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Issuer Ranking: U.S. Oil And Gas Companies, Strongest To Weakest Jul 11
Standard & Poors, July 2011
Abstract
Global GDP growth, supply discipline, and unrest in the Middle East and North Africa continue to support high oil prices. This has prompted many of the independent exploration and production (E&P) producers to focus their drilling programs on oil or natural gas liquids to increase their netbacks and cash flow. By contrast, natural gas prices remain relatively low and, in Standard & Poor's Ratings Services' opinion, could stay weak at least through the rest of 2011 because of high inventories and sustained high levels of drilling rigs. For the most part, the natural gas rig count has remained high despite declining prices. This is due to efficiencies in drilling techniques, which improved productivity, strong hedge books, joint venture-required drilling, and...
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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