|
|
 |
|
Viewing report
|
|
|
|
Belden & Blake Corp. Aug 05
Standard & Poors, Aug 2005
Abstract
A focus on developing low-risk reserves with historical success rates of roughly 98% and long-producing lives; and A long-term hedging program of up to 50% or more of current proved reserves should provide a buffer against a drop in natural gas prices and help provide adequate cash flows. A very high all-in cost structure of roughly $3.80 per thousand cubic feet equivalent limits cash flow and could lead liquidity constraints as well as further reserve impairments, if natural gas prices return to historical averages; High debt leverage that will limit profitability and cash flows; and Poor reserve replacement, which could lead to the need for costly acquisitions. The ratings on oil and gas company Belden & Blake Corp. (Belden) are...
Companies mentioned in this report are: Belden & Blake Corp.,Talisman Energy Inc.,Delta Petroleum Corp.,PetroQuest Energy Inc.,Clayton Williams Energy Inc.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
|
|
|
|
