Moody’s Investor Services today announced it has downgraded the long-term debt of Anadarko Petroleum Corporation (NYSE:APC) and its guaranteed subsidiaries (Anadarko) to Ba1 from Baa3 and placed its long-term ratings under review for further possible downgrade. Moody’s additionally assigned a Ba1 to the company’s Corporate Family Rating.
“The action taken today by Moody’s is very disappointing and surprising in light of Anadarko’s limited role as a non-operating investor in the Macondo well. Although we understand the concern over uncertainty surrounding the current situation, we believe it is too early in the process for Moody’s to take this action. Further, our significant concerns about the behavior and actions of BP as operator of Macondo were highlighted by our Chairman and CEO in a statement issued earlier today,” said Anadarko Sr. Vice President, Finance and CFO Robert Gwin. “We believe our liquidity position, asset portfolio, and continued strong operating and financial performance provide us with the flexibility to take action based on the facts as they develop. We will take whatever steps are appropriate to protect our stakeholders and will work diligently to regain our investment grade status with Moody’s.”
Anadarko Petroleum Corporation’s mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world’s health and welfare. As of year-end 2009, the company had approximately 2.3 billion barrels-equivalent of proved reserves, making it one of the world’s largest independent exploration and production companies. For more information about Anadarko, please visit www.anadarko.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including the outcome of events in the Gulf of Mexico relating to the Macondo well incident and the company’s ability to successfully defend its stated position under the Macondo joint operating agreement, the impact of downgrades to the company’s credit rating, and the company’s ability to improve its credit rating. Other factors that could impact the forward-looking statements are described in “Risk Factors” in the company’s 2009 Annual Report on Form 10-K, Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 and other public filings and press releases. Readers are cautioned not to place undue reliance on forward-looking statements, which speak as of the date hereof. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
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