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Comstock Resources Inc. Apr 05

  • ID: 1872186
  • April 2005
  • Standard & Poors

FEATURED COMPANIES

  • Chesapeake Energy Corp.
  • Comstock Resources Inc.
  • Denbury Resources Inc.
  • Sabine Oil & Gas Corp.
  • Stone Energy Corp.
  • MORE

Abstract
Oil and gas properties residing predominantly in mature low-risk basins; Increasing exposure to longer-lived onshore properties; and Moderate reserve life (14 years). High debt leverage; Creeping finding and development costs; and Lack of significant financial hedges exposes the company to commodity price volatility. The ratings on Comstock Resources Inc. reflect challenges the company faces as an independent oil and gas exploration and production company with a small, concentrated reserve base of 629 billion cubic feet equivalent (bcfe) at year-end 2004 (pro forma for the EnSight Acquisition of 749.1 bcfe; 80% natural gas; 62% proved developed; and 82% operated) and high debt leverage. These risks are partially offset by operations confined to mature, relatively low-risk basins and a moderate reserve life....

Companies mentioned in this report are:
- Comstock Resources Inc.
- Sabine Oil & Gas Corp.
- Chesapeake Energy Corp.
- Stone Energy Corp.
- Denbury Resources 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

Note: Product cover images may vary from those shown

- Comstock Resources Inc.
- Sabine Oil & Gas Corp.
- Chesapeake Energy Corp.
- Stone Energy Corp.
- Denbury Resources Inc.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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