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Many independent oil & gas producers (E&Ps) possess high-yield credit ratings, and their borrowing costs are typically elevated compared with so-called Investment Grade firms.
As lenders have become increasingly wary of lending to oil & gas producers, coupons on new bond issuances have begun to rise for some high-yield names, but not for all.
We see highest near-term risk associated with AR and RRC, but relatively strong prospects for MUR and PDCE.
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