From IV MLP board:

Linn Energy, LLC (LINE)
Showing Resilience; Acquisitions Likely in Medium Term – BUY

Lower Than Expected Q3 Result — LINE reported Q309 adjusted EBITDA of
$138.1 million, which compares to our estimate of $143.2 million. The
variance between our estimates and the Q3 result can be attributed mainly
to higher than anticipated transportation expenses partially offset by lower
than forecasted operating, selling, general & administrative expenses and
higher than expected average realized prices.

Weak Natural Gas Prices Lead to Shut ins/Deferred Completions — We note
that roughly 5 MMcfe/day of production was shut in and 10 MMcfe/day of
well completions were deferred during the quarter due to weak natural gas
prices. Management has indicated that prices above $5.00/MMBtu should
lead to the resumption of production.

Proactive in '09, Needs to Shore Up '12 — In the past several months Linn
Energy has 1) successfully tapped the capital markets, 2) re-entered the
acquisition market, 3) significantly reduced indebtedness, 4) neutralized the
risks related to its leverage profile, and 5) enhanced the sustainability of the
distribution through 2011. In our view, over the next several months, LINE
management will seek to add hedges in 2012 and beyond in order to provide
further visibility to the distribution to unit holders.

Acquisitions Likely in the Near to Medium Term — Given ~$570 million in
credit availability (i.e. pro forma for Oct. equity offering) and a demonstrated
ability to raise equity at reasonable terms we believe the company will be
active in the acquisition market. Re-iterate Buy/High Risk Rating.