... Corporation's (OXY) ratings are supported by the company's large size, strong operational track record, diverse resource base, significant exposure to liquids (73% of 2013 production), historically robust cash flow generation and low debt levels. OXY also enjoys modest integration benefits (chemicals and midstream) and low geological risk stemming from its enhanced oil recovery (EOR) strategy. Solid Financial Metrics: OXY's LTM financial performance has been very strong, prompted by relatively high oil prices. As calculated by Fitch Ratings, OXY generated near-record EBITDA of $14.7 billion for the period ending June 30, 2014, and had a total debt of $6.8 billion. This resulted in debt/EBITDA leverage of just 0.5x, EBITDA/gross interest coverage of 45.2x and FFO/interest coverage of 39.3x. Credit Concerns: Concerns center on what OXY's ultimate reserve and production profile will be following the company's restructuring. Assets sold to...
