Strong cash flow; Disciplined hedging program protects cash flow; Proven history of low finding and development costs and production enhancements; and A management team with extensive engineering expertise. Volatile, fiercely competitive, cyclical, and capital-intensive industry; Highly leveraged capital structure; Aggressive growth strategy; and Execution risk related to operating in geologically complex areas. The ratings on Hilcorp Energy I LP reflect a weak business profile and aggressive financial leverage. Hilcorp is a small, privately held, petroleum limited partnership (LP) engaged in the acquisition, development, and production of crude oil and natural gas from onshore Texas and South Louisiana properties. While limited by the company's size and participation in the volatile oil and gas industry, Hilcorp's business profile quality reflects a history
