...NEW YORK (S&P Global Ratings) April 18, 2017--S&P Global Ratings said today that its corporate credit rating and outlook on Hilcorp Energy I L.P. (##+/Stable/--) are unchanged following the announcement that Hilcorp San Juan L.P., a partnership between Hilcorp's general partner and the Carlyle Group, will purchase oil and gas producing properties in the San Juan Basin from ConocoPhillips for $3 billion, including contingent payments. Hilcorp San Juan L.P. is not a subsidiary of Hilcorp Energy I LP. We expect distributions from Hilcorp Energy I L.P. to its general partner to increase temporarily as a result of the transaction. We believe, however, that the increase will be nonrecurring and that credit measures will remain consistent with our expectations for the ratings. We expect funds from operations to debt to be between 30% and 35%, and debt to EBITDA to range between 2.5x and 3x in 2017. Only a rating committee may determine a rating action and this report does not constitute a rating...
