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Rating Action:

Moody's affirms Chevron's Aa2 ratings, outlook changed to stable

12 Apr 2019

Anadarko's and Western Gas's Ba1 ratings placed on review for upgrade

NOTE: On April 17, 2019, the press release was corrected as follows: The methodology paragraph was changed to: “The principal methodology used in rating Chevron Corporation, Chevron Canada Funding Company, Chevron Capital U.S.A. Inc., Chevron Funding Corporation, and Texaco Capital Inc. was Global Integrated Oil & Gas Industry published in October 2016. The principal methodology used in rating Anadarko Petroleum Corporation, Kerr-McGee Corporation, Anadarko Finance Company, and Union Pacific Resources Group Inc. was Independent Exploration and Production Industry published in May 2017. The principal methodology used in rating Western Gas Partners, LP was Midstream Energy published in December 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.” Revised release follows.

New York, April 12, 2019 -- Moody's Investors Service ("Moody's") affirmed Chevron Corporation's ratings, including its Aa2 senior unsecured and Prime-1 short term ratings. The rating outlook for Chevron was changed to stable from positive. Moody's also placed all the ratings of Anadarko Petroleum Corporation (Anadarko) and its guaranteed subsidiaries, and Western Gas Partners (Western Gas) on review for upgrade, including Anadarko and Western Gas's Ba1 Corporate Family Ratings (CFR).

These rating actions follow today's announcement that Chevron and Anadarko have reached an agreement in which Chevron will acquire Anadarko for approximately $33 billion in stock and cash. Chevron will issue 0.3869 shares and $16.25 cash for each share of Anadarko, resulting in an overall consideration that is about 75% equity and 25% cash. The overall transaction value is almost $50 billion, inclusive of Anadarko and Western Gas's outstanding debt. The acquisition is expected to close in the second half of 2019.

"This acquisition strengthens Chevron's upstream portfolio, adding further scale to its already large acreage positions in the Permian Basin and offshore US Gulf of Mexico, with meaningful capital and operating cost synergies," commented Pete Speer, Moody's Senior Vice President. "Despite the substantial equity funding, the transaction will be leveraging to Chevron given Anadarko's much higher financial leverage, resulting in the change of the rating outlook to stable from positive."

RATINGS RATIONALE

Chevron's acquisition of Anadarko adds meaningful production and proved reserves volume along with further development runway in its core Permian Basin asset with Anadarko's sizable Delaware Basin acreage that falls in close proximity to Chevron's properties. Anadarko also adds scale, infrastructure and discoveries in the US Gulf of Mexico that have beneficial overlap with Chevron's existing assets. The addition of Western Gas provides Chevron with strategic gathering, processing and transportation infrastructure for its Permian production, providing further flow assurance to its production volume ramp. The Mozambique LNG project adds to Chevron's existing LNG business and fits better with its LNG experience and financial capability. Overall the transaction provides compelling strategic and cost benefits to Chevron and further enhances its strong upstream business profile and competitiveness compared with its major oil company peers.

The acquisition will weaken Chevron's credit metrics, because Anadarko's and Western Gas's strong asset bases are burdened by high debt levels. Pro forma for the Anadarko acquisition, Chevron's RCF/net debt would have been around 50% at December 31, 2018, compared to the 73% that Chevron had that year. Similarly, Chevron's Debt/Cap rises to about 26% pro forma for the transaction, from 18%. Moody's expects that Chevron will reduce debt over the next several years funded through free cash flow and asset sales and thereby improve its leverage metrics.

The rating outlook was changed to stable as a result of the increased financial leverage and inherent integration and execution risks in Chevron achieving the anticipated synergies and returns on investment from this acquisition. The Aa2 ratings were affirmed based on the strengthening of Chevron's upstream portfolio and anticipated debt reduction through asset sales, which appears achievable given industry conditions, management's track record of prior asset sale execution and conservative financial management.

The increased financial leverage and execution risks make a rating upgrade for Chevron unlikely well into 2020. If Chevron can effectively integrate Anadarko's operations, achieve the anticipated synergies and maintain its strong upstream capital returns while also reducing debt then its ratings could be upgraded. In order to consider an upgrade Chevron needs to strengthen its credit metrics and enhance the resiliency of its leverage metrics to periods of weaker commodity prices. Free cash flow generation and retained cash flow/net debt that can be sustained above 40% under a $50/barrel Brent oil price scenario would demonstrate that resiliency.

Chevron's ratings could be downgraded if it has much weaker than anticipated operating performance post acquisition that results in negative free cash flow generation or proved reserves and production declines. Additional leveraging acquisitions or share repurchases that are effectively funded with debt could also result in a ratings downgrade.

Anadarko's and Western Gas's Ba1 CFRs and senior unsecured ratings were placed on review for upgrade based on their potential ownership by Chevron with its much stronger credit profile and financial resources. If Anadarko's debts are guaranteed by Chevron then its ratings would be upgraded to Chevron's rating level. If Anadarko were to be an unguaranteed subsidiary of Chevron post acquisition and continue to provide separate audited financial statements going forward, then its ratings would likely be upgraded based on anticipated parental support. However, the ratings upgrade would likely be limited to the Baa category unless there are significant changes to Anadarko's stand-alone credit profile.

Moody's expects that Western Gas will remain partially owned and controlled by Chevron, and therefore its ratings will benefit from the enhanced credit profile of its largest customer and an evaluation of its strategic importance and corresponding rating uplift. Based on available information, the ratings upgrade for Western Gas looks likely to be limited to the Baa category.

Outlook Actions:

..Issuer: Chevron Canada Funding Company

....Outlook, Changed To Stable From Positive

..Issuer: Chevron Capital U.S.A. Inc.

....Outlook, Changed To Stable From Positive

..Issuer: Chevron Corporation

....Outlook, Changed To Stable From Positive

..Issuer: Chevron Funding Corporation

....Outlook, Changed To Stable From Positive

..Issuer: Texaco Capital Inc.

....Outlook, Changed To Stable From Positive

..Issuer: Anadarko Finance Company

....Outlook, Changed To Rating Under Review From Positive

..Issuer: Anadarko Petroleum Corporation

....Outlook, Changed To Rating Under Review From Positive

..Issuer: Kerr-McGee Corporation

....Outlook, Changed To Rating Under Review From Positive

..Issuer: Union Pacific Resources Group Inc.

....Outlook, Changed To Rating Under Review From Positive

..Issuer: Western Gas Partners, LP

....Outlook, Changed To Rating Under Review From Positive

Affirmations:

..Issuer: CALIFORNIA MUNICIPAL FINANCE AUTHORITY

....Senior Unsecured Revenue Bonds, Affirmed Aa2 (VMIG1)

..Issuer: California Statewide Communities Dev. Auth.

....Senior Unsecured Revenue Bonds, Affirmed Aa2

....Senior Unsecured Revenue Bonds, Affirmed P-1

..Issuer: Chevron Canada Funding Company

....Senior Unsecured Shelf, Affirmed (P)Aa2

..Issuer: Chevron Capital U.S.A. Inc.

....Senior Unsecured Shelf, Affirmed (P)Aa2

..Issuer: Chevron Corporation

.... Issuer Rating, Affirmed Aa2

....Senior Unsecured Commercial Paper, Affirmed P-1

....Senior Unsecured Notes, Affirmed Aa2

....Senior Unsecured Shelf, Affirmed (P)Aa2

..Issuer: Chevron Funding Corporation

....Senior Unsecured Shelf, Affirmed (P)Aa2

..Issuer: Jackson (County of) MS

....Senior Unsecured Revenue Bonds, Affirmed Aa2 (VMIG1)

....Senior Unsecured Revenue Bonds, Affirmed P-1

..Issuer: Mississippi Business Finance Corporation

....Senior Unsecured Revenue Bonds, Affirmed Aa2 (VMIG1)

..Issuer: Texaco Capital Inc.

....Senior Unsecured Notes, Affirmed Aa2

..Issuer: Uinta (County of) WY

....Senior Unsecured Revenue Bonds, Affirmed Aa2 (VMIG1)

....Senior Unsecured Revenue Bonds, Affirmed P-1

..Issuer: Mississippi Development Bank

....Senior Unsecured Revenue Bonds, Affirmed Aa2

....Senior Unsecured Revenue Bonds, Affirmed P-1

On Review for Upgrade:

..Issuer: Anadarko Finance Company

....Senior Unsecured Notes, Placed on Review for Upgrade, currently Ba1 (LGD4)

..Issuer: Anadarko Petroleum Corporation

.... Probability of Default Rating, Placed on Review for Upgrade, currently Ba1-PD

.... Corporate Family Rating, Placed on Review for Upgrade, currently Ba1

....Senior Unsecured Commercial Paper, Placed on Review for Possible Upgrade, currently NP

....Senior Unsecured Notes, Placed on Review for Possible Upgrade, currently Ba1 (LGD4)

..Issuer: Kerr-McGee Corporation

....Senior Unsecured Notes, Placed on Review for Possible Upgrade, currently Ba1 (LGD4)

..Issuer: Union Pacific Resources Group Inc.

....Senior Unsecured Notes, Placed on Review for Possible Upgrade, currently Ba1 (LGD4)

..Issuer: Western Gas Partners, LP

.... Probability of Default Rating, Placed on Review for Upgrade, currently Ba1-PD

.... Corporate Family Rating, Placed on Review for Upgrade, currently Ba1

....Multiple Seniority Shelf, Placed on Review for Upgrade, currently (P)Ba1

....Senior Unsecured Notes, Placed on Review for Upgrade, currently Ba1 (LGD4)

The principal methodology used in rating Chevron Corporation, Chevron Canada Funding Company, Chevron Capital U.S.A. Inc., Chevron Funding Corporation, and Texaco Capital Inc. was Global Integrated Oil & Gas Industry published in October 2016. The principal methodology used in rating Anadarko Petroleum Corporation, Kerr-McGee Corporation, Anadarko Finance Company, and Union Pacific Resources Group Inc. was Independent Exploration and Production Industry published in May 2017. The principal methodology used in rating Western Gas Partners, LP was Midstream Energy published in December 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

Chevron Corporation is headquartered in San Ramon, California and is among the world's largest integrated oil and gas companies. Anadarko Petroleum Corporation is headquartered in The Woodlands, Texas and is among the largest independent exploration and production companies. Western Gas provides midstream energy services primarily to Anadarko as well as other third party oil and gas producers and customers, and is a wholly owned subsidiary of Western Midstream Partners, LP, a publicly traded master limited partnership. Anadarko controls Western Midstream and owns a substantial proportion of its limited partner interests.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Peter Speer
Senior Vice President
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Steven Wood
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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