WTI crude oil prices were falling 4.7% to $60.84 Wednesday, and Brent crude oil prices were falling 4.2% to $64.04 a barrel.
Sanchez Energy said that it had liquidity of $1.18 billion consisting or $530 million in cash and $650 million of undrawn, approved revolving credit with a current commitment elected by the company of $300 million as of Dec. 7.
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The company recorded current production rates of about 45,000 barrels of oil equivalent a day.
Sanchez Energy's "net debt to pro forma LTM EBITDA was 1.8x which is significantly lower than its most restrictive covenant of 4.0x net debt to LTM EBITDA under its revolving credit facility which is currently not drawn upon," according to the company.
TheStreet Ratings team rates SANCHEZ ENERGY CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SANCHEZ ENERGY CORP (SN) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself and generally high debt management risk."