the Hugoton Basin, California, east Texas and north Louisiana (“TexLa”), the Mid-Continent, the Permian Basin, Michigan/Illinois and South Texas.