HOUSTON, Jan. 23 /PRNewswire/ -- Ocean Energy, Inc. (NYSE: OEI) announced
today that Moody's Investors Service has raised the company's debt rating to
investment grade status by upgrading its senior unsecured note ratings to Baa3
from Ba1, its senior implied rating to Baa3 from Ba1, and its senior
subordinated notes to Ba1 from Ba2.
"One of our major objectives following our 1999 merger was to strengthen
our balance sheet and improve our operating and financial performance to
achieve investment grade status," said William L. Transier, Executive Vice
President and Chief Financial Officer. "With the announcement today, we have
accomplished that goal with both leading credit rating agencies. We enter
2001 in a strong financial position to grow Ocean Energy through our high-
impact deepwater exploratory program in the Gulf of Mexico and West Africa and
numerous exploitation projects."
The assessment by Moody's incorporates results through year-end 2000, the
2001-2002 outlook and Ocean's recently announced acquisition of Texoil and its
properties. Moody's also issued a stable outlook rating.
"In the two-year transition since the Seagull Energy merger, new OEI's
disciplined management effected an impressive sea change in portfolio risk
culture and standards for reinvesting cash flow," cited the Moody's press
release distributed today. "OEI made major strides in 1999 and 2000 reducing
the effective debt burden by 35 percent, rationalizing its property portfolio,
participating in key offshore discoveries and delivering second half
production gains."
Ocean Energy, Inc. is an independent energy company engaged in the
exploration, development, production, and acquisition of crude oil and natural
gas. North American operations are focused in the shelf and deepwater areas
of the Gulf of Mexico, the Permian Basin, Mid-continent and Rocky Mountain
regions. Internationally, Ocean holds a leading position among U.S.
independents in West Africa with oil and gas activities in Equatorial Guinea,
Cote d'Ivoire and Angola. The company also conducts operations in the
republics of Egypt, Tatarstan, Pakistan, and Indonesia.
Certain statements in this news release regarding future expectations,
plans for acquisitions, dispositions, and oil and gas reserves, exploration,
development, production and pricing may be regarded as "forward-looking
statements" within the meaning of the Securities Litigation Reform Act. They
are subject to various risks, such as operating hazards, drilling risks, the
inherent uncertainties in interpreting engineering data relating to
underground accumulations of oil and gas, as well as other risks discussed in
detail in the Company's SEC filings, including the Annual Report on Form 10-K
for the year ended December 31, 1999. Actual results may vary materially.
SOURCE Ocean Energy, Inc.
 back to top
Related links:
http://www.oceanenergy.com
Company News On-Call:
http://www.prnewswire.com/comp/913463.html or fax,
800-758-5804, ext. 913463
CONTACT:
financial, Bruce Busmire, 713-265-6161, or
media, Janice Aston White, 713-265-6164, both of Ocean Energy,
Inc.
|
