Ratings agency Moody’s has raised its senior unsecured ratings for Anadarko Petroleum Corp. (NYSE: APC) from ‘Ba1’ to ‘Baa3’ with a stable outlook. The move puts Anadarko’s debt back at investment grade.
In its report Moody’s noted:
Anadarko’s Baa3 ratings are supported by its proved reserve and production scale that is among the largest of all independent exploration and production (E&P) companies and comparable to Baa1 and A3 rated peers. The company’s credit profile benefits from having 32% of its production from oil and 11% from natural gas liquids that support its cash flows in this weak natural gas price environment. The asset base also has good basin diversity in the US along with international diversification provided through working interests in numerous major offshore oil and gas developments.
Anadarko continues to be exposed to liabilities related to the Macondo well explosion in the Gulf of Mexico in April 2010. But Moody’s believes the risk is manageable given the company’s cash and revolving credit availability of about $4.8 billion.
Anadarko’s shares are up about 1.3% at $79.23 in a 52-week range of $57.11-$88.70.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
