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Issuer Ranking: U.S. Oil And Gas Companies, Strongest To Weakest Apr 11
Standard & Poors, April 2011
Abstract
The benefits of higher oil prices will likely be most apparent at global integrated entities and oil-concentrated independent exploration and production (E&P) companies. Service providers that support oil drilling and production are also benefitting. In particular land-based drillers are benefitting as the boon in liquids rich shale plays offsets what we believe will ultimately be a meaningful decline in natural gas drilling. The natural gas rig count has largely exhibited inelastic behavior to declining natural prices, largely due to healthy hedges by E&P companies and required drilling to hold acreage rights. However, we believe that connection between low natural gas prices and natural gas rig count will ultimately re-establish itself as hedges roll off and companies no longer have to...
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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