S&P puts Whiting Petroleum on positive watch

Standard & Poor's said it placed its B+ corporate credit rating on Whiting Petroleum Corp. on CreditWatch with positive implications.

The ratings action follows the recent change in S&P's base case oil pricing assumptions, which positively affect the calculation of Whiting's credit measures.

S&P noted that the ratings on Whiting reflect the high cyclicality of the oil and gas E&P sector, Whiting's leveraged financial profile and the company's significant future capital expenditures related to future development costs related to its significant undeveloped property base.

These concerns are partially offset by Whiting's increased scale, long-lived reserves and significant inventory of drilling prospects, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.