Linn Energy posts 3Q loss on commodity hedging
HOUSTON (AP) — Linn Energy LLC posted a $430 million loss for the third quarter on Thursday because of losses from commodity derivatives intended to reduce fluctuations in cash flow.
The company said that without the hedging losses, it would have earned $89.8 million, or 45 cents per share.
Analysts, who usually exclude one-time items, expected 26 cents per share, according to FactSet. A year ago, adjusted profit excluding items was $78.6 million.
Revenue was $460 million, up from $295 million a year ago. Analysts expected $550 million.
The third-quarter loss equaled $2.18 per share. Net income in last year's third quarter was $837.6 million, or $4.72 per share, as the company reported $824 million in hedging gains.
Linn shares rose 46 cents to $41.46 in morning trading.