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In This List
COMMENTS

Issuer Ranking: Global Oil And Gas Integrated And Exploration & Production Companies, Strongest To Weakest

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Issuer Ranking: Global Oil And Gas Integrated And Exploration & Production Companies, Strongest To Weakest

The following lists rank the global portfolio of oil and gas integrated and exploration & production companies that S&P Global Ratings rates, from strongest to weakest. We rank companies, in turn, by the rating, outlook, stand-alone credit profile (SACP), business and financial risk profile, and liquidity assessment. Investment-grade companies are ranked by business risk profile, then financial risk profile. Speculative-grade companies are ordered by financial risk profile, then business risk profile. Companies are then listed in alphabetical order, if not distinguished by these factors.

In line with our corporate rating methodology, the final rating may differ from the SACP, where government, group, or rating above the sovereign considerations apply. Where the SACP differs from the anchor, as it does for a third of the ratings, we have applied one or more modifiers, which may include that for liquidity. We've noted the anchor and active modifiers of each company for informational purposes only. For our more detailed analysis, please refer to the company-specific pages on RatingsDirect via the hyperlinks below.

As we show in the charts and comments at the end of this report, most of our business risk assessments are closely correlated with the corresponding competitive positions. Where they diverge, it is usually because we consider country risk higher, and this constrains the competitive position. Government or group ownership is an explicit rating factor for about 15% of the companies. In most cases, our analysis of the ownership results in a rating higher than the SACP.

For our sector outlooks and analysis, as well as ranking lists for other subsectors of oil and gas industry, please refer to the commentaries listed under Related Research at the end of this article.

Ranking Table

Table 1

Oil And Gas Integrated And Exploration & Production Companies: Investment Grade
Company FC LT Rating Outlook SACP Business risk Cash flow and leverage Liquidity Anchor Modifiers (active)

Exxon Mobil Corp.

AA+ Negative aa+ [1] Excellent [2] Modest Adequate aa CRA: Positive (+1 notch)

Korea National Oil Corp.*

AA Stable bb [3] Satisfactory [5] Aggressive Adequate bb

Chevron Corp.

AA WatchNeg aa [1] Excellent [2] Modest Adequate aa

Royal Dutch Shell PLC

AA- Stable aa- [1] Excellent [3] Intermediate Strong a+ CRA: Positive (+1 notch)

Equinor ASA*

AA- Stable a+ [2] Strong [2] Modest Strong a+

Qatar Petroleum*

AA- Stable

EBN B.V.*

AA- Negative bbb+ [3] Satisfactory [2] Modest Exceptional bbb+

Total S.A.

A+ Positive a+ [1] Excellent [3] Intermediate Strong a+

China National Petroleum Corp.*

A+ Stable aa- [1] Excellent [3] Intermediate Adequate a+ CRA: Positive (+1 notch)

China Petroleum & Chemical Corp.*

A+ Stable a+ [2] Strong [2] Modest Adequate a+

CNOOC Ltd.*

A+ Stable a [2] Strong [2] Modest Adequate a

China National Offshore Oil Corp.*

A+ Stable a [2] Strong [3] Intermediate Adequate a- CRA: Positive (+1 notch)

China Petrochemical Corp.*

A+ Stable a [2] Strong [3] Intermediate Adequate a- CRA: Positive (+1 notch)

ConocoPhillips

A Stable a [2] Strong [2] Modest Strong a

Equinor US Holdings Inc.*

A Stable bbb [3] Satisfactory [2] Modest Adequate bbb+ CRA: Negative (-1 notch)

Occidental Petroleum Corp.

A WatchNeg a [2] Strong [2] Modest Adequate a

Petroliam Nasional Bhd.*

A- Stable aa [2] Strong [1] Minimal Strong aa

BP PLC

A- Stable a- [1] Excellent [4] Significant Strong a-

EOG Resources Inc.

A- Stable a- [2] Strong [2] Modest Adequate a CRA: Negative (-1 notch)

Eni SpA*

A- Stable a- [2] Strong [3] Intermediate Adequate a-

Suncor Energy Inc.

A- Stable a- [2] Strong [3] Intermediate Adequate a-

INPEX Corp.*

A- Negative bbb [3] Satisfactory [3] Intermediate Strong bbb

Canadian Natural Resources Ltd.

BBB+ Stable bbb+ [2] Strong [3] Intermediate Strong bbb+

Woodside Petroleum Ltd.

BBB+ Stable bbb+ [3] Satisfactory [2] Modest Strong bbb+

PTT Public Co. Ltd.*

BBB+ Stable bbb+ [3] Satisfactory [2] Modest Adequate bbb+

PTT Exploration and Production Public Co. Ltd.*

BBB+ Stable bbb [3] Satisfactory [2] Modest Strong bbb+ CRA: Negative (-1 notch)

Petroleos Mexicanos*

BBB+ Negative b- [4] Fair [6] Highly leveraged Adequate b M&G: Weak (-1 notch)

Anadarko Petroleum Corp.

BBB WatchPos bbb [2] Strong [4] Significant Strong bbb

Repsol S.A.

BBB Positive bbb [3] Satisfactory [3] Intermediate Strong bbb

LUKOIL PJSC

BBB Stable bbb+ [3] Satisfactory [1] Minimal Adequate a- FP: Negative (-1 notch)

Apache Corp.

BBB Stable bbb [2] Strong [4] Significant Strong bbb

Cenovus Energy Inc.

BBB Stable bbb [2] Strong [4] Significant Strong bbb

Encana Corp.

BBB Stable bbb [2] Strong [4] Significant Strong bbb

Noble Energy Inc.

BBB Stable bbb [2] Strong [4] Significant Strong bbb

NOVATEK PJSC

BBB Stable bbb [3] Satisfactory [1] Minimal Adequate a- FP: Negative (-1 notch) CRA: Negative (-1 notch)

Pioneer Natural Resources Co.

BBB Stable bbb [3] Satisfactory [2] Modest Strong bbb+ CRA: Negative (-1 notch)

Tengizchevroil LLP*

BBB Stable bbb [3] Satisfactory [3] Intermediate Adequate bbb- CRA: Positive (+1 notch)

National Fuel Gas Co.

BBB Stable bbb [3] Satisfactory [4] Significant Adequate bbb- CRA: Positive (+1 notch)

Husky Energy Inc.*

BBB Stable bbb- [3] Satisfactory [4] Significant Strong bbb-

Devon Energy Corp.

BBB Negative bbb [2] Strong [4] Significant Strong bbb

Marathon Oil Corp.

BBB- Positive bbb- [3] Satisfactory [3] Intermediate Strong bbb-

Oil and Natural Gas Corp. Ltd.*

BBB- Stable a- [2] Strong [3] Intermediate Adequate bbb+ CRA: Positive (+1 notch)

Cimarex Energy Co.

BBB- Stable bbb- [3] Satisfactory [3] Intermediate Strong bbb-

Concho Resources Inc.

BBB- Stable bbb- [3] Satisfactory [3] Intermediate Strong bbb-

Gazprom Neft PJSC*

BBB- Stable bbb- [3] Satisfactory [3] Intermediate Adequate bbb FP: Negative (-1 notch)

Continental Resources Inc.

BBB- Stable bbb- [3] Satisfactory [4] Significant Strong bbb-

EQT Corp.

BBB- Stable bbb- [3] Satisfactory [4] Significant Strong bbb-

Sasol Ltd.

BBB- Stable bbb- [3] Satisfactory [4] Significant Strong bbb-

Gazprom PJSC*

BBB- Stable bbb- [3] Satisfactory [4] Significant Adequate bbb-

Hess Corp.

BBB- Stable bbb- [3] Satisfactory [4] Significant Adequate bbb-

Santos Ltd.

BBB- Stable bbb- [3] Satisfactory [4] Significant Adequate bbb-

MOL Hungarian Oil and Gas PLC*

BBB- Stable bbb- [4] Fair [2] Modest Strong bbb-

Ecopetrol S.A.*

BBB- Stable bb+ [3] Satisfactory [4] Significant Strong bb+

PT Pertamina (Persero)*

BBB- Stable bb+ [3] Satisfactory [4] Significant Adequate bbb- CRA: Negative (-1 notch)

Oil Company Rosneft OJSC*

BBB- Stable bb [3] Satisfactory [5] Aggressive Adequate bb FP: Negative (-1 notch) CRA: Positive (+1 notch)

Murphy Oil Corp.

BBB- WatchNeg bbb- [3] Satisfactory [4] Significant Strong bbb-
Source: S&P Global Ratings. Note: The scores are as of May 6, 2019. *Indicates entities to which we applied either or both of our group rating methodology or government-related entity criteria. FC--Foreign currency. LT--Long term. CRA--Comparable ratings analysis. FP--Financial Policy. M&G--Management and governance. N/A--Not applicable. We do not currently publish detailed scores for Qatar Petroleum; the rating is equalized with the rating on Qatar. Source: S&P Global Ratings.

Table 2

Oil And Gas Integrated And Exploration & Production Companies: Speculative Grade
Company FC LT Rating Outlook SACP Cash flow and leverage Business risk Liquidity Anchor Modifiers (active)

Diamondback Energy Inc

BB+ Positive bb+ [3] Intermediate [3] Satisfactory Adequate bbb- CRA: Negative (-1 notch)

Aker BP ASA

BB+ Positive bb+ [4] Significant [3] Satisfactory Strong bb+

Hilcorp Energy I L.P.

BB+ Stable bb+ [3] Intermediate [4] Fair Adequate bb+

Antero Resources Corp

BB+ Stable bb+ [4] Significant [3] Satisfactory Adequate bbb- CRA: Negative (-1 notch)

Range Resources Corp.

BB+ Stable bb+ [4] Significant [3] Satisfactory Adequate bb+

PT Saka Energi Indonesia*

BB+ Negative b+ [5] Aggressive [5] Weak Adequate b+

Seven Generations Energy Ltd.

BB Stable bb [3] Intermediate [4] Fair Strong bb+ CRA: Negative (-1 notch)

Southwestern Energy Co.

BB Stable bb [4] Significant [3] Satisfactory Adequate bb+ CRA: Negative (-1 notch)

Baytex Energy Corp.

BB Stable bb [4] Significant [4] Fair Strong bb

Whiting Petroleum Corp.

BB Stable bb [4] Significant [4] Fair Strong bb

KazMunayGas NC JSC*

BB Stable b+ [4] Significant [4] Fair Adequate bb FP: Negative (-2 notches)

Trinidad Petroleum Holdings Limited*

BB WatchNeg b- [6] Highly leveraged [6] Vulnerable Weak b-

DEA Group (L1E Finance GmbH & Co. KG)

BB- WatchPos bb- [5] Aggressive [4] Fair Adequate bb-

Petroleo Brasileiro S.A. - Petrobras*

BB- Stable bb [5] Aggressive [3] Satisfactory Strong bb

Frontera Energy Corporation

BB- Stable bb- [3] Intermediate [5] Weak Adequate bb CRA: Negative (-1 notch)

CNX Resources Corp

BB- Stable bb- [4] Significant [4] Fair Adequate bb CRA: Negative (-1 notch)

WPX Energy Inc.

BB- Stable bb- [4] Significant [4] Fair Adequate bb CRA: Negative (-1 notch)

Vermilion Energy Inc.

BB- Stable bb- [4] Significant [5] Weak Strong bb-

Gulfport Energy Corp.

BB- Stable bb- [4] Significant [5] Weak Adequate bb-

PDC Energy Inc.

BB- Stable bb- [4] Significant [5] Weak Adequate bb-

Hunt Oil Co.

BB- Stable bb- [5] Aggressive [4] Fair Strong bb-

Neptune Energy Group Midco Ltd

BB- Stable bb- [5] Aggressive [4] Fair Adequate bb-

Parsley Energy LLC.

BB- Stable bb- [5] Aggressive [4] Fair Adequate bb-

SM Energy Co.

BB- Stable bb- [5] Aggressive [4] Fair Adequate bb-

State Oil Company of Azerbaijan Republic*

BB- Stable b [5] Aggressive [4] Fair Less than adequate bb- FP: Negative (-1 notch) M&G: Weak (-1 notch)

CITIC Resources Holdings Ltd.*

BB- Stable b- [6] Highly leveraged [5] Weak Adequate b-

Tullow Oil

B+ Positive b+ [5] Aggressive [4] Fair Adequate bb- CRA: Negative (-1 notch)

Magnolia Oil & Gas Corp.

B+ Stable b+ [3] Intermediate [6] Vulnerable Adequate b+

Gran Tierra Energy Inc.

B+ Stable b+ [4] Significant [6] Vulnerable Strong b+ Liquidity: Strong (+1 notch) CRA: Negative (-1 notch)

GeoPark Ltd.

B+ Stable b+ [4] Significant [6] Vulnerable Adequate b+

Carrizo Oil & Gas Inc.

B+ Stable b+ [5] Aggressive [5] Weak Adequate b+

CrownRock LP

B+ Stable b+ [5] Aggressive [5] Weak Adequate b+

Centennial Resource Development Inc.

B+ Stable b+ [5] Aggressive [5] Weak Adequate b+

Encino Acquisition Partners LLC

B+ Stable b+ [5] Aggressive [5] Weak Adequate b+

Endeavor Energy Resources L.P

B+ Stable b+ [5] Aggressive [5] Weak Adequate b+

Indigo Natural Resources LLC

B+ Stable b+ [5] Aggressive [5] Weak Adequate b+

Kosmos Energy, Ltd.

B+ Stable b+ [5] Aggressive [5] Weak Adequate b+

Laredo Petroleum Inc.

B+ Stable b+ [5] Aggressive [5] Weak Adequate b+

Matador Resources Co

B+ Stable b+ [5] Aggressive [5] Weak Adequate b+

Oasis Petroleum Inc.

B+ Stable b+ [5] Aggressive [5] Weak Adequate b+

Unit Corp.

B+ Stable b+ [5] Aggressive [5] Weak Adequate b+

Chesapeake Energy Corp.

B+ Stable b+ [6] Highly leveraged [3] Satisfactory Adequate b+

Ascent Resources Utica Holdings LLC

B+ Stable b+ [6] Highly leveraged [5] Weak Adequate b CRA: Positive (+1 notch)

QEP Resources Inc.

B+ Negative b+ [5] Aggressive [4] Fair Adequate bb- CRA: Negative (-1 notch)

Paramount Resources Ltd.

B+ Negative b+ [5] Aggressive [5] Weak Adequate b+

MEG Energy Corp.

B+ Negative b+ [6] Highly leveraged [4] Fair Strong b Liquidity: Strong (+1 notch)

Covey Park Energy LLC

B Positive b [5] Aggressive [5] Weak Adequate b+ CRA: Negative (-1 notch)

PT Medco Energi Internasional Tbk.

B Positive b [6] Highly leveraged [5] Weak Less than adequate b

YPF S.A.*

B Stable bb- [4] Significant [4] Fair Adequate bb CRA: Negative (-1 notch)

Seplat Petroleum Development Company PLC

B Stable b [4] Significant [6] Vulnerable Adequate b+ FP: Negative (-1 notch)

NuVista Energy Ltd.

B Stable b [4] Significant [6] Vulnerable Less than adequate b+ CRA: Negative (-1 notch)

Callon Petroleum Co.

B Stable b [5] Aggressive [5] Weak Adequate b+ CRA: Negative (-1 notch)

Comstock Resources Inc.

B Stable b [5] Aggressive [5] Weak Adequate b+ CRA: Negative (-1 notch)

Moss Creek Resources Holdings, Inc.

B Stable b [5] Aggressive [5] Weak Adequate b+ CRA: Negative (-1 notch)

Teine Energy Ltd.

B Stable b [5] Aggressive [5] Weak Adequate b+ CRA: Negative (-1 notch)

Berry Petroleum Corporation

B Stable b [5] Aggressive [6] Vulnerable Adequate b

EnVen Energy Corporation

B Stable b [5] Aggressive [6] Vulnerable Adequate b

Extraction Oil & Gas Inc.

B Stable b [5] Aggressive [6] Vulnerable Adequate b

GEP Haynesville, LLC

B Stable b [5] Aggressive [6] Vulnerable Adequate b

HighPoint Resources Corporation

B Stable b [5] Aggressive [6] Vulnerable Adequate b

Jagged Peak Energy Inc.

B Stable b [5] Aggressive [6] Vulnerable Adequate b

SRC Energy Inc.

B Stable b [5] Aggressive [6] Vulnerable Adequate b

Petroquimica Comodoro Rivadavia S.A.

B Stable b [6] Highly leveraged [5] Weak Adequate b

Bruin E&P Partners, LLC

B Stable b [6] Highly leveraged [6] Vulnerable Adequate b- CRA: Positive (+1 notch)

Vine Oil & Gas LP

B Stable b [6] Highly leveraged [6] Vulnerable Adequate b- CRA: Positive (+1 notch)

Jonah Energy LLC

B Negative b [6] Highly leveraged [5] Weak Adequate b

Montage Resources Corp.

B- Stable b- [5] Aggressive [6] Vulnerable Adequate b CRA: Negative (-1 notch)

EnQuest PLC

B- Positive b- [6] Highly leveraged [5] Weak Adequate b CRA: Negative (-1 notch)

Northern Oil and Gas Inc.

B- Positive b- [6] Highly leveraged [5] Weak Adequate b CRA: Negative (-1 notch)

MD America Energy LLC

B- Stable b- [3] Intermediate [6] Vulnerable Adequate b+ FP: Negative (-1 notch) CRA: Negative (-1 notch)

Great Western Petroleum LLC

B- Stable b- [5] Aggressive [6] Vulnerable Adequate b CRA: Negative (-1 notch)

Lonestar Resources U.S., Inc.

B- Stable b- [5] Aggressive [6] Vulnerable Adequate b CRA: Negative (-1 notch)

Fieldwood Energy LLC

B- Stable b- [6] Highly leveraged [5] Weak Less than adequate b CRA: Negative (-1 notch)

Nostrum Oil and Gas PLC

B- Stable b- [6] Highly leveraged [5] Weak Less than adequate b-

W&T Offshore Inc.

B- Stable b- [6] Highly leveraged [6] Vulnerable Adequate b-

Chaparral Energy Inc.

B- Stable b- [6] Highly leveraged [6] Vulnerable Less than adequate b-

Compania General de Combustibles S.A.

B- Stable b- [6] Highly leveraged [6] Vulnerable Less than adequate b-

Crew Energy Inc.

B- Stable b- [6] Highly leveraged [6] Vulnerable Less than adequate b-

Kuwait Energy plc

B- Stable b- [6] Highly leveraged [6] Vulnerable Less than adequate b-

Permian Production Partners, LLC

B- Stable b- [6] Highly leveraged [6] Vulnerable Less than adequate b-

Vesta Energy Corp.

B- Negative b- [5] Aggressive [6] Vulnerable Adequate b CRA: Negative (-1 notch)

Gavilan Resources LLC

B- WatchNeg b- [6] Highly leveraged [6] Vulnerable Adequate b-

Athabasca Oil Corp.

CCC+ Stable N/A [6] Highly leveraged [6] Vulnerable Adequate N/A

California Resources Corporation

CCC+ Negative N/A [6] Highly leveraged [4] Fair Less than adequate N/A

Denbury Resources Inc.

CCC+ Negative N/A [6] Highly leveraged [5] Weak Less than adequate N/A

Ultra Petroleum Corp

CCC+ Negative N/A [6] Highly leveraged [5] Weak Less than adequate N/A

Halcon Resources Corp.

CCC+ Negative N/A [6] Highly leveraged [6] Vulnerable Less than adequate N/A

Osum Production Corp.

CCC+ Negative N/A [6] Highly leveraged [6] Vulnerable Less than adequate N/A

Tapstone Energy LLC

CCC+ Negative N/A [6] Highly leveraged [6] Vulnerable Less than adequate N/A

Sanchez Energy Corp.

CCC Negative N/A [6] Highly leveraged [5] Weak Adequate N/A

EP Energy LLC

CCC- Negative N/A [6] Highly leveraged [4] Fair Less than adequate N/A

Legacy Reserves LP

CCC- Negative N/A [6] Highly leveraged [5] Weak Weak N/A

Alta Mesa Resources, Inc.

CCC- Negative N/A [6] Highly leveraged [6] Vulnerable N/A

Canbriam Energy Inc.

CCC- Negative N/A [6] Highly leveraged [6] Vulnerable Weak N/A

Perpetual Energy Inc.

CCC- Negative N/A [6] Highly leveraged [6] Vulnerable Weak N/A

Petróleos de Venezuela S.A.*^

SD
Source: S&P Global Ratings. Note: the scores are as of May 6, 2019. *Indicates entities to which we applied either or both of our group rating methodology or government-related entity criteria. FC--Foreign currency. LT--Long term. CRA--Comparable ratings analysis. FP--Financial policy. M&G--Management and governance. N/A--Not applicable. ^We do not publish detailed scores for PDVSA because the rating is 'SD'. Source: S&P Global Ratings.

The table and charts in this publication provide an overview of the 150 entities we rate in this industry. We rate 55 entities as investment-grade ('BBB-' and above) and 95 entities as speculative-grade ('BB+' and below). We include Qatar Petroleum (QP) and Petróleos de Venezuela S.A. (PDVSA) in the tables for completeness. The rating on QP is primarily driven by the sovereign rating on Qatar, and we rate PDVSA as 'SD'. Since we do not publish detailed scores for these entities, we exclude them from the comparative charts in this publication.

Chart 1

image

Across the corporate universe, 60% of our ratings are speculative grade. Ratings below 'BBB-' in oil exploration & production account for approximately 63% globally, but more in the U.S. This reflects the volatile nature and risks of the industry and the comparatively higher financial risk of some of these companies.

Chart 2

image

Presently, our outlooks on the ratings within the sector are most often stable. Given the broadly supportive market fundamentals, operating efficiencies, and financial liquidity and balance sheet cushions, many of our ratings have some headroom, supporting our outlooks. Our ratings are underpinned by our base-case assumptions, but also generally factor in some headroom for short-term volatility and longer-term cyclicality of prices and margins. This headroom is shown by some financial risk assessments that are more prudent than point-in-time leverage.

Oil fundamentals remain reasonably favorable owing to the 1.2 million barrels per day (bpd) of reinstated production cuts by The Organization of the Petroleum Exporting Countries and several other nations (OPEC+). The cuts are necessary to offset U.S. Permian and other shale production, which we expect to drive the U.S. Energy Information Administration's estimated 1.35 million bpd increase in U.S. oil output this year. We estimate a Brent oil price of $60 per barrel (/bbl) in 2019-2020, moderating to $55/bbl from 2021, and a West Texas Intermediate price of $55/bbl over 2019-2021. Upside risks to oil prices include the crisis in Venezuela and the announced end to waivers on sanctions on Iranian oil exports, which constrain supply. We anticipate, however, that Saudi Arabia and its allies could increase production. Demand has been robust, but is also variable, with the trade dispute between the U.S. and China one element in a potential slowdown.

Our business risk profile assessments typically mirror our view of competitive position in this sector (see chart 3). Where they diverge, it is usually because we consider country risk higher, and this constrains the business risk profile.

Chart 3

image

The most common financial risk profile assessments in this sector are significant, aggressive, and highly leveraged (see chart 4). The oil price rebound in 2018 and at the beginning of 2019 supported the companies' cash generation, and, combined with continuous cost-control measures, allowed for deleveraging. We expect, however, that healthy demand and oil prices could lead to higher capital expenditures and dividend payments, which limit net debt reduction. In aggregate, we forecast that median funds from operations to debt will improve to above 40% over 2019-2020 from about 35% in 2018, and that median debt to EBITDA will improve to 2.0x or lower in 2019-2020 from about 2.5x in 2018.

Chart 4

image

Roughly one-third of the ratings incorporate one or more modifiers. Most often, this is the comparable rating analysis that we use for credit considerations that we have not already factored into the ratings. We consider most oil and gas integrated and exploration & production issuers to have liquidity that is adequate or better (see chart 5). The speculative-grade subsector has regained access to debt markets after multiple defaults and restructurings in 2016 and 2017. Typically, the amount of cash that integrated groups and exploration & production companies maintain, combined with their cash generation and liquidity resources, will cover the uses of cash to which they have committed over the next 12 months by 1.2x or more.

Chart 5

image

The ratings and scores in this document are as of May 6, 2019, and we will not keep it updated. To keep it concise, the list only discloses scores for the main rated entity of larger corporate groups. We may omit certain entities, such as subsidiaries or holding companies, where the ratings are linked to those on their parent companies.

Related Criteria And Research

Related Criteria
  • Rating Government-Related Entities: Methodology And Assumptions, March 25, 2015
  • Key Credit Factors For The Oil And Gas Exploration And Production Industry, Dec. 12, 2013
  • Corporate Methodology, Nov. 19, 2013
  • Group Rating Methodology, Nov. 19, 2013
  • Ratings Above The Sovereign--Corporate And Government Ratings: Methodology And Assumptions, Nov. 19, 2013
Related Research
  • Global Oilfield Services And Drilling Companies, Strongest To Weakest, May 15, 2019
  • Issuer Ranking: North American Midstream Companies, Strongest To Weakest, May 2, 2019
  • S&P Global Ratings Publishes Updated Global And Regional Corporate Rating Component Scores Reports, April 26, 2019
  • Oil And Gas Majors Are Back On The Front Foot After Solid 2018 Results, March 19, 2019
  • WTI Crude Oil Price Assumptions For 2019 And 2020 Raised To $55 Per Barrel, April 22, 2019
  • Global Oil Refining And Marketing Companies, Strongest To Weakest, March 8, 2019
  • Turning tides: The future of fuel oil after IMO 2020; S&P Global Platts (https://s3-ap-southeast-1.amazonaws.com/sp-platts/IMO_20190207.pdf)
  • Country Risk Assessments Update: February 2019, Feb. 18, 2019
  • Industry Top Trends 2019: Oil And Gas, Nov. 12, 2018
  • FAQ: How S&P Global Ratings Formulates, Uses, And Reviews Commodity Price Assumptions, Sept. 28, 2018
  • Industry Risk Assessments Update: May 2018, May 4, 2018

This report does not constitute a rating action.

Primary Credit Analysts:Simon Redmond, London (44) 20-7176-3683;
simon.redmond@spglobal.com
Ivan Tiutiunnikov, London + 44 20 7176 3922;
ivan.tiutiunnikov@spglobal.com
Secondary Contacts:Thomas A Watters, New York (1) 212-438-7818;
thomas.watters@spglobal.com
Carin Dehne-Kiley, CFA, New York (1) 212-438-1092;
carin.dehne-kiley@spglobal.com
Paul B Harvey, New York (1) 212-438-7696;
paul.harvey@spglobal.com
Ben B Tsocanos, New York (1) 212-438-5014;
ben.tsocanos@spglobal.com
Michelle S Dathorne, Toronto (1) 416-507-2563;
michelle.dathorne@spglobal.com
Fabiola Ortiz, Mexico City (52) 55-5081-4449;
fabiola.ortiz@spglobal.com
Alexander Griaznov, Moscow (7) 495-783-4109;
alexander.griaznov@spglobal.com
Danny Huang, Hong Kong (852) 2532-8078;
danny.huang@spglobal.com
Xavier Jean, Singapore (65) 6239-6346;
xavier.jean@spglobal.com
Vishal Kulkarni, CFA, Singapore (65) 6216-1047;
vishal.kulkarni@spglobal.com
Minh Hoang, Sydney (61) 2-9255-9899;
minh.hoang@spglobal.com
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