03-19-2020, 08:45 AM
(03-18-2020, 11:50 PM)EricL Wrote:(03-18-2020, 08:53 PM)stockguru Wrote:(03-16-2020, 11:55 AM)EricL Wrote: Used the proceeds from last week's sale of OXY to add to my CVX position this morning at $75.
You should have stayed in OXY. I cant believe CVX lost $15 dollars today and is now at $55. When does the nightmare end
OXY won't survive $25 oil.
CVX will.
OXY credit rating cut to junk at Moody's.
Moody's downgrades its rating on Occidental Petroleum's (NYSE:OXY) senior unsecured debt to Ba1 from Baa3, a week after the company cut its 2020 spending and production guidance and slashed its dividend.
The acquisition of Anadarko Petroleum Corp. continues to burden Occidental's balance sheet, "significantly compromising its financial flexibility to confront the collapse in oil prices," says Moody's VP Andrew Brooks.
"Projected asset sales required for debt reduction have slowed and face considerable headwinds in a challenged oil and natural gas price environment, leaving OXY with a significantly weakened credit profile whose prospects for near-term improvement are uncertain," Brooks says.
This likely is just the beginning of many credit rating downgrades to junk status in the oil and gas industry.