S&P Cuts Ratings of 10 U.S. Oil Companies
02 Février 2016 - 11:00PM
Dow Jones News
Standard & Poor's Ratings Services on Tuesday cut the
ratings of 10 U.S. oil and gas exploration and production
companies, citing the sharp drop in crude oil prices.
Chevron Corp., the second-largest U.S. energy company by
revenue, was among the companies that had their credit ratings cut.
Its corporate credit rating was cut one notch to
double-A-negative.
On Friday, Chevron said it would lay off workers and slash more
than $9 billion in capital spending this year after reporting it
had swung to a fourth-quarter loss.
Meanwhile, larger rival Exxon Mobil Corp.'s triple-A corporate
rating was placed on watch for a possible downgrade
Other companies that saw their ratings cut by one notch are:
Apache Corp., Continental Resources Inc., Devon Energy Corp., EOG
Resources Inc., Hess Corp., Hunt Oil Co., Marathon Oil Corp.,
Murphy Oil Corp. and Southwestern Energy Co.
Among the companies that had their outlooks revised to negative,
indicating a possible downgrade, are: Anadarko Petroleum Corp.,
National Fuel Gas Co. and Noble Energy Inc.
Oil futures settled on Tuesday below $30 a barrel again, as
expectations of production cuts dissipated.
The American Petroleum Institute, an industry body, is set to
release its weekly U.S. inventory forecast on Tuesday; official
figures from the Energy Department are to be released on
Wednesday.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
February 02, 2016 16:45 ET (21:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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