Relatively small and concentrated reserve and production base High proportion of proved reserves that are undeveloped Participation in the cyclical and capital-intensive oil and gas exploration and production industry More than 40% owned by a financial sponsor Credit measures that we forecast to remain in line with our expectations at the rating The outlook is stable. In our base case scenario, we forecast that credit measures will remain in line with our expectations at the current rating, including funds from operations (FFO) to debt of about 20% and debt to EBITDA below 4x. We expect that the 2015 equity issuance should allow the company to maintain appropriate credit measures, while preserving its "adequate" liquidity position as it continues to invest
