Global oil and gas industry seen performing well in 2007 - S&P |
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Tue, 24 Apr 2007 16:05
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MUMBAI (Thomson Financial) - The global oil and natural gas (O&G) industry will continue to perform well in 2007, as it did in 2006, Standard & Poor's Ratings Services (S&P) said.In 2006, prices for crude oil, natural gas, and refined products remained at price levels well above historical averages.'We see relative stability in this sector. Refining prices remain high, and those high prices have helped credit quality,' said David Lundberg, S&P's O&G analyst.The credit ratings of major oil companies are expected to remain stable during the year, after last year's 14 upgrades and 11 downgrades, S&P said.However, debt-financed acquisitions are likely to hurt the credit quality of specific companies.Also, unforeseen natural or political turmoils like war, terrorism or nationalisation, could easily change the credit picture for the industry.The credit quality of oilfield services companies depends to a great degree on the price of oil and gas.tf.TFN-Europe_newsdesk@thomson.compcm/jfrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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