Shares of LINN Energy (LINE) gained on Wednesday after putting 2015 spending on hold, making it TheStreet’s Move of the Day. After oil prices have fallen more than half of its market value in one month, LINN Energy decided to delay a 2015 budget, and reduce debt as investors worry about payouts. Other major producers have also put spending on hold. In early 2013, LINN Energy spent about $5 billion dollars. Now, it plans to use its proceeds from assets sold in Texas and Oklahoma to cut its debt by about 16%. The energy sector rallied Wednesday afternoon, following the Fed’s pledge to be ‘patient’ in raising interest rates.
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