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BULLETIN: Unocal to Write Down $86 Million on Some Gulf of Mexico Properties Jan 02
Standard & Poors, Jan 2002
Abstract
Standard & Poor's said today that Unocal Corp.'s (BBB+/Positive/A-2) anticipated $86 million noncash after-tax impairment charge on certain Gulf of Mexico oil and gas properties will not result in changes to the company's ratings or outlook. The writedown is largely related to lower year-over-year commodity prices. Although the impairment charge has no immediate cash impact, it nonetheless unfavorably affects equity levels and points to the economic erosion of certain reserves. Still, Standard & Poor's believes Unocal's very large and geographically diverse reserve base, relatively low production costs, attractive medium-term production profile, and relatively conservative financial policies largely offset the credit impacts of more normalized commodity prices....
Companies mentioned in this report are: Unocal 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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