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Alta Mesa Holdings L.P. Dec 11
Standard & Poors, Dec 2011
Abstract
Competitive cost structure; Modest geographic diversity; and Solid track record of reserve replacement. High levels of capital spending; Aggressive growth of asset base complemented with periodic acquisitions; Participation in the highly cyclical exploration and production segment of the oil and gas industry. The ratings on Houston-based oil and gas exploration and production company Alta Mesa Holdings L.P. (Alta Mesa) reflect the company's relatively small asset base and production levels, significant exposure to natural gas (about three-quarters of production), and aggressive growth strategy. Factors that mitigate these risks are the company's favorable cost structure, modest geographic diversity, and an adequate liquidity position. We view Alta Mesa's business profile as 'weak' (as our criteria define the term). The company's proved reserve base...
Companies mentioned in this report are: Alta Mesa Holdings L.P.,Alta Mesa Finance Services Corp.
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
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