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Rating Action:

Moody's reviews 29 US E&P companies for downgrade

16 Dec 2015

Note: On February 19, 2016, the press release was corrected as follows: In the list of ratings placed on review for downgrade, for issuer Pioneer Natural Resources Company, corrected rating for Preferred Shelf from (P)Ba2, Placed on Review for Downgrade to (P)Ba1, Placed on Review for Downgrade. Revised release follows.

New York, December 16, 2015 -- Moody's Investors Service (Moody's) placed the ratings of 29 US exploration and production (E&P) companies and their rated subsidiaries on review for downgrade. A complete set of companies and rating actions is listed below.

"Industry conditions have weakened further with oil and natural gas prices at multi-year lows," said Pete Speer, Moody's Senior Vice President. "E&P companies will be stressed for a longer period with much lower cash flows, difficulty selling assets and limited capital markets access."

RATINGS RATIONALE

As part of an ongoing assessment of energy markets, Moody's sharply reduced its oil and gas price assumptions on December 15 in light of continuing oversupply in both the global oil markets and the United States natural gas market. Throughout 2015, E&P has accounted for the majority of Moody's rating actions and downgrades consistent with deteriorating liquidity and heightened default risk. Although most of the companies being put on review have not had a negative rating action during the current slide of oil and gas prices, today's review for downgrade reflects much weaker industry fundamentals resulting in downward rating pressure. While this review focuses on investment grade and Ba-rated companies, Moody's continues its assessment of single-B and lower rated companies.

This broad ratings review will focus on each individual E&P company's asset base, portfolio durability, cost structure and returns, as well as management's strategy for coping with a prolonged downturn. The review will assess each company's cash flow and credit metrics under our latest price assumptions, liquidity profile, commodity hedges in place, debt maturity profile and financing needs, capital spending requirements, and relative rating positioning.

Moody's expects weaker industry conditions through at least 2017, as lower prices lead to weaker cash flows, a challenging asset sales environment and restricted access to capital markets. Low oil and natural gas prices will reduce companies' cash flows and further weaken their credit metrics. Asset sales are much more difficult to transact in this environment and the values of these assets are much lower. Capital markets access, both debt and equity, is limited for energy companies, heightening refinancing risk, particularly for speculative-grade rated companies.

Based on the severity and potential duration of the industry challenges, Moody's expects that many companies will be downgraded a notch and some companies could be downgraded more than one notch. However, some companies' ratings could be confirmed as well. Moody's expects to conclude most reviews over the next several months.

The principal methodology used in these ratings was Global Independent Exploration and Production Industry published in December 2011. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The following ratings are placed on Review for Downgrade:

..Issuer: Anadarko Finance Company

....Backed Senior Unsecured Regular Bond/Debenture, Baa2, Placed on Review for Downgrade

..Issuer: Anadarko Petroleum Corporation

....Senior Unsecured Shelf, (P)Baa2, Placed on Review for Downgrade

....Senior Unsecured Commercial Paper, P-2, Placed on Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, Baa2, Placed on Review for Downgrade

..Issuer: Antero Resources Corporation

.... Corporate Family Rating, Ba2, Placed on Review for Downgrade

.... Probability of Default Rating, Ba2-PD, Placed on Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, Ba3 (LGD5), Placed on Review for Downgrade

..Issuer: Antero Resources Finance Corporation (Assumed by Antero Resources Corporation)

....Senior Unsecured Regular Bond/Debenture, Ba3 (LGD5), Placed on Review for Downgrade

..Issuer: Apache Corporation

....Senior Unsecured Regular Bond/Debenture, Baa1, Placed on Review for Downgrade

...Issuer: Apache Finance Canada Corporation

....Backed Senior Unsecured Regular Bond/Debenture, Baa1, Placed on Review for Downgrade

..Issuer: Apache Finance Canada II Corporation

....Backed Subordinate Shelf, (P)Baa2, Placed on Review for Downgrade

....Backed Senior Unsecured Shelf, (P)Baa1, Placed on Review for Downgrade

..Issuer: Denbury Resources Inc.

.... Corporate Family Rating, Ba3, Placed on Review for Downgrade

.... Probability of Default Rating, Ba3-PD, Placed on Review for Downgrade

....Senior Subordinated Regular Bond/Debenture, B1 (LGD4), Placed on Review for Downgrade

...Issuer: EP Energy LLC

.... Corporate Family Rating, Ba3, Placed on Review for Downgrade

.... Probability of Default Rating, Ba3-PD, Placed on Review for Downgrade

....Senior Secured Bank Credit Facilities, Ba2 (LGD3), Placed on Review for Downgrade

....Backed Senior Unsecured Regular Bond/Debenture, B1 (LGD5), Placed on Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, B1 (LGD5), Placed on Review for Downgrade

...Issuer: EQT Corporation

....Senior Unsecured Medium-Term Note Program, (P)Baa3, Placed on Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, Baa3, Placed on Review for Downgrade

....Senior Unsecured Shelf, (P)Baa3, Placed on Review for Downgrade

..Issuer: Hess Corporation

....Senior Unsecured Regular Bond/Debenture, Baa2, Placed on Review for Downgrade

...Issuer: Hilcorp Energy I, L.P

.... Corporate Family Rating, Ba1, Placed on Review for Downgrade

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

....Senior Unsecured Regular Bond/Debenture, Ba2 (LGD5), Placed on Review for Downgrade

..Issuer: Hunt Oil Company

.... Issuer Rating, Baa2, Placed on Review for Downgrade

..Issuer: Kerr-McGee Corporation

....Backed Senior Unsecured Regular Bond/Debenture, Baa2, Placed on Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, Baa2, Placed on Review for Downgrade

...Issuer: National Fuel Gas Company

.... Commercial Paper, P-2, Placed on Review for Downgrade

....Senior Unsecured Medium-Term Note Program, (P)Baa2, Placed on Review for Downgrade

....Senior Unsecured Shelf, (P)Baa2, Placed on Review for Downgrade currently

....Senior Unsecured Regular Bond/Debenture, Baa2, Placed on Review for Downgrade

....Underlying Senior Unsecured Regular Bond/Debenture, Baa2, Placed on Review for Downgrade

...Issuer: Occidental Petroleum Corporation

.... Commercial Paper, P-1, Placed on Review for Downgrade

.... Issuer Rating, A2, Placed on Review for Downgrade

....Senior Unsecured Shelf, (P)A2, Placed on Review for Downgrade

....Senior Unsecured Medium-Term Note Program, (P)A2, Placed on Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for Downgrade

...Issuer: Maryland Industrial Development Financing Authority

....Backed Senior Unsecured Revenue Bonds, A2/VMIG1, Placed on Review for Downgrade

...Issuer: Maury County Industrial Development Broad, TN

....Backed Senior Unsecured Revenue Bonds, A2, Placed on Review for Downgrade

...Issuer: Pioneer Natural Resources Company

.... Issuer Rating, Baa3, Placed on Review for Downgrade

....Preferred Shelf, (P)Ba1, Placed on Review for Downgrade

....Subordinate Shelf, (P)Ba1, Placed on Review for Downgrade

....Senior Unsecured Shelf, (P)Baa3, Placed on Review for Downgrade

...Backed Preferred Shelf, (P)Ba1, Placed on Review for Downgrade

....Backed Subordinate Shelf, (P)Ba1, Placed on Review for Downgrade

....Backed Senior Subordinate Shelf, (P)Ba1, Placed on Review for Downgrade

....Backed Senior Unsecured Shelf, (P)Baa3, Placed on Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, Baa3, Placed on Review for Downgrade

Issuer: SM Energy Company

.... Corporate Family Rating, Ba1, Placed on Review for Downgrade

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

.... Senior Unsecured Regular Bond/Debenture, Ba2 (LGD5), Placed on Review for Downgrade

..Issuer: Union Pacific Resources Group Inc.

....Backed Senior Unsecured Regular Bond/Debenture, Baa2, Placed on Review for Downgrade

...Issuer: Unit Corporation

.... Corporate Family Rating, Ba3, Placed on Review for Downgrade

.... Probability of Default Rating, Ba3-PD, Placed on Review for Downgrade

....Senior Subordinated Regular Bond/Debenture, B1 (LGD5), Placed on Review for Downgrade

...Issuer: WPX Energy, Inc.

.... Corporate Family Rating, Ba1, Placed on Review for Downgrade

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

....Senior Unsecured Regular Bond/Debenture, Ba1 (LGD4), Placed on Review for Downgrade

....Senior Unsecured Shelf, (P)Ba1, Placed on Review for Downgrade

..Issuer: Burlington Resources Finance Company

....Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for Downgrade

..Issuer: Burlington Resources, Inc.

....Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for Downgrade

...Issuer: Cimarex Energy Co.

.... Senior Unsecured Regular Bond/Debenture, Baa3, Placed on Review for Downgrade

..Issuer: Concho Resources Inc.

.... Corporate Family Rating, Ba1, Placed on Review for Downgrade

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

.... Senior Unsecured Regular Bond/Debenture, Ba2 (LGD4), Placed on Review for Downgrade

..Issuer: Conoco Funding Company

....Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for Downgrade

..Issuer: ConocoPhillips

.... Issuer Rating, A2, Placed on Review for Downgrade

....Backed Senior Unsecured Shelf, (P)A2, Placed on Review for Downgrade

....Backed Senior Unsecured Commercial Paper, P-1, Placed on Review for Downgrade

....Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for Downgrade

.... Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for Downgrade

..Issuer: ConocoPhillips Canada Funding Company I

....Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for Downgrade

..Issuer: ConocoPhillips Canada Funding Company II

....Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for Downgrade

..Issuer: ConocoPhillips Canada Resources Limited

....Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for Downgrade

..Issuer: ConocoPhillips Company

.... Issuer Rating, A2, Placed on Review for Downgrade

....Senior Secured Equipment Trust, A1, Placed on Review for Downgrade

....Senior Secured Regular Bond/Debenture, A2, Placed on Review for Downgrade

....Senior Secured Shelf, (P)A1, Placed on Review for Downgrade

....Backed Senior Unsecured Shelf, (P)A2, Placed on Review for Downgrade

....Senior Unsecured Medium-Term Note Program, (P)A2, Placed on Review for Downgrade

....Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for Downgrade

..Issuer: ConocoPhillips Holding Company (Assumed by ConocoPhillips Company)

....Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for Downgrade

..Issuer: ConocoPhillips Qatar Funding Ltd.

....Backed Senior Unsecured Commercial Paper, P-1, Placed on Review for Downgrade

..Issuer: Continental Resources, Inc.

....Senior Unsecured Regular Bond/Debenture, Baa3, Placed on Review for Downgrade

..Issuer: Energen Corporation

.... Corporate Family Rating, Ba1, Placed on Review for Downgrade

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

....Preferred Shelf, (P)B1, Placed on Review for Downgrade

....Senior Unsecured Shelf, (P)Ba2, Placed on Review for Downgrade

....Senior Unsecured Medium-Term Note Program, (P)Ba2, Placed on Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, Ba2 (LGD5), Placed on Review for Downgrade

..Issuer: EOG Resources, Inc.

....Senior Unsecured Shelf, (P)A3, Placed on Review for Downgrade

....Preferred Shelf, (P)Baa2, Placed on Review for Downgrade

....Subordinate Shelf, (P)Baa1, Placed on Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, A3, Placed on Review for Downgrade

..Issuer: Kodiak Oil & Gas Corp

....Backed Senior Unsecured Regular Bond/Debenture, Ba3(LGD4), Placed on Review for Downgrade

..Issuer: Louisiana Land & Exploration Company

....Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for Downgrade

..Issuer: Marathon Oil Corporation

....Senior Unsecured Shelf, (P)Baa1, Placed on Review for Downgrade

....Senior Unsecured Medium-Term Note Program, (P)Baa1, Placed on Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, Baa1, Placed on Review for Downgrade

..Issuer: Murphy Oil Corporation

....Senior Unsecured Regular Bond/Debenture, Baa3, Placed on Review for Downgrade

..Issuer: Newfield Exploration Company

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

.... Corporate Family Rating, Ba1, Placed on Review for Downgrade

....Preferred Shelf Shelf , (P)Ba3, Placed on Review for Downgrade

....Senior Subordinate Shelf , (P)Ba2, Placed on Review for Downgrade

....Senior Unsecured Shelf , (P)Ba1, Placed on Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, Ba1 (LGD4), Placed on Review for Downgrade

..Issuer: Noble Energy, Inc.

....Senior Unsecured Shelf, (P)Baa2, Placed on Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, Baa2, Placed on Review for Downgrade

..Issuer: Polar Tankers, Inc.

....Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for Downgrade

..Issuer: QEP Resources, Inc.

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

.... Corporate Family Rating , Ba1, Placed on Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, Ba1 (LGD4), Placed on Review for Downgrade

..Issuer: Range Resources Corporation

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

.... Corporate Family Rating, Ba1, Placed on Review for Downgrade

....Senior Subordinated Regular Bond/Debenture, Ba2 (LGD5), Placed on Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, Ba1 (LGD3), Placed on Review for Downgrade

..Issuer: Southwestern Energy Company

....Senior Unsecured Commercial Paper, P-3, Placed on Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, Baa3 Placed on Review for Downgrade

..Issuer: St. John the Baptist (Parish of) LA

....Backed Senior Unsecured Revenue Bonds, Baa1, Placed on Review for Downgrade

..Issuer: Tosco Corporation

....Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for Downgrade

..Issuer: Valdez (City of) AK

....Backed Senior Unsecured Revenue Bonds, A2/VMIG1, Placed on Review for Downgrade

..Issuer: Whiting Petroleum Corporation

.... Probability of Default Rating, Ba2-PD, Placed on Review for Downgrade

.... Corporate Family Rating , Ba2, Placed on Review for Downgrade

....Senior Subordinated Regular Bond/Debenture, B1 (LGD6), Placed on Review for Downgrade

....Senior Unsecured Conv./Exch. Bond/Debenture, Ba3 (LGD4), Placed on Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, Ba3 (LGD4), Placed on Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, Ba3 (LGD4), Placed on Review for Downgrade

Outlook Actions:

..Issuer: Anadarko Finance Company

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

Outlook Actions:

..Issuer: Anadarko Petroleum Corporation

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

Outlook Actions:

..Issuer: Antero Resources Corporation

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

Outlook Actions:

..Issuer: Apache Corporation

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

Outlook Actions:

..Issuer: Apache Finance Canada Corporation

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

Outlook Actions:

..Issuer: Apache Finance Canada II Corporation

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

Outlook Actions:

..Issuer: Denbury Resources Inc.

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

Outlook Actions:

..Issuer: EP Energy LLC

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

Outlook Actions:

..Issuer: EQT Corporation

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

Outlook Actions:

..Issuer: Hess Corporation

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

Outlook Actions:

..Issuer: Hilcorp Energy I, L.P

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

Outlook Actions:

..Issuer: Hunt Oil Company

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

Outlook Actions:

..Issuer: Kerr-McGee Corporation

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

Outlook Actions:

..Issuer: National Fuel Gas Company

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

Outlook Actions:

..Issuer: Occidental Petroleum Corporation

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

Outlook Actions:

..Issuer: Pioneer Natural Resources Company

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

Outlook Actions:

..Issuer: SM Energy Company

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

Outlook Actions:

..Issuer: Union Pacific Resources Group Inc.

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

Outlook Actions:

..Issuer: Unit Corporation

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

Outlook Actions:

..Issuer: WPX Energy, Inc.

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

Outlook Actions:

..Issuer: Burlington Resources Finance Company

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

..Issuer: Burlington Resources, Inc.

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

..Issuer: Cimarex Energy Co.

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

..Issuer: Concho Resources Inc.

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

..Issuer: Conoco Funding Company

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

..Issuer: ConocoPhillips

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

..Issuer: ConocoPhillips Canada Funding Company I

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

..Issuer: ConocoPhillips Canada Funding Company II

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

..Issuer: ConocoPhillips Canada Resources Limited

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

..Issuer: ConocoPhillips Company

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

..Issuer: Continental Resources, Inc.

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

..Issuer: Energen Corporation

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

..Issuer: EOG Resources, Inc.

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

..Issuer: Kodiak Oil & Gas Corp

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

..Issuer: Louisiana Land & Exploration Company

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

..Issuer: Marathon Oil Corporation

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

..Issuer: Murphy Oil Corporation

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

..Issuer: Newfield Exploration Company

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

..Issuer: Noble Energy, Inc.

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

..Issuer: Polar Tankers, Inc.

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

..Issuer: QEP Resources, Inc.

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

..Issuer: Range Resources Corporation

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

..Issuer: Southwestern Energy Company

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

..Issuer: Whiting Petroleum Corporation

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

Affirmations:

..Issuer: Apache Corporation

....Senior Unsecured Commercial Paper, Affirmed P-2

..Issuer: EOG Resources, Inc.

.... Commercial Paper, Affirmed P-2

..Issuer: Marathon Oil Corporation

....Senior Unsecured Commercial Paper, Affirmed P-2

Unchanged:

...Issuer: Denbury Resources Inc.

.... Speculative Grade Liquidity Rating, Unchanged at SGL-3

...Issuer: EP Energy LLC

.... Speculative Grade Liquidity Rating, Unchanged at SGL-2

..Issuer: WPX Energy, Inc.

.... Speculative Grade Liquidity Rating, Unchanged at SGL-3

...Issuer: Unit Corporation

.... Speculative Grade Liquidity Rating, Unchanged at SGL-2

Issuer: SM Energy Company

.... Speculative Grade Liquidity Rating, Unchanged at SGL-2

..Issuer: Concho Resources Inc.

.... Speculative Grade Liquidity Rating, Unchanged SGL-2

..Issuer: Energen Corporation

.... Speculative Grade Liquidity Rating, Unchanged SGL-2

..Issuer: Newfield Exploration Company

....Speculative Grade Liquidity Rating, Unchanged SGL-2

..Issuer: Range Resources Corporation

....Speculative Grade Liquidity Rating, Unchanged SGL-2

..Issuer: Whiting Petroleum Corporation

....Speculative Grade Liquidity Rating, Unchanged SGL-2

..Issuer: Antero Resources Corporation

....Speculative Grade Liquidity Rating, Unchanged SGL-2

..Issuer: QEP Resources, Inc.

....Speculative Grade Liquidity Rating, Unchanged SGL-2

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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

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: 212-553-0376
SUBSCRIBERS: 212-553-1653

Steven Wood
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's reviews 29 US E&P companies for downgrade
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Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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