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BULLETIN: Forest Oil Increases Future Production Estimates Jun 01
Standard & Poors, June 2001
Abstract
Corporate credit rating: BB/Positive/-- Standard & Poor's said today that Forest Oil Corp.'s announcement that it has increased its expectations for recoverable reserves to up to 50 million barrels from the Redoubt Shoal field in Alaska will not immediately affect the ratings or outlook on company. Forest plans to spend up to $175 million to develop the field, with first oil production expected at the end of 2002. Production from Alaska and Canada will become increasingly important as Forest battles precipitous production declines in the Gulf of Mexico. Further significant exploration success at a reasonable cost over the intermediate term would likely offset concerns regarding Forest's short reserve life and could result in an improved rating....
Companies mentioned in this report are: Forest Oil Corp.
Action: S&P Event
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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