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2016-04-10 13:50:00

OIL MAJORS RATINGS DOWN

OIL MAJORS RATINGS DOWN

Three of the world's largest energy companies had their credit ratings lowered by Moody's Investors Service on the expectation that oil prices will stay low for longer and cause leverage concerns.

Chevron Corp. and Royal Dutch Shell Plc had their ratings reduced by one level, while Total SA's was cut two steps, according to statements by the New York-based rating company on Friday. Chevron will generate negative cash flow amid rising debt for at least the next two years, while Shell will have elevated leverage following its acquisition of BG Group Plc, Moody's said. Prices are expected to stay low through this year and next and continue to pressure Total's operating cash flows and credit metrics, Moody's said.

Oil companies big and small are having their credit ratings cut as the collapse in crude prices reduces cash flows and limits their ability to sustain debt payments. Prices in New York are down by more than 60 percent from a mid-2014 peak.

Chevron and Shell's ratings were lowered to Aa2, the third-highest grade, from Aa1. Total's rating was brought down to Aa3, from Aa1. BP Plc's rating was confirmed at A2, as its credit metrics and business profile compare favorably with its major oil peers and the July 2015 settlement over the Macondo spill reduced legal uncertainties and gave clarity on its business, Moody's said.

The actions conclude reviews started in January and February by Moody's, which expects that global oil prices will remain weak over the medium term. The world is "awash in oil" and high inventories and production are declining slowly, Moody's analysts led by Terry Marshall said in a March 30 report. If U.S. crude rises above $50 a barrel, investment by lower-cost, short-cycle producers will undercut the effort by Organization of Petroleum Exporting Countries to bring down the global glut, the analysts said.

boereport.com

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More: 

OIL RESERVES DOWN 

SHELL & NIGERIA CORRUPTION 

SHELL & BG COMBINING: $53 BLN 

TOTAL STARTS GAS PROJECT 

SHELL NEED $30 BLN 

CHEVRON NET LOSS $588 MLN 

CHEVRON WILL REDUCE $26.6 BLN 

CNOOC & SHELL INVESTMENT 

SHELL NET INCOME DOWN 87% 

TOTAL NET INCOME $6.7 BLN 

 

 

 

 

 

Tags: OIL, PRICES, CHEVRON, SHELL, TOTAL
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OIL MAJORS RATINGS DOWN September, 20, 09:00:00

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RENEWABLE'S FUTURE

OIL MAJORS RATINGS DOWN September, 20, 08:40:00

TOTAL BUYS RENEWABLE

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Chronicle:

OIL MAJORS RATINGS DOWN
September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

OIL MAJORS RATINGS DOWN
September, 20, 08:30:00

U.S. DEFICIT UP TO $123.1 BLN

The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

OIL MAJORS RATINGS DOWN
September, 18, 12:35:00

OIL PRICE: ABOVE $55

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

OIL MAJORS RATINGS DOWN
September, 18, 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

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