S&P boosts three gas exploration companies

Standard & Poor's said it had completed its review of U.S.-based oil and gas exploration and production companies.

At the time of the article "Higher Price Assumptions For Oil And Gas Are Likely To Fuel Upgrades" on May 16, the agency said it raised its price assumptions for oil and gas and indicated the potential for subsequent positive rating actions.

S&P said that its sector review resulted in three upgrades, two positive outlook revisions and numerous changes in issue-level and recovery ratings.

The agency noted that upgrades include Occidental Petroleum Corp. (A/stable/A-1) to A from A-, which reflects favorable crude oil prices and the company's success at cultivating growth prospects; Brigham Exploration Co.'s (B/stable) senior unsecured notes to B- from CCC+; and Energy XXI (Bermuda) Ltd.'s (B-/stable) corporate credit rating to B- from CCC+.

Fitch said that it revised the outlook on Clayton Williams Energy Inc. (B/positive) to positive from stable, reflecting its expectations for continued solid financial performance, improved liquidity and a continued exposure to lower risk exploration and development and Petroleum Development Corp. (B/positive) to positive from stable.

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