Q&A: Global Oil And Gas Companies Face An Uncertain New Year Jan 10

Standard & Poors, January 2010

Abstract
In the following series of questions and answers, Standard & Poor's Managing Directors Emmanuel Dubois-Pelerin and Tom Watters talk about the outlook for the global oil and gas industry--including what's in store for natural gas prices, and the factors for credit quality in the sector. This article was written in conjunction with a series of Q&A sessions conducted for Standard & Poor's CreditMatters TV. Watch the related segment, "Global Oil And Gas Companies Face An Uncertain 2010," published January 25, 2010. The supply-and-demand balance is out of whack, despite the closure of five facilities in North America. Also, in the past year, the price differential between light and heavy crude remained very tight, since OPEC lowered production to boost oil...

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.

- Air Products and Chemicals Inc.
- BP PLC
- Forest Oil Corp.
- Global Marine Inc.
- Kerr-McGee Corp.
- Louisiana Land & Exploration Co.
- ExxonMobil Oil Corp.
- Noble Energy Inc.
- ConocoPhillips Co.
- Pogo Producing Co.
- Rowan Cos. Inc.
- Shell Oil Co.
- Chevron Corp.
- Standard Oil Co. Inc.
- Standard Oil Co.
- Sunoco Inc.
- Tesoro Corp.
- Union Oil Co. of California
- Valero Energy Corp.
- Frontier Oil Corp.
- Kerr-McGee Credit LLC
- Apache Corp.
- Unocal Corp.
- Southwestern Energy Co.
- Union Texas Petroleum Holdings Inc.
- Hunt Oil Co.
- Apache International Finance N.V.
- Ocean Energy Inc.
- USX Corp.
- BP Capital Markets PLC
- Anadarko Petroleum Corp.
- Tosco Corp.
- Mitchell Energy & Development Corp.
- Gulf Canada Resources Ltd.
- BP Canada Energy Co.
- Diamond Shamrock Inc.
- Burlington Resources Inc.
- Dekalb Energy Co.
- The Premcor Refining Group Inc.
- EOG Resources Inc.
- Royal Dutch Shell PLC
- ExxonMobil Oil Corp. Employee Stock Ownership Plan Trust
- Eni Lasmo PLC
- Shell Petroleum N.V.
- Exxon Asset Management Co.
- Encana Corp.
- Noble Corp.
- Woodside Petroleum Ltd.
- Arco British Ltd.
- Petroleos de Venezuela S.A.
- Caltex Australia Ltd.
- CITGO Petroleum Corp.
- Premcor USA Inc.
- Employers Reassurance Corp.
- Santos Ltd.
- Giant Industries Inc.
- XTO Energy Inc.
- Ecopetrol S.A.
- USX Capital LLC
- Harvest Natural Resources Inc.
- GS Caltex Corp.
- Chesapeake Energy Corp.
- Talisman Energy Inc.
- Petroleos Mexicanos
- Amoco Argentina Oil Co.
- Reliance Industries Ltd.
- BP Exploration and Oil Inc.
- Vintage Petroleum Inc.
- KCS Energy Inc.
- Pride International Inc.
- Diamond Offshore Drilling Inc.
- Union Pacific Resources Group Inc.
- Nabors Industries Inc.
- PTT Exploration and Production Public Co. Ltd.
- Nexen Inc.
- Mariner Energy Inc.
- Duke Energy Trading and Marketing, L.L.C.
- Parker Drilling Co.
- Swift Energy Co.
- Transocean Inc.
- Range Resources Corp.
- Coastal Natural Gas Co.
- TonenGeneral Sekiyu KK
- Showa Shell Sekiyu KK
- Mission Resources Corp.
- Wiser Oil Co. (The)
- Magnum Hunter Resources Inc.
- United Refining Co.
- Belden & Blake Corp.
- Grey Wolf Inc.
- Oil Investment (Barbados) Ltd.
- LUKoil OAO
- Pioneer Natural Resources Co.
- Tatneft OAO
- Ensco International Inc.
- Stone Energy Corp.
- Newfield Exploration Co.
- Gazprom OAO
- Denbury Resources Inc.
- Houston Exploration Co. (The)
- Eni SpA
- Ocean Rig Norway A.S.
- Comstock Resources Inc.
- Continental Resources Inc.
- Motiva Enterprises LLC
- Tecpetrol S.A.
- Exxon Project Investment Corp.
- Administracion Nacional de Combustibles Alcohol y Portland
- Total S.A.
- Pan American Energy LLC Sucursal Argentina
- Devon Energy Corp.
- ExxonMobil Corp.
- Indian Oil Corp. Ltd.
- Petroplus International N.V.
- Anderson Exploration Ltd.
- Societe Anonyme de Gestion de Stocks de Securite
- NEGT Energy Trading Holding LLC
- Canadian Natural Resources Ltd.
- CNOOC Ltd.
- Paramount Resources Ltd.
- Baytex Energy Corp.
- Precision Drilling Corp.
- Pure Resources Inc.
- Tri-Union Development Corp.
- Western Oil Sands Inc.
- Canadian Oil Sands Ltd.
- Westport Resources Corp.
- China National Offshore Oil Corp.
- Oil Company Rosneft OJSC
- Compton Petroleum Corp.
- Alon USA Energy Inc.
- GlobalSantaFe Corp.
- PT Medco Energi Internasional Tbk.
- BP America Production Co.
- Formosa Petrochemical Corp.
- Encore Acquisition Co.
- NuStar Energy L.P.
- Plains Exploration & Production Co.
- Gazprom Neft JSC
- Teikoku Oil Co. Ltd.
- El Paso Exploration & Production Co.
- Williams Production RMT Co.
- Hilcorp Energy I L.P.
- EPL Oil & Gas Inc.
- Western Refining Inc.
- Tom Brown Inc.
- TNK-BP Ltd.
- Nippon Mining Holdings Inc.
- EXCO Resources Inc.
- Evergreen Resources Inc.
- Vulcan Energy Corp.
- Parallel Petroleum Corp.
- Preem Petroleum AB
- Whiting Petroleum Corp.
- The Rompetrol Group N.V.
- Petrol Ofisi A.S.
- Harvest Energy Trust
- Venoco Inc.
- Aventine Renewable Energy Holdings Inc.
- Delta Petroleum Corp. (Unsolicited Ratings)
- PetroQuest Energy Inc.
- Coffeyville Resources LLC
- Thai Oil Public Co. Ltd.
- Hercules Offshore Inc.
- Cimarex Energy Co.
- PTT Aromatics and Refining Public Co. Ltd.
- GasTerra B.V.
- Clayton Williams Energy Inc.
- Petrohawk Energy Corp.
- Chaparral Energy Inc.
- Korea National Oil Corp.
- Calumet Specialty Products Partners L.P.
- VeraSun Energy Corp.
- Quicksilver Resources Inc.
- W&T Offshore Inc.
- Brigham Exploration Co.
- OPTI Canada Inc.
- Frontier Drilling ASA
- KazMunaiGas Exploration Production JSC
- Maxum Petroleum Operating Co.
- Berry Petroleum Co.
- INPEX Corp. (old)
- Big West Oil LLC
- SandRidge Energy Inc.
- SM Energy Co.
- Evergreen Tank Solutions Inc.
- Petroplus Holdings AG
- IRPC Public Co. Ltd.
- Dune Energy Inc. (Unsolicited Ratings)
- Energy XXI (Bermuda) Ltd.
- SK Innovation Co. Ltd.
- Hunt Refining Company
- Baseline Oil & Gas Corp.
- Melrose Resources PLC
- McMoRan Exploration Co.
- PDC Energy Inc.
- Gastar Exploration USA Inc.
- Atlas Energy Resources LLC
- Forbes Energy Services LLC
- Bill Barrett Corp.
- C.A.T. oil AG
- Abbot Group Ltd.
- KCA DEUTAG Alpha Ltd.
- Alon Refining Krotz Springs Inc.
- Linn Energy LLC
- HollyFrontier Corp.
- S-Oil Corp.
- Gary-Williams Energy Corp.
- EBN B.V.
- Norcen Energy Resources Ltd.
- JX Holdings Inc.
- Preem Holdings AB
- OAO NK Yukos

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