Summary: Mariner Energy Inc. May 06
Standard & Poors, May 2006
Abstract
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.,Forest Oil Corp.,Kerr-McGee Corp.,Newfield Exploration Co.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Mariner Energy Inc.,Dominion Resources Inc.,Forest Oil Corp.,Kerr-McGee Corp.,Newfield Exploration Co.
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