Research Update: Whiting Petroleum Upgraded To 'BB-', Off Watch Pos Jul 06
- ID: 2046182
- July 2006
- Standard & Poors
On July 6, 2006, Standard & Poor's Rating Services raised its corporate credit rating on independent oil and gas exploration and production (E&P) company Whiting Petroleum Corp. to 'BB-' from 'B+'. The rating was removed from CreditWatch with positive implications. The outlook is stable. Denver, Colo.-based Whiting had $894 million of debt as of March 31, 2006. Following the recent change of Standard & Poor's base case oil pricing assumptions in May 2006, Whiting's corporate credit rating was placed on CreditWatch with positive implications. Upon examination of the company's projected cash flows and credit measures under these pricing assumptions, as well as an assessment of the company's reserve base, drilling prospects, and financial leverage, we determined Whiting's risk profile to...
Companies mentioned in this report are: Whiting Petroleum Corp.
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Product Type: Research Update
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