Summary: Mariner Energy Inc. May 06
- ID: 1871588
- May 2006
- Standard & Poors
The ratings on Mariner Energy Inc. reflect its aggressive growth and exploration strategy, high debt leverage, and short reserve life reflective of its small, concentrated reserve base focused in the Gulf of Mexico. The senior unsecured notes have been "notched" to reflect the priority debt of the credit facility, secured by a first lien on all oil and gas properties, which encumbers more than 15% of Mariner's assets under Standard & Poor's Ratings Services' default scenario. Mariner's business risk profile is considered vulnerable. Pro forma the acquisition of the Forest Oil Corp. assets, Mariner Energy is a small, independent exploration and production (E&P) company with pro forma proved reserves of 644 billion cubic feet equivalent (bcfe) as of Dec. 31,...
Companies mentioned in this report are:
- Mariner Energy Inc.
- Dominion Resources Inc.
- Sabine Oil & Gas Corp.
- Kerr-McGee Corp.
- Newfield Exploration Co.
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