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Industry Report Card: European Oil & Gas Companies: There Are Tough Times Ahead For European Refiners Jun 09
Standard & Poors, June 2009
Abstract
In Standard & Poor's Ratings Services' opinion, European refining activities are now exposed to what we think will be a prolonged refining downturn. Strength in diesel and gasoline cracks has switched around compared with 2008, and European players risk suffering the most in 2009. Visibility for oil service companies is also low as pricing pressures have increased and demand remains uncertain. Upstream-focused oil and gas companies are showing resilience, though, as evidenced by reasonable first-quarter results. They are also benefitting from the faster-than-expected recovery in oil prices. In addition, we see some early signs of stabilization in emerging market oil. As can be seen in chart 2, the more challenging operating environment has resulted in an increased number of negative...
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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