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Moody’s downgrades another eight oil companies

Feb. 12, 2016 2:37 PM ETChord Energy Corporation (CHRD) StockEGN, CHRD, RRC, NFX, UNT, SM, CXO, WPX, FANG, ARBy: Carl Surran, SA News Editor10 Comments
  • Whiting Petroleum (WLL -8.9%) may have received the toughest treatment from Moody's, but the ratings agency downgrades a total of eight of companies as part of a sweeping re-examination of oil and gas producers.
  • The ratings affected companies rated Ba, or the first tier of debt Moody’s considers risky enough to be a speculative investment.
  • While Moody's cut WLL's debt rating by five notches, SM Energy (SM -1.2%) and WPX Energy (WPX +3.5%) both fell four notches to B2 from Ba1, and cites the likelihood of a "dramatic increase in financial leverage in 2017” with SM's cut.
  • QEP Resources (QEP -0.5%) and Energen (EGN -11.6%) fell three notches to B1 from Ba1.
  • Unit Corp. (UNT +2%) fell two notches to B2 from Ba3, which Range Resources (RRC +0.7%) and Newfield Exploration (NFX +2.7%) both slipped to Ba3 from Ba1.
  • Ratings for Antero Resources (AR +2.7%) and Concho Resources (CXO +2.2%) were confirmed at Ba2 and Ba1, respectively.

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