HOUSTON, Dec. 14 /PRNewswire/ -- Ocean Energy, Inc. (NYSE: OEI) announced
today that Standard & Poor's has upgraded the company to investment grade
status with a senior debt rating of BBB-.
"This ratings upgrade reflects the improvements we have made to our
balance sheet since the merger with Seagull Energy in 1999," said William L.
Transier, Executive Vice President and Chief Financial Officer. "We are
operating from a solid financial position that will allow us to take advantage
of several major exploration and development projects planned for 2001."
Standard & Poor's cited in its press release dated Dec. 14, 2000: "The
ratings upgrade reflects Ocean's exploitation of relatively high hydrocarbon
prices and buoyant property markets to reduce debt, thus providing it with a
more solid financial foundation for its growth initiatives. Ocean has a
strong portfolio of exploration and development projects that should yield
rapid growth in production in 2002 and 2003."
During 2000, Ocean dropped its debt-to-total capitalization ratio to
49 percent, its lowest level in three years, as of the quarter ended
Sept. 30, 2000. The decrease will also cut annual interest expense in 2001 to
nearly half of 1999 levels.
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 Cote d'Ivoire,
Equatorial Guinea and Angola. The company also conducts operations in the
republics of Egypt, Tatarstan, Pakistan, Yemen 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.
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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.
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