Tear Sheet: Moss Creek Resources Holdings Inc.

This report does not constitute a rating action. The company?s daily production averaged about 62,000 barrels of oil equivalent (boe) per day in 2024, representing a 2% year-over-year increase. Despite this, the company?s scale remains smaller than those of its similar and higher-rated peers. Moss Creek exited 2024 with 258 million boe of proved reserves, with 67% classified as developed. We expect it will continue to maintain a three-rig drilling program in 2025, with total capital spending of about $515 million, similar to 2024 levels, resulting in fairly flat production. However, with no long-term drilling contracts in place, management highlighted its flexibility to adjust activity levels in response to a lower price environment. Given its relatively large cash balance and

...May 22, 2025 This report does not constitute a rating action. Oil and gas exploration and production (E&P) company Moss Creek Resources Holdings Inc. posted modest production growth in 2024. The company's daily production averaged about 62,000 barrels of oil equivalent (boe) per day in 2024, representing a 2% year-over-year increase. Despite this, the company's scale remains smaller than those of its similar and higher- rated peers. Moss Creek exited 2024 with 258 million boe of proved reserves, with 67% classified as developed. We expect it will continue to maintain a three-rig drilling program in 2025, with total capital spending of about $515 million, similar to 2024 levels, resulting in fairly flat production. However, with no long-term drilling contracts in place, management highlighted its flexibility to adjust activity levels in response to a lower price environment. Given its relatively large cash balance and solid free cash flow generation, we expect Moss Creek to explore potential...

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