BUZZ-Oil producers: Crude price falls, S&P cuts ratings

Tue Jan 20, 2015 11:28am EST
 
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** Oil and gas producers' shares down as oil price falls further

** Oil price falls towards $48 per barrel after International Monetary Fund cut forecast for 2015 global economic growth, implying lower demand for fuel

** Brent crude down 0.8 pct at $48.46 per barrel at 11.05 a.m. ET; U.S. crude down 3.8 pct at $46.82

** Standard & Poor's cuts rating on stocks of 8 oil companies, including Magnum Hunter Resources Corp, WPX Energy Inc, Energy XXI Ltd, Warren Resources Inc and Swift Energy Co

** SunTrust Robinson and KLR Group cut price targets on oil companies including Goodrich Petroleum, Denbury Resources Inc, Halcon Resources Corp, Miller Energy Resources Inc, Oasis Petroleum Inc, Rosetta Resources Inc and Approach Resources Inc

** Shares of Magnum Hunter Resources down 12.9 pct, WPX Energy down 6.9 pct, Energy XXI down 7.5 pct, Warren Resources down 7.5 pct, Swift Energy down 8.4 pct

** Goodrich Petroleum down 11.4 pct, Denbury Resources down 7.2 pct, Halcon Resources down 9.2 pct, Miller Energy Resources down 4 pct

** Oasis Petroleum down 5.4 pct, Rosetta Resources down 7.8 pct, Approach Resources down 5.9 pct

** U.S. listed shares of Baytex Energy Corp down 7.3 pct; Cenovus Energy Inc down 5.5 pct