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Industry Report Card: European Oil & Gas Companies: Ratings Stable, Prices Rising, Refining Margins Past Their Peak Sep 07
Standard & Poors, Sep 2007
Abstract
Editor's note: This report card covers oil and gas companies in Europe only. Russian oil and gas companies will be covered in a separate report. There have been relatively few rating actions in the European oil and gas sector so far this year. Rating upside for highly rated investment grade companies has frequently been constrained by our assessment of their respective business risk profiles even though most have seen increased financial flexibility. Future rating movements are likely to be selective, but could depend on increased asset base diversity as a result of reinvesting currently strong cash flow. They will also depend on our long-term assumptions about pricing and refining margins. The structural upward shift in oil and gas prices is...
Companies mentioned in this report are: BP PLC,Statoil ASA,Royal Dutch Shell PLC,Repsol-YPF S.A.,Technip,Eni SpA,Total S.A.,BG Energy Holdings Ltd.,Compagnie Generale de Geophysique - Veritas,Sasol Ltd.,MOL Hungarian Oil and Gas PLC,Rompetrol Group N.V. (The),Petrol Ofisi A.S.,Petrol AD,Petroplus Holdings AG
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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