Analysts spell out cold, hard reality for BP
Commodity prices and refining margins will need to rise before pressure on BP’s credit rating eases up, Moody’s warned yesterday.
Moody’s
Nigeria and Angola face oil price squeeze
Nigeria and Angola face particular pressures as a result of the oil price crash, a new report from Verisk Maplecroft has warned.
Sasol to reduce refinery runs during lockdown
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 sets out $6bn target
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’s credit rating outlook lowered by Moody’s on cash burn
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.
Fossil fuel investors can expect dividend payments of £57.7bn
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.
Oil unlikely to go above $70 through 2020, says Moody’s
Brent crude is unlikely to go above $70 a barrel through 2020, according to US credit rating agency and financial analyst Moody’s.
Moody’s says oil service debt ‘unsustainable’
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 to reap benefits of higher oil prices – Moody’s
Shell, BP and Total are among the majors set to reap the benefits of the higher oil price, according to Moody’s.
Oil majors recover strongly but keep purse strings tight, Moody’s says
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 downgrades Petrofac due to fraud investigation
Moody’s has downgraded Petrofac’s rating after an investigation into fraud at the oil service company was opened.
Centrica’s Lincs wind farm sale ‘credit positive’, Moody’s says
Centrica’s sale of its 50% interest in a wind farm off the coast of Lincolnshire was “credit positive”, according to Moody's.
Shell, Chevron and Total have debt ratings cut by Moody’s on price rout
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 escapes credit rating ‘junk’ status
Origin Energy has escaped having its credit rating changed to “junk” status by Moody’s.
Moody’s cuts Pemex rating
Moody's Investors has downgraded the credit rating of Mexican state oil company Pemex.
Houston’s $3 billion of debt cut by Moody’s after oil-price drop
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.
String of local governments face Moody’s downground
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.
Moody’s puts more than 100 energy companies’ credit ratings under review
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 predicts further upstream capital spending cuts in 2016
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.
Noble Group ends a turbulent year with cut to junk from Moody’s
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.
Petrobas spending plan already obsolete – new cuts likely
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.
Pemex investors face crude reality with threat of credit downgrade
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.