|
|
 |
|
Viewing report
|
|
|
|
Summary: ATP Oil & Gas Corp. Jun 11
Standard & Poors, June 2011
Abstract
The ratings on Houston-based ATP reflect its participation in the cyclical and highly competitive oil and gas industry, execution risk related to developing production (particularly in the deepwater Gulf of Mexico), high capital spending requirements, lumpy production, aggressive leverage, and a less than adequate liquidity profile. A good production mix between natural gas and crude oil plus condensate partly tempers those weaknesses. Standard & Poor's categorizes ATP's business risk profile as vulnerable. ATP seeks to acquire and develop primarily proved undeveloped reserves from large independents and integrated companies. While minimizing exploratory risk, ATP places a high level of capital at risk with respect to development and execution. Using a hub strategy, ATP installs floating infrastructures such as the ATP Titan...
Companies mentioned in this report are: ATP Oil & Gas Corp.
Action: Review
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
|
|
|
|
