Linn Energy OK’d for trading on over-the-counter market

A Linn Energy relief driller loads drill rods onto a rig in Indiana, Pennsylvania in the Appalachian Basin. (AP file photo/Andrew Rush)

Linn Energy, the largest company to file for bankruptcy during the oil bust, has been approved to trade shares on an over-the-counter market that requires stocks to trade above a penny, the company said Monday.

Shares of the once high-flying oil company began trading on Monday on the OTCQB, operated by the Over-The-Counter Markets Group. Linn now trades under the symbol “LNGG.”

Linn emerged from bankruptcy in February after clearing away $5 billion in debt, parting ways with Berry Petroleum, the Denver-based oil company it had bought for $4.3 billion.

Related: Linn Energy emerges from bankruptcy as two private companies

All told, the company lost $2.2 billion in 2016 and $4.8 billion the year after oil prices collapsed. This year, it plans to turn its focus to its 185,000 net acres in western Oklahoma’s Scoop and Stack plays.

 

 

 

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