TEXT-Moody´s may cut Amerada Hess ratings
Fri October 31, 2003 02:42 PM ET

(The following statement was released by the rating agency)
MOODY´S REVIEWS AMERADA HESS´S LONG-TERM DEBT (SR. UNSEC. AT Baa3) AND COMMERCIAL PAPER (PRIME-3) RATINGS FOR POSSIBLE DOWNGRADE

Approximately $4.1 billion Of Debt Securities Affected

NEW YORK, Oct 31 - Moody´s Investors Service placed under review for possible downgrade Amerada Hess Corporation´s (AHC.N: Quote, Profile, Research) Baa3 long-term debt and Prime-3 commercial paper ratings. The rating review reflects concerns over the continuing erosion in the company´s production base and the impact of its high cost structure on profitability and cash flows. Moody´s review will focus on the company´s ability to achieve its production goals in 2004 in the face of continuing core field declines and to fund and maintain a capital budget currently estimated at $1.5 billion in 2004 without incurring financial leverage, particularly if oil and gas prices weaken. A key element of capital spending in 2004 and beyond will be the design and sanctioning of a development plan for its Northern Block G reserves in Equatorial Guinea. These reserves are expected to be a key driver of future production and cash flow growth in the 2005-2006 time frame. Moody´s notes that Amerada Hess has reduced debt by about $500 million in 2003, largely from asset sales proceeds, and that the company´s liquidity is adequate, in part reflecting generally modest near-term debt maturities and the maintenance of committed undrawn bank lines. Moody´s also believes the company will continue in the near-term to benefit from a generally favorable downstream margin environment as it affects the performance of the 50% owned Hovensa refinery in the Virgin Islands and Amerada Hess´s own retail marketing operations. Amerada Hess Corporation is headquartered in New York, New York.
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Comentarios (pocos):
La capacidad de Amerada Hess para hacer frente a sus deudas dependen de su éxito en los planes de producción en Guinea Ecuatorial. Estamos hablando de muchos millones de dólares de deuda.

Hay que observar que Amerada compró Triton, sin que las reservas en la zona continental (Okume y Ceiba) estuvieran totalmente probadas, a lo que había que añadir las dificultades técnicas de la extracción, las cuales han debido de incrementar los costes de explotación.


Celestino Okenve Ndo
Ingeniero y Economista

Fuente: Reuters

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