NEW YORK (S&P Global Ratings) Jan. 23, 2024--On Jan. 7, 2024, S&P Global Ratings published its revised criteria for evaluating the credit risks presented by an entity's management and governance (M&G) framework., "Management And Governance Credit Factors For Corporate Entities." These criteria apply globally to all corporate ratings including investment holding companies and to certain nonbank financial institution entities that we rate using our Corporate Methodology. The terms management and governance encompass the broad range of oversight and direction conducted by an entity's owners, board representatives, and executive managers. These activities and practices can impact an entity's creditworthiness and, as such, the M&G modifier is an important component of our analysis.
Subsequently, we have completed the review of the below 71 companies within the U.S. Oil and Gas Upstream sector under the new criteria.
As a result, S&P Global Ratings assigned a new M&G modifier to each of the below companies. Ratings on all 71 companies remain unchanged.
- Aethon United BR L.P. To Neutral From Fair
- Antero Resources Corp. To Neutral From Fair
- Apache Corp. To Neutral From Satisfactory
- Ascent Resources Utica Holdings LLC To Moderately Negative From Fair
- Baker Hughes Co. To Neutral From Satisfactory
- Berry Corp. To Neutral From Fair
- Bristow Group Inc. To Neutral From Fair
- California Resources Corp. To Neutral From Fair
- Callon Petroleum Co. To Neutral From Fair
- ChampionX Corp. To Neutral From Fair
- Chesapeake Energy Corp. To Moderately Negative From Fair
- Chevron Corp. To Neutral From Satisfactory
- Chord Energy Corp. To Neutral From Fair
- Civitas Resources Inc. To Neutral From Fair
- CNX Resources Corp. To Neutral From Satisfactory
- Comstock Resources Inc. To Neutral From Fair
- ConocoPhillips To Neutral From Satisfactory
- Continental Resources Inc. To Neutral From Fair
- Coterra Energy Inc. To Neutral From Satisfactory
- Crescent Energy Co. To Moderately Negative From Fair
- CrownRock L.P. To Moderately Negative From Fair
- Devon Energy Corp. To Neutral From Satisfactory
- Diamond Offshore Drilling Inc. To Moderately Negative From Fair
- Diamondback Energy Inc. To Neutral From Fair
- Encino Acquisition Partners LLC To Neutral From Fair
- Endeavor Energy Resources L.P. To Neutral From Fair
- EOG Resources Inc. To Positive From Strong
- EQT Corp. To Neutral From Satisfactory
- Exxon Mobil Corp. To Neutral From Satisfactory
- Forum Energy Technologies Inc. To Moderately Negative From Fair
- Gulfport Energy Corp. To Moderately Negative From Fair
- Halliburton Co. To Neutral From Satisfactory
- Helix Energy Solutions Group Inc. To Neutral From Fair
- Helmerich & Payne Inc. To Positive From Strong
- Hess Corp. To Neutral From Satisfactory
- Hilcorp Energy I L.P. To Neutral From Satisfactory
- KLX Energy Services Holdings Inc. To Neutral From Fair
- Kosmos Energy Ltd. To Moderately Negative From Fair
- Magnolia Oil & Gas Corp. To Neutral From Fair
- Marathon Oil Corp. To Neutral From Satisfactory
- Matador Resources Co. To Neutral From Fair
- Moss Creek Resources Holdings Inc. To Negative From Weak
- Murphy Oil Corp. To Neutral From Satisfactory
- Nabors Industries Ltd. To Neutral From Satisfactory
- National Fuel Gas Co. To Neutral From Satisfactory
- Nine Energy Service Inc. To Moderately Negative From Fair
- Noble Corp. PLC To Moderately Negative From Fair
- Northern Oil and Gas Inc. To Moderately Negative From Fair
- NOV Inc. To Positive From Strong
- Occidental Petroleum Corp. To Moderately Negative From Fair
- Oceaneering International Inc. To Neutral From Satisfactory
- Ovintiv Inc. To Moderately Negative From Fair
- Patterson-UTI Energy Inc. To Neutral From Satisfactory
- Permian Resources Corp. To Moderately Negative From Fair
- ProFrac Holdings LLC To Moderately Negative From Fair
- Pioneer Natural Resources Co. To Neutral From Satisfactory
- Quarternorth Energy Holding Inc. To Moderately Negative From Fair
- Range Resources Corp. To Neutral From Satisfactory
- Schlumberger Ltd. To Positive From Strong
- Sitio Royalties Corp. To Moderately Negative From Fair
- SM Energy Co. To Neutral From Satisfactory
- Southwestern Energy Co. To Neutral From Satisfactory
- Talos Energy Inc. To Neutral From Fair
- TechnipFMC PLC To Neutral From Satisfactory
- TG Natural Resources LLC To Neutral From Fair
- Transocean Ltd. To Moderately Negative From Fair
- Valaris Ltd. To Moderately Negative From Fair
- Vantage Drilling International To Moderately Negative From Fair
- Vital Energy Inc. To Neutral From Fair
- W&T Offshore Inc. To Moderately Negative From Fair
- Weatherford International PLC To Neutral From Fair
This report does not constitute a rating action.
S&P Global Ratings, part of S&P Global Inc. (NYSE: SPGI), is the world's leading provider of independent credit risk research. We publish more than a million credit ratings on debt issued by sovereign, municipal, corporate and financial sector entities. With over 1,600 credit analysts in 27 countries, and more than 150 years' experience of assessing credit risk, we offer a unique combination of global coverage and local insight. Our research and opinions about relative credit risk provide market participants with information that helps to support the growth of transparent, liquid debt markets worldwide.
| Primary Credit Analyst: | Carin Dehne-Kiley, CFA, New York + 1 (212) 438 1092; carin.dehne-kiley@spglobal.com |
| Secondary Contact: | Edward Murphy-Schwartz, New York + 1 (212) 438 1531; edward.murphy@spglobal.com |
No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.