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Amerada Hess Corp. Dec 04
Standard & Poors, Dec 2004
Abstract
Integration dampens the volatility inherent in the company's operating segments; Large-scale oil and gas developments are expected to start producing in the 2005 through 2007 timeframe, which should reverse recent production declines; and Increased coking capacity at Hovensa LLC considerably improves refining economics. Stark production declines due to asset sales, operational underperformance, and portfolio runoff; Very short reserve life; No demonstrated ability to find and develop reserves internally at competitive cost levels; and High full-cycle cost structure. The low investment-grade ratings on Amerada Hess Corp. (Hess) reflect its geographically diverse oil and natural gas business, a sizable crude oil-refining joint venture, and a retail marketing business in the eastern U.S. Partly offsetting these strengths are the volatile, capital-intensive nature of...
Companies mentioned in this report are: Hess Corp.,Shell Oil Co.,Petroleos de Venezuela S.A.,Petroleos Mexicanos (PEMEX),Triton Energy Ltd.,Hovensa LLC,ExxonMobil 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.
Research Type: Full Analysis
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