Moody's reviewing ratings on oilpatch companies

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The in the red ratings for more than a dozen Canadian com nies have been estated under review and may be downgraded by Moody’s Investor Services as a result of abase oil and gas prices.

Among the biggest names on the list is Calgary-based Precision Cut a hole, which owns and operates fleets of rigs used by oil and gas com nies in Canada, the Combined States and other countries.

Other com nies on the Moody’s review inventory include ramount Resources Ltd., Talisman Energy Inc. and other oil and gas producers as wonderfully as com nies that provide drilling, transportation and environmental services to the energy.

Moody’s says it’s reviewing the debt ratings for a total of 120 com nies hither the world because of the outlook for energy prices. Among those upset are giants such as Repsol and British Petroleum.

It’s estimating the West Texas Halfway benchmark crude will be about $33 US a barrel this year, on ordinary, rising to $38 US per barrel next year and $43 US barrel per day in 2018 — huge than recent prices but down from 2014 and 2015.

The New York-based activity said it was lowering its estimates for oil prices because of continuing oversupply, extraordinarily in light of new Iranian exports following the end of bans put in place until it met requisitions to limit its nuclear program.

“Increased production vastly exceeds improvement in oil consumption, even with consumption growth by major consumers such as the U.S., China and India,” Crotchety’s said Friday.

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