OREANDA-NEWS. Fitch Ratings has concluded its review of North American energy credits associated with its recently revised oil and gas price deck.

On Feb. 24, Fitch revised its base case oil and gas price assumptions lower to reflect bearish trends in inventory builds and production that are expected to result in further delays in price recoveries for both commodities. The new base case price for oil (WTI and Brent) was lowered to $35/bbl in 2016, $45/bbl in 2017, and $55/bbl in 2018, while the long-term price was left unchanged at $65/bbl. Henry Hub natural gas base case prices were lowered to $2.25/mcf in 2016, $2.50/mcf in 2017, and $2.75/mcf in 2018, while the long-term natural gas price was left unchanged at $3.25/mcf.

Fitch has taken the following rating actions on publicly rated entities linked to the Feb. 24 price revision:

Anadarko Petroleum Corporation: IDR affirmed at 'BBB' and Outlook revised to Negative from Stable; Short-term rating downgraded to 'F3' from 'F2'

Apache Corporation: IDR downgraded to 'BBB' from 'BBB+'; Outlook Stable

Chesapeake Energy: IDR downgraded to 'B-' from 'B'; Outlook remains Negative

ConocoPhillips: Issuer Default Rating (IDR) downgraded to 'A-' from 'A'; Outlook remains Negative

Devon Energy Corporation: IDR affirmed at 'BBB+' and Outlook revised to Negative from Stable

Southwestern Energy Company: IDR downgraded to 'B+' from 'BBB-'; Outlook remains Negative

Unit Corporation: IDR downgraded to 'B+' from 'BB'; Outlook revised to Negative from Stable

Listed below are current Issuer Default Ratings (IDRs) and Outlooks for publicly rated North American energy companies:

Exploration & Production:

Occidental Petroleum Corp: IDR 'A'/Stable Outlook
ConocoPhillips: IDR 'A-'/Negative Outlook
Apache Corporation: IDR 'BBB'/Stable Outlook
Devon Energy Corporation: IDR 'BBB+'/Negative Outlook
Marathon Oil Corporation: IDR 'BBB'/Negative Outlook
Anadarko Petroleum Corporation: IDR 'BBB'/Negative Outlook
Hess Corporation: IDR 'BBB'/Negative Outlook
EnCana Corporation: IDR 'BBB-'/Negative Outlook
EQT Corporation: IDR 'BBB-'/Stable Outlook
Pioneer Natural Resources Company: IDR 'BBB-'/Stable Outlook
Murphy Oil Corporation: IDR 'BB+'/Stable Outlook
Newfield Exploration Company: IDR 'BB+'/Stable Outlook
Southwestern Energy Company: IDR 'B+'/Negative Outlook
Unit Corporation: IDR 'B+'/Negative Outlook
Jones Energy Holdings, LLC: IDR 'B'/Stable Outlook
Chesapeake Energy Corporation: IDR 'B-'/Stable Negative
Energy XXI Gulf Coast, Inc.: IDR 'C'

Drilling & Services:

Halliburton Company: IDR 'A-'/Stable Outlook
Nabors Industries, Inc.: IDR 'BBB-'/Negative Outlook
Weatherford International: IDR 'BB'/Negative Outlook
Transocean, Inc.: IDR 'BB'/Negative Outlook
Seacor Holdings, Inc.: IDR 'B'/Stable Outlook

Refining/Downstream:

Marathon Petroleum Corporation: IDR 'BBB'/Stable Outlook
Valero Energy Corporation: IDR 'BBB'/Stable Outlook
CITGO Petroleum Corporation: IDR 'B'/Stable Outlook
CITGO Holding, Inc.: IDR 'B-'/Stable Outlook