Moody's reviews Apache for trim

Moody's Investors Service said it placed Apache Corp.'s Baa3 senior unsecured ratings on review for downgrade.

"Apache's credit metrics will come under severe stress from low oil and gas prices in 2020," said Pete Speer, a Moody's senior vice president, in a press release. "The company has excellent liquidity to weather this period of low prices, but its credit profile could be durably weakened."

The review for downgrade reflects Apache's relatively weak cash flow based credit metrics for its Baa3 rating entering this downturn in oil prices and that it doesn't have any hedges in place to protect its cash flows, the agency said.

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