Crimson Exploration (Nasdaq: CXPO),eine Chevron im Frühstadium ?
The fundamentals
Crimson Exploration engages in exploration and production on oil and gas properties located in Texas, Mississippi, and southwest Louisiana. The company recently made a significant upward revision of its proven reserves -- 71% over its 2009 estimates. The present worth of its net reserves, discounted at 10%, stands at $239.1 million. That's an attractive number for a company with a market cap of just $180 million, and it implies that the stock might be undervalued at today's prices.
While year-over-year revenues decreased by 14.2% in 2010, the gross profit margin stood at 78% -- better than the 75.9% averaged over the past five years. The long-term debt-to-equity ratio fell to 94% in 2010 from 105% in 2009. Although not a huge drop, the trend augurs well for the company, which has progressively managed to reduce its long-term debt from $277 million in 2008 to $172 million at the end of 2010.
The company isn't profitable, yet investors shouldn't take that as a bad sign. With estimated reserves significantly revised, the future looks promising. The company also produces cash, with its unlevered free cash flow figures rising this past year to $15.2 million
MFG
Chali
The fundamentals
Crimson Exploration engages in exploration and production on oil and gas properties located in Texas, Mississippi, and southwest Louisiana. The company recently made a significant upward revision of its proven reserves -- 71% over its 2009 estimates. The present worth of its net reserves, discounted at 10%, stands at $239.1 million. That's an attractive number for a company with a market cap of just $180 million, and it implies that the stock might be undervalued at today's prices.
While year-over-year revenues decreased by 14.2% in 2010, the gross profit margin stood at 78% -- better than the 75.9% averaged over the past five years. The long-term debt-to-equity ratio fell to 94% in 2010 from 105% in 2009. Although not a huge drop, the trend augurs well for the company, which has progressively managed to reduce its long-term debt from $277 million in 2008 to $172 million at the end of 2010.
The company isn't profitable, yet investors shouldn't take that as a bad sign. With estimated reserves significantly revised, the future looks promising. The company also produces cash, with its unlevered free cash flow figures rising this past year to $15.2 million
MFG
Chali
