Oil and gas MLP LINN Energy (OTC:LINEQ) announced yesterday its monthly distribution of $0.2416 per unit, the same rate it's paid for the past two months after switching to a monthly payout scheme. The distribution is payable Sept. 13 to unitholders of record at the close of business on Sept. 10.
The board of directors also announced that LinnCo (UNKNOWN:LNCO.DL) declared a monthly dividend of $0.2416 per share payable on Sept. 16 to holders of record on Sept. 10. LinnCo has no operations or assets and was created for the sole purpose of owning shares of LINN Energy so that it can receive distributions from the MLP and convert them into regular dividends.
The distribution and dividend payments both equate to a $2.90-per-unit and share annual payout, respectively, yielding 12% for LINN Energy unitholders based on the closing price on Aug. 30, and yielding 10.5% for LinnCo shareholders.
Editor's note: A chart that included Linn Energy's quarterly and monthly payouts has been removed from this article.