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Bargain Hunting: How M&A Affects North American Oil And Gas Companies? Credit Quality Nov 11
Standard & Poors, Nov 2011
Abstract
The recent pace of mergers and acquisitions (M&A) in North America's oil and gas industry has moved with changes in hydrocarbon prices. As crude oil and natural gas prices fell in 2009, some companies were forced to divest upstream assets with high full cycle costs, as prospective profitability weakened in line with the falling commodity prices. Some companies' need to sell assets at troughs in the hydrocarbon price cycle often create buying opportunities among industry peers; therefore, these assets found willing buyers among North American peers and international companies seeking to establish or expand their Canadian and U.S. operations. The North American oil and gas industry recorded US$96.1 billion in M&A in 2009 and US$86.4 billion in 2010. While M&A...
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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