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Issuer Ranking: U.S. Oil And Gas Companies, Strongest To Weakest Oct 10
Standard & Poors, Oct 2010
Abstract
Oil prices continue to remain high supported by global GDP growth, the declining U.S. dollar, and supply discipline, particularly from OPEC, which has prompted many independent exploration and production (E&P) producers to focus their drilling programs on oil or natural gas liquid reserve plays to garner higher netbacks and cash flow. Conversely, natural gas prices continue to remain low and, in Standard & Poor's Ratings Services' opinion, could decline further given excess inventory and a sustained high level of drilling rigs. Improved productivity due to more efficient drilling techniques, strong hedge books, and drilling to hold leases have combined to sustain production and increase the rig count. Given this backdrop, the high level of drilling activity has benefited most of...
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.
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