S&P takes favorable action on U.S. oil companies

Standard & Poor's said it conjunction with the upward revisions in its price assumptions for 2006, 2007 and 2008, the agency recently reviewed a number of ratings in the U.S. oil and gas sector and took the following favorable rating actions:

• ConocoPhillips's (A-/positive/A-2) outlook was revised to positive from stable;

• Kerr-McGee Corp.'s (BB+/stable) outlook was revised to stable from negative;

• Baker Hughes Inc.'s (A/stable/A-1) ratings were raised;

• Whiting Petroleum Corp.'s (B+/positive watch) rating was placed on CreditWatch with positive implications;

• Petroquest Energy Inc.'s (CCC+/positive) outlook was revised to positive from stable.

The rating actions affected about $40 billion of rated debt, which is about 20% of the rated debt in the U.S. oil and gas sector, and reflect the robust pricing environment, which benefits the financial performance of many issuers, the agency said.

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