Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
ENERGY SECTOR
New Profile A1[S]/A-[S]/A+[S]
- Updated strategy of increasing buybacks from >60% to >80% of surplus cash flow limits meaningful deleveraging potential though is still commensurate with the A- rating.
- Note weaker credit metrics than those of Chevron, Total and Shell; 42% adj-FFO/Debt vs. >75% for peers with the ratio seen averaging ~50% in 2024-2026 based on a USD 80/boe Brent assumption but dropping to 35-40% on a USD 55/boe assumption against upside/downside pressure thresholds of 45%/30%.
- Op performance was broadly in line with expectations; S&P see solid 2024 performance with ample cash flow to cover divs/buybacks while increasing CapEx.
- EUR spreads flat today; BP bonds have broadly underperformed peers QTD.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok