Fitch Publishes North American E&P Ratings and Market Spreads Special Report

NEW YORK--()--Fitch Ratings has published the special report North American E&P Ratings and Market Spreads, a publication that identifies trends and makes observations regarding the market's assessment of North American exploration and production (E&P) credit risk.

Trends and observations discussed in the report include:

--Market premium placed on E&P credit relative to similarly rated peers in the 'BB' category and higher;

--Relative credit risk, based on ratings, among E&P companies are generally consistent with market views;

--Leverage, on a cash flow basis, is priced similarly across E&P companies;

--Market spreads correlate to key E&P credit factors (e.g., debt-to-proved reserves).

Fitch concludes that, while spreads have compressed from historical levels, the market has generally assessed relative credit risk consistent with credit ratings.

The special report 'North American E&P Ratings and Market Spreads' is available on Fitch's website at www.fitchratings.com.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Relevant Research:

--Corporate Rating Methodology Including Short-Term Ratings and Parent and Subsidiary Linkage (May 28, 2014);

--Updating Fitch's Oil and Natural Gas Price Deck (Aug. 8, 2014);

--Full Cycle Costs for North America E&P (July 30, 2014);

--Cash Flow Trends in the U.S. Energy Sector (Shareholder Activism Having an Impact) (Feb. 4, 2014);

--Investor FAQs--Recent Questions on the E&P, Refining, and Drilling and Services Sectors (Aug. 12, 2013).

Applicable Criteria and Related Research: North American E&P Ratings and Market Spreads (Market Trends and Observations)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754987

Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749393

Updating Fitch's Oil & Gas Price Deck

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754047

Full Cycle Costs for North America E&P (Production Costs Moderate in 2013)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753198

Cash Flow Trends in the U.S. Energy Sector (Shareholder Activism Having an Impact)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=733556

Investor FAQs: Recent Questions on the E&P, Refining, and Drilling and Services Sectors

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715859

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Dino Kritikos
Director
+1-312-368-3150
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Brad Bell
Associate Director
+1-312 368-3149
or
Sean T. Sexton, CFA
Managing Director
+1-312-368-3130
or
Mark C. Sadeghian, CFA
Senior Director
+1-312-368-2090
or
Media Relations:
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com

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Contacts

Fitch Ratings
Dino Kritikos
Director
+1-312-368-3150
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Brad Bell
Associate Director
+1-312 368-3149
or
Sean T. Sexton, CFA
Managing Director
+1-312-368-3130
or
Mark C. Sadeghian, CFA
Senior Director
+1-312-368-2090
or
Media Relations:
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com