LINN Energy (LINE) Posts Q2 Loss of $1.12/Unit; Recommends Suspension of Distribution
LINN Energy (NASDAQ: LINE) reported Q2 EPS of ($1.12), which may not compare with the analyst estimate of ($0.03).
LINN's Q2 loss includes non-cash losses related to changes in fair value of unsettled commodity derivatives of approximately $455 million, or $1.33 per unit.
"After careful consideration, management has decided to recommend to the Board of Directors that it suspend payment of LINN's distribution and LinnCo's dividend at the end of the third quarter 2015 and reserve approximately $450 million in cash from annualized distributions. The Board and management believe this suspension to be in the best long-term interest of all Company stakeholders," said Mark E. Ellis, Chairman, President and Chief Executive Officer.
For earnings history and earnings-related data on LINN Energy (LINE) click here.