- Standard & Poor's downgrades the junk ratings of 25 oil and gas companies on expectations of deteriorating credit quality due to low commodities prices and reduced production.
- The ratings firm, which also affirmed the ratings of an additional 20 speculative-grade E&P companies, says the ratings actions follow a revision of its price assumptions for crude oil and natural gas.
- Among companies receiving downgrades: AREX, BBG, BCEI, BBEP, CWEI, DNR, EPE, EVEP-OLD, GST, KOS, LGCY, MEMP, NOG, OAS, REN, SM, SGY, TPLM, UNT, WTI, WLL
- Last week, S&P cut the ratings of 10 U.S. oil and gas E&P companies, including investment-grade Chevron, and placed Exxon's AAA corporate rating on watch for a possible downgrade.
S&P downgrades junk ratings on 25 oil and gas producers
This was corrected on 07/04/2022 at 11:38 AM. The original post incorrectly included AR, CRZO, CXO, FANG, EGN, GPOR, KOS, MTDR, MRD, PDCE, QEP, RRC, RICE, RSPP and SN as companies receiving downgrades from S&P. These companies were discussed in the S&P report, and the outlook for a future downgrade was revised for some of them, but they were not downgraded. Seeking Alpha regrets the error.