In a report released Friday, Standard & Poor’s Rating Service said it has downgraded credit ratings for oil companies 26 times this year and has only issued three upgrades. And its gloomy assessments will likely continue to stay well ahead of positive ones over the next year, especially if capital market investors and lenders pull back in coming months.
Jeff Tillery, Houston-based managing director and head of research at Tudor, Pickering, Holt & Co., said Linn’s dip in value made sense because the large offering coincided with a bad day for oil prices.
The on-site machining company for energy infrastructure and industrial plants saw its chairman resign and its corporate board expanded to welcome three activist investors who had accused the corporate leadership of ineptitude and cronyism.
Exploration and production customers have canceled more than $4 billion of future work for offshore rig owners globally, Chief Executive Officer Marc Edwards said Monday on a first- quarter earnings conference call.
The San Ramon, California-based company said Friday that its average realized price for a U.S. barrel of crude was $43 in the first quarter of 2015, compared to $91 per barrel in the same three months last year.
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