It ended September with net debt of just under 1.9 times trailing Ebitda, and Fitch Ratings has it just inside investment grade. Energy’s high-yield market is largely closed, with the option-adjusted spread on the ICE BofA U.S. High Yield Energy Index back above 700 basis points. Very high leverage (net debt >3x Ebitda) comprising Antero Resources, Chesapeake Energy, Comstock Resources, EQT, Laredo Petroleum, Oasis Petroleum, Range Resources. High leverage (2-3 x Ebitda) comprising Apache, Callon Petroleum, CNX Resources, Matador Resources, QEP Resources, Southwestern Energy. He previously was editor of the Wall Street Journal’s Heard on the Street column and wrote for the Financial Times’ Lex column.

Source: Washington Post February 07, 2020 15:22 UTC