Oil giant BP’s quest to transition away from fossil fuels and become a net-zero emitter by 2050 has left it caught in a “conundrum”, analysts said yesterday.
Commodity prices and refining margins will need to rise before pressure on BP’s credit rating eases up, Moody’s warned yesterday.
Nigeria and Angola face particular pressures as a result of the oil price crash, a new report from Verisk Maplecroft has warned.
Sasol has set out plans to reduce throughput at some of its plants, as South Africa goes into lockdown, while ratings agencies have become more cautious on the company’s outlook.
Sasol “will prevail”, the company’s CEO Fleetwood Grobler said on a conference call intended to reassure investors and employees. The plan should stabilise the company, protect the balance sheet and preserve stakeholders’ interests.
Exxon Mobil Corp. had the outlook on its top-notch debt rating lowered by Moody’s Investors Service Inc. to negative due to a “substantial” cash burn to fund growth.
Continued stability in the global oil and gas industry is expected to deliver a record £57.7 billion in dividend payments for investors next year.
Brent crude is unlikely to go above $70 a barrel through 2020, according to US credit rating agency and financial analyst Moody’s.
Debt levels at oil field services companies have reached "unsustainable" levels, the debt rating agency Moody's Investors Service said in a new report.
Shell, BP and Total are among the majors set to reap the benefits of the higher oil price, according to Moody’s.
Oil and gas majors have pulled off a strong recovery in the 12 months to June 30, and further improvements will follow in the second half of 2017, a Moody’s oil analyst said.
Moody’s has downgraded Petrofac’s rating after an investigation into fraud at the oil service company was opened.
Centrica’s sale of its 50% interest in a wind farm off the coast of Lincolnshire was “credit positive”, according to Moody's.
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.
Origin Energy has escaped having its credit rating changed to “junk” status by Moody’s.
Moody's Investors has downgraded the credit rating of Mexican state oil company Pemex.
Houston’s $3 billion of general-obligation debt was cut one level by Moody’s Investors Service, which cited weakening economic performance due to lower oil prices, the city’s pensions obligations and restrictions on raising taxes.
A string of local governments in West Texas face a Moody’s downground as low sub-$50 oil leaves the region in a vulnerable tax position.
More than 100 energy companies have had their credit ratings put on review for possible downgrade by Moody’s Investor Service. Shell, Total and Statoil are included in the move as oil prices are expected to recover more slowly than companies expect.
Moody’s said as commodity prices continue to slide, the global oil and gas industry will reduce capital spending and work towards leaner budgets this year. The investor’s service said lower commodity prices have led to deterioration in cash flows and liquidity, which has strained the already limited financial flexibility of oil and gas companies.
Asia’s top commodity trader exits 2015 in very different shape to how it began the year. Noble Group Ltd. has lost almost two-thirds of its value, with its stock trading near the lowest since 2008, after a year of attacks on its finances by critics including the anonymous Iceberg Research and short-seller Muddy Waters LLC. The latest blow, amid a rout in raw materials, is the cut in its credit rating to junk by Moody’s Investors Service on concerns over its liquidity.
Brazil's state-run oil company Petrobras, which slashed its five-year spending plan by 40% in June, will likely cut back further as growing debt costs, falling oil prices and a weak currency have already made the plan obsolete, two company sources have revealed.
More than a year after Mexico rewrote laws to give oil giant Petroleos Mexicanos the financial independence needed to compete with global peers like ExxonMobil, things aren’t looking good for the state-owned driller. With crude near a six-year low, output dropping and Moody’s Investors Service warning that it’s considering a cut to Pemex’s credit rating, investors are demanding a widening premium to own the company’s bonds instead of government notes. The extra yield they demand to hold the dollar debt from Pemex is at a six-month high of 1.1 percentage points.