LINN Energy has signed an agreement to sell its interest in assets situated in the Williston Basin, US, to an undisclosed company for $285m.

The properties up for sale include around 20,000 net acres in North Dakota, South Dakota and Montana.

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Together, the assets had second-quarter net production of around 8,000boed and proved developed reserves of about 20mmboe, as well as proved developed present value discounted at 10% per year (PV-10) of approximately $186m.

The company has assigned budget capital of around $7m for these properties for the fourth quarter of this year.

Earlier this month, the firm signed an agreement in connection with the sale of its interest in properties covering 163,000 net acres located in Wyoming, US, for $200m.

“This latest sale of non-core assets is another step forward in the ongoing transformation of LINN.”

At the same time, LINN also increased its share repurchase programme by $200m to take the total to around $400m.

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While announcing the sale of the Wyoming-based properties earlier this month, LINN Energy board chairman Evan Lederman said: “This latest sale of non-core assets is another step forward in the ongoing transformation of LINN, from a highly levered production-based master limited partnership (MLP) to a low cost, streamlined growth-oriented enterprise.

“In addition, the board believes that the incremental liquidity provided by this sale and others is best utilised to continue to repurchase shares at what we believe is still a significant discount to fair market value.”

Scheduled to close in the fourth quarter of this year, the latest transaction is conditional on the satisfaction of title and environmental due diligence.

The transaction is consistent with the company’s strategy of divesting non-core assets.

So far, the company has announced sale agreements worth more than $1.3bn.