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Ratings Roundup: Global Oil And Gas Sector Ratings Continue To Slide With Falling Demand Aug 09

Description:

Abstract
Given the global recession and scarce liquidity, it's no surprise that oil and gas companies are struggling and that the sector's credit quality has been slipping. Indeed, through the first half of 2009, downgrades of oil and gas companies that Standard & Poor's Ratings Services rates outpaced upgrades by a ratio of nearly 8 to 1. And nearly one-third of the companies in the sector have a negative outlook (see chart 1). Key reasons for a surge in negative ratings actions include: Depressed natural gas prices, Reduced demand for oilfield services, Tighter credit markets and more difficult terms for lower speculative-grade credits, and Difficult global economic conditions On one hand, investment-grade companies (those rated 'BBB-' or higher) continue to avoid...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

Companies Mentioned

- Air Products and Chemicals Inc.
- Forest Oil Corp.
- Global Marine Inc.
- Kerr-McGee Corp.
- Louisiana Land & Exploration Co.
- Newpark Resources Inc.
- Noble Energy Inc.
- Pogo Producing Co.
- Rowan Cos. Inc.
- Shell Oil Co.
- Standard Oil Co.
- Sunoco Inc.
- Tesoro Corp.
- Union Oil Co. of California
- Frontier Oil Corp.
- Kerr-McGee Credit LLC
- Petroleo Brasileiro S.A. - Petrobras
- Apache Corp.
- Unocal Corp.
- Southwestern Energy Co.
- Union Texas Petroleum Holdings Inc.
- Hunt Oil Co.
- Apache International Finance N.V.
- Ocean Energy Inc.
- Anadarko Petroleum Corp.
- Tosco Corp.
- Diamond Shamrock Inc.
- EOG Resources Inc.
- ExxonMobil Oil Corp. Employee Stock Ownership Plan Trust
- Eni Lasmo PLC
- Shell Petroleum N.V.
- Encana Corp.
- Noble Corp.
- Woodside Petroleum Ltd.
- Arco British Ltd.
- Petroleos de Venezuela S.A.
- Caltex Australia Ltd.
- CITGO Petroleum Corp.
- Premcor USA Inc.
- Santos Ltd.
- XTO Energy Inc.
- Harvest Natural Resources Inc.
- GS Caltex Corp.
- Chesapeake Energy Corp.
- Talisman Energy Inc.
- Petroleos Mexicanos
- Reliance Industries Ltd.
- KCS Energy Inc.
- Diamond Offshore Drilling Inc.
- Union Pacific Resources Group Inc.
- Nabors Industries Inc.
- Duke Energy Trading and Marketing, L.L.C.
- Parker Drilling Co.
- Range Resources Corp.
- Coastal Natural Gas Co.
- Showa Shell Sekiyu KK
- Mission Resources Corp.
- Wiser Oil Co. (The)
- United Refining Co.
- Belden & Blake Corp.
- Pioneer Natural Resources Co.
- Tatneft OAO
- Ensco International Inc.
- Newfield Exploration Co.
- Gazprom OAO
- Denbury Resources Inc.
- Houston Exploration Co. (The)
- Ocean Rig Norway A.S.
- Comstock Resources Inc.
- Motiva Enterprises LLC
- Centrica PLC
- Exxon Project Investment Corp.
- Pan American Energy LLC Sucursal Argentina
- Devon Energy Corp.
- Indian Oil Corp. Ltd.
- Petroplus International N.V.
- NEGT Energy Trading Holding LLC
- Canadian Natural Resources Ltd.
- CNOOC Ltd.
- Preem Holdings AB
- Precision Drilling Corp.
- Tri-Union Development Corp.
- Western Oil Sands Inc.
- Canadian Oil Sands Ltd.
- China National Offshore Oil Corp.
- Compton Petroleum Corp.
- Alon USA Energy Inc.
- GlobalSantaFe Corp.
- NuStar Energy L.P.
- Plains Exploration & Production Co.
- Bord Gais Eireann
- OAO NK Yukos
- MOL Hungarian Oil and Gas PLC
- El Paso Exploration & Production Co.
- Hilcorp Energy I L.P.
- Tom Brown Inc.
- TNK-BP Ltd.
- Evergreen Resources Inc.
- Vulcan Energy Corp.
- Parallel Petroleum Corp.
- Preem Petroleum AB
- Whiting Petroleum Corp.
- Seitel Inc.
- The Rompetrol Group N.V.
- Petrol Ofisi A.S.
- PTT Public Co. Ltd.
- Harvest Energy Trust
- Aventine Renewable Energy Holdings Inc.
- Delta Petroleum Corp. (Unsolicited Ratings)
- PetroQuest Energy Inc.
- Thai Oil Public Co. Ltd.
- Hercules Offshore Inc.
- Cimarex Energy Co.
- The National Gas Co. of Trinidad & Tobago Ltd.
- GasTerra B.V.
- Petrohawk Energy Corp.
- Chaparral Energy Inc.
- Korea National Oil Corp.
- VeraSun Energy Corp.
- Allis-Chalmers Energy Inc. (Unsolicited Ratings)
- Brigham Exploration Co.
- OPTI Canada Inc.
- Frontier Drilling ASA
- KazMunaiGas Exploration Production JSC
- Maxum Petroleum Operating Co.
- Berry Petroleum Co.
- SandRidge Energy Inc.
- Evergreen Tank Solutions Inc.
- Petroplus Holdings AG
- IRPC Public Co. Ltd.
- Energy XXI (Bermuda) Ltd.
- SK Innovation Co. Ltd.
- Hunt Refining Company
- Baseline Oil & Gas Corp.
- Gastar Exploration USA Inc.
- Atlas Energy Resources LLC
- Forbes Energy Services LLC
- Bill Barrett Corp.
- C.A.T. oil AG
- KCA DEUTAG Alpha Ltd.
- Express Energy Services Operating, LP
- Linn Energy LLC
- S-Oil Corp.
- ExxonMobil Oil Corp.
- Standard Oil Co. Inc.
- Valero Energy Corp.
- USX Corp.
- USX Capital LLC
- BP Capital Markets PLC
- Mitchell Energy & Development Corp.
- Gulf Canada Resources Ltd.
- BP Canada Energy Co.
- Burlington Resources Inc.
- Dekalb Energy Co.
- The Premcor Refining Group Inc.
- EBN B.V.
- Exxon Asset Management Co.
- Employers Reassurance Corp.
- Giant Industries Inc.
- Ecopetrol S.A.
- Metrogas S.A.
- Empresa Nacional del Petroleo
- Amoco Argentina Oil Co.
- BP Exploration and Oil Inc.
- Vintage Petroleum Inc.
- Pride International Inc.
- Norcen Energy Resources Ltd.
- PTT Exploration and Production Public Co. Ltd.
- Nexen Inc.
- Mariner Energy Inc.
- Swift Energy Co.
- Transocean Inc.
- TonenGeneral Sekiyu KK
- Grey Wolf Inc.
- Oil Investment (Barbados) Ltd.
- Stone Energy Corp.
- Continental Resources Inc.
- Tecpetrol S.A.
- JX Holdings Inc.
- Administracion Nacional de Combustibles Alcohol y Portland
- Anderson Exploration Ltd.
- Societe Anonyme de Gestion de Stocks de Securite
- Paramount Resources Ltd.
- Baytex Energy Corp.
- Pure Resources Inc.
- Westport Resources Corp.
- PT Medco Energi Internasional Tbk.
- BP America Production Co.
- Formosa Petrochemical Corp.
- Encore Acquisition Co.
- Teikoku Oil Co. Ltd.
- Williams Production RMT Co.
- EPL Oil & Gas Inc.
- Western Refining Inc.
- Nippon Mining Holdings Inc.
- EXCO Resources Inc.
- Venoco Inc.
- Coffeyville Resources LLC
- PTT Aromatics and Refining Public Co. Ltd.
- Clayton Williams Energy Inc.
- Calumet Specialty Products Partners L.P.
- Quicksilver Resources Inc.
- W&T Offshore Inc.
- INPEX Corp. (old)
- Big West Oil LLC
- Stallion Oilfield Services Ltd.
- SM Energy Co.
- Dune Energy Inc. (Unsolicited Ratings)
- Melrose Resources PLC
- McMoRan Exploration Co.
- PDC Energy Inc.
- Abbot Group Ltd.
- Alon Refining Krotz Springs Inc.
- HollyFrontier Corp.
- Gary-Williams Energy Corp.
- Magnum Hunter Resources Inc.

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