S&P trims Woodford Express

S&P said it downgraded its ratings on Woodford Express LLC and its senior secured term loan to CCC+ from B. The 3 recovery rating is unchanged.

“After revising our commodity price assumptions, we expect the volumes from Woodford Express LLC’s (Woodford) dedicated acreage to decline significantly this year. Woodford’s main customer, Gulfport Energy Corporation (Gulfport), which we downgraded on March 20, 2020, announced its plan to scale back its number of completed wells in the Scoop basin in 2020,” said S&P in a press release.

S&P said Woodford’s other customers may revise their drilling plans given the sustained low energy prices, general turmoil in the energy markets and deteriorating macroeconomic outlook over the past month.

The outlook is negative.

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