Moody’s could lower U.S. E&P companies

Moody's Investors Service said it placed the ratings of several U.S. exploration and production (E&P) companies and their rated subsidiaries on review for downgrade.

The companies include: Anadarko Finance Co.; Anadarko Petroleum Corp.; Antero Resources Corp.; Apache Corp.; Apache Finance Canada Corp.; Apache Finance Canada II Corp.; Denbury Resources Inc.; EP Energy LLC; EQT Corp.; Hess Corp.; Hilcorp Energy I, LP; Hunt Oil Co.; Kerr-McGee Corp.; National Fuel Gas Co.; Occidental Petroleum Corp.; Pioneer Natural Resources Co.; SM Energy Co.; Union Pacific Resources Group Inc.; Unit Corp.; WPX Energy, Inc.; Burlington Resources Finance Co.; Burlington Resources, Inc.; Cimarex Energy Co.; Concho Resources Inc.; Conoco Funding Co.; ConocoPhillips; ConocoPhillips Canada Funding Co. I; ConocoPhillips Canada Funding Co. II; ConocoPhillips Canada Resources Ltd.; ConocoPhillips Co.; ConocoPhillips Qatar Funding Ltd.; Continental Resources, Inc.; Energen Corp.; EOG Resources, Inc.; Kodiak Oil & Gas Corp.; Louisiana Land & Exploration Co.; Marathon Oil Corp.; Murphy Oil Corp.; Newfield Exploration Co.; Noble Energy, Inc.; Polar Tankers, Inc.; QEP Resources, Inc.; Range Resources Corp.; Southwestern Energy Co.; Tosco Corp.; and Whiting Petroleum Corp.

"Industry conditions have weakened further with oil and natural gas prices at multi-year lows," Moody's senior vice president Pete Speer said in a news release.

"E&P companies will be stressed for a longer period with much lower cash flows, difficulty selling assets and limited capital markets access."

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