Issuer Ranking: Canadian Oil And Gas Companies, Strongest To Weakest Apr 09
Standard & Poors, April 2009
Abstract
Conditions in the Canadian oil and gas sector have significantly deteriorated. Standard & Poor's Ratings Services expects them to remain weak through 2009 and possibly into 2010. We also expect that the companies' operations in this sector will be under financial and operating duress, particularly for those issuers exposed to conventional natural gas drilling activity, small leveraged oil sands producers, and low-rated exploration and production companies. In addition, some issuers have and will continue to bump up against covenants or face price deck redeterminations under their borrowing based revolving credit facilities, which could restrict liquidity. The following list ranks all the rated companies in this industry from strongest to weakest based on rating and outlook. Companies are grouped into three...
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.
- Canadian Natural Resources Ltd.
- Paramount Resources Ltd.
- Baytex Energy Corp.
- Canadian Oil Sands Ltd.
- Compton Petroleum Corp.
- North American Energy Partners Inc.
- Harvest Energy Trust
- MEG Energy Corp.
- OPTI Canada Inc.
- Niska Gas Storage Partners LLC
- Connacher Oil and Gas Ltd.
- Calfrac Well Services Ltd.
- Tervita Corp.
- Precision Drilling Trust
- Imperial Oil Ltd.
- Encana Corp.
- Talisman Energy Inc.
- Nexen Inc.
- Husky Energy Inc.
- Suncor Energy Inc.
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