Industry Report Card: High Oil Prices Should Sustain Upstream EMEA Oil And Gas Companies In 2012, But Capex Continues To Rise Feb 12
Standard & Poors, February 2012
Abstract
The high price of oil continues to make headlines in 2012, and oil and gas operators are increasing capital investments. Standard & Poor's base-case credit scenario for this year assumes that prices will remain elevated despite a slight decline. This should support the operating cash flow of upstream (that is, exploration and production) oil and gas companies based in Europe, the Middle East, and Africa (EMEA), even if free cash flow remains modest due to increased capital spending. However, we believe high prices and low operating margins will continue to squeeze refiners in the downstream segment that buy and process crude oil. Even after a series of price corrections and rebounds, dated Brent crude averaged about $111 per barrel (bbl)...
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Research Type: Commentary
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- BP PLC
- Statoil ASA
- Royal Dutch Shell PLC
- Repsol S.A.
- Stena AB
- Petroleum Geo-Services ASA
- LUKoil OAO
- Gazprom OAO
- Eni SpA
- Total S.A.
- BG Energy Holdings Ltd.
- Compagnie Generale de Geophysique - Veritas
- Sasol Ltd.
- Oil Company Rosneft OJSC
- TNK-BP International Ltd.
- OAO AK Transneft
- Gazprom Neft JSC
- AREVA
- MOL Hungarian Oil and Gas PLC
- OJSC AK Transnefteproduct
- OAO NOVATEK
- Urenco Ltd.
- Alliance Oil Co. Ltd.
- MB Holding Co. LLC
- KazMunayGas NC JSC
- Petroplus Holdings AG
- C.A.T. oil AG
- KCA DEUTAG Alpha Ltd.
- Expro Holdings U.K. 3 Ltd.
- Songa Offshore SE
- Zhaikmunai L.P.
- Ocean Rig UDW Inc.
- Afren PLC
- State Oil Company of Azerbaijan Republic
- MB Petroleum Service LLC
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