How The U.S. Midstream Energy Sector Uses Derivatives To Reduce Commodity Price Volatility Oct 11
Standard & Poors, October 2011
Abstract
The ability of a midstream energy company to manage its commodity risk effectively is a key factor when Standard & Poor's Ratings Services assigns a company's corporate credit rating. Our assessment of a company's financial policies, including the use of derivatives, is part of our review of a midstream company's business and financial risk profiles. In the midstream energy sector, companies use derivatives primarily to manage risks related to oil, natural gas, and natural gas liquids (NGLs) prices. Companies may employ varieties of financial instruments and hedging practices that could influence our view of their business and financial risk profiles and, ultimately, their credit rating. (Watch the related CreditMatters TV segment titled, "How U.S. Midstream Energy Companies Manage Commodity Price...
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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- BP Pipelines (Alaska) Inc.
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- MarkWest Energy Partners L.P.
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- Regency Insurance L.P.
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- MidCon LLC
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- DCP Midstream Partners L.P.
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- Navios Acquisition Finance (US) Inc.
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