Supplemental Presentation Forward-Looking Statements and Risk - PowerPoint PPT Presentation

Second Quarter 2018 Supplemental Presentation

Forward-Looking Statements and Risk Factors Statements made in this presentation that are not historical facts are “forward -looking statements. ” These statements are based on certain assumptions and expectations made by LINN Energy, Inc. (“LINN” or “the Company”) which reflect management’s experience, estimates and perception of historical trends, current conditions, and anticipated future developments. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. These include risks relating to financial and operational performance and results of the Company and Roan Resources LLC, uncertainties relating to the Company's and Riviera Resources, Inc.'s ability to realize the anticipated benefits of the spin-off (as described herein), the potential negative effects of the spin-off, continued low or further declining commodity prices and demand for oil, natural gas and natural gas liquids, ability to hedge future production, ability to replace reserves and efficiently develop current reserves, the capacity and utilization of midstream facilities and the regulatory environment. These and other important factors could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Please read “Risk Factors” in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other public filings. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information or future events. Reserve Estimates The SEC permits oil and natural gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC’s definitions for such terms. The Company may use terms in this presentation that the SEC’s guidelines strictly prohibit in SEC filings, such as “estimated ultimate recovery” or “EUR,” “resources,” “net resources,” “total resource potential” and similar terms to estimate oil and natural gas that may ultimately be recovered. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves as used in SEC filings and, accordingly, are subject to substantially greater uncertainty of being actually realized. These estimates have not been fully risked by management. Actual quantities that may be ultimately recovered will likely differ substantially from these estimates. Factors affecting ultimate recovery include the scope of the Company’s actual drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, lease expirations, transportation constraints, regulatory approvals, field spacing rules, actual drilling results and recoveries of oil and natural gas in place, and other factors. These estimates may change significantly as the development of properties provides additional data.

Non-GAAP Measures Adjusted EBITDA(X) The non-GAAP financial measure of adjusted EBITDA(X), as defined by the Company, may not be comparable to similarly titled measures used by other companies. Therefore, this non-GAAP measure should be considered in conjunction with net income (loss) and other performance measures prepared in accordance with GAAP. Adjusted EBITDA(X) should not be considered in isolation or as a substitute for GAAP. Adjusted EBITDA(X) is a measure used by Company management to evaluate the Company's operational performance and for comparisons to the Company's industry peers. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company's financial results. PV-10 PV-10 represents the present value, discounted at 10% per year, of estimated future net cash flows. The Company’s calculation of PV-10 herein differs from the standardized measure of discounted future net cash flows determined in accordance with the rules and regulations of the SEC in that it is calculated before income taxes and including the impact of helium, rather than after income taxes and not including the impact of helium, using the average price during the 12- month period, determined as an unweighted average of the first-day-of-the-month price for each month. The Company’s calculation of PV-10 should not be considered as an alternative to the standardized measure of discounted future net cash flows determined in accordance with the rules and regulations of the SEC.

Recent Highlights  Executed on strategic plan to separate into two public companies, LINN, which owns a 50% equity interest in Roan Resources (“Roan”) and Riviera Resources (“Riviera”), as of August 7, 2018  Strong balance sheet with no debt and a second quarter ending cash balance of approximately $301 million  Returned more than $660 million of capital to LINN shareholders through share repurchases  Blue Mountain Midstream (“Blue Mountain”) successfully commissioned Chisholm Trail III cryogenic gas plant at the end of the second quarter 2018  Riviera management team to host conference call on Thursday, August 23, 2018 at 10 a.m. (Central) 3

Separation Overview Separated Into Two Public Companies August 7 th • LNGG shareholders on record date received 1 share of RVRA for each share of LNGG • Working closely with Roan Holdings, LLC on definitive documentation to consolidate 100% of Roan’s equity interest under LNGG • Roan preparing to uplist to NASDAQ or NYSE in 2018 under the ticker “ROAN” Distribution of 1 share of RVRA for each share of LNGG Post Spin-Off Transaction LINN LINN shareholders shareholders Distribution of Riviera Resources stock LNGG RVRA Share Share Roan LINN Energy, Inc. Holdings, Roan Riviera LLC LINN Energy, Inc. Holdings, Resources, Inc. LLC Riviera 50% equity 50% equity Riviera Upstream interest Resources, Inc. interest Assets 50% equity 50% equity interest interest Riviera Upstream Blue Mountain Assets Roan Midstream LLC Resources, Roan Blue Mountain LLC Resources, Midstream LLC LLC 4

Riviera Upstream Assets Q2 2018 Overview Growth 312 MMcfe/d Mid-Continent  Net Production of ~49 MMcfe/d Second Quarter 2018  NW STACK Average Net Production • Core acreage position heavily concentrated in Blaine, Major and Garfield counties, with significant offset activity throughout play  Arkoma • ~37,000 net acres, 100% HBP with large inventory of remaining horizontal locations East Texas  Net Production of ~51 MMcfe/d  ~ 110,000 net acres HBP Michigan / IL  Bossier and Cotton Valley development potential  Two successful horizontal wells drilled in 2017 Uinta North Louisiana  Net Production of ~27 MMcfe/d  ~ 100,000 net acres HBP Hugoton  Significant offset activity in region. Four operated horizontal wells drilled in 2016/2017 with excellent results Long life, low decline Arkoma NW STACK Hugoton  Net Production of ~136 MMcfe/d  Base decline of ~ 6% NLA  More than 3,400 infill drilling locations  Jayhawk Plant derives significant value from helium recovery and third party processing ETX Michigan / Illinois  Net Production of ~27 MMcfe/d  Base decline of ~4% Uinta  Net Production of ~22 MMcfe/d  Base decline of ~ 11%  Non-Operated position 5

Blue Mountain Q2 2018 Key Statistics • Chisholm Trail System • Completed a major processing capacity addition at the end of the second quarter 2018 with the successful start up of the Chisholm Trail III cryogenic gas plant • Located in the core of the prolific Merge/SCOOP/STACK plays, the plant is a state of the art cryogenic processing facility with an initial design capacity of 150 MMcf/d and total designed processing capacity of 250 MMcf/d • Supported by dedicated acreage position of more than 80,000 net acres under long-term contracts Roan AMI Z • Interconnections into Southern Star Central, Enable Gas Transmission Heritage LINN Dedicated Acreage and ONEOK Gas Transportation pipelines • Unfavorable Mt. Belvieu versus Conway spread during the second quarter Other 3 rd Party Dedication Area resulted in a lower operating margin than midpoint of guidance 6