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Summary: Cimarex Energy Co. Dec 11
Standard & Poors, Dec 2011
Abstract
The ratings on Denver-based Cimarex Energy Co. reflect the company's 'fair' business profile (as our criteria define the term) as a midsize exploration and production (E&P) company in the volatile and capital-intensive oil and natural gas industry, its moderate reserve life, and good operating performance. The rating also reflects the company's intermediate financial risk profile, given Cimarex's consistently strong financial measures (which mitigate its lack of scale relative to larger peers), its moderate financial leverage, and strong liquidity. Compared with other rated E&P companies, Cimarex has a midsize proved reserve base of 1.9 trillion cubic feet equivalent (about 63% natural gas; 77% developed) as of Dec. 31, 2010. Cimarex's reserves offer modest diversification, with core areas in the Mid-Continent region...
Companies mentioned in this report are: Cimarex Energy 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.
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