Extraction Oil and Gas, Inc.: Update to credit analysis following downgrade to Caa2 CFR; negative outlook
Very low investment levels brought on by weak commodity prices will lead to falling production and potential liquidity concerns into 2021.Extraction Oil & Gas is an independent oil and gas company focused on the acquisition, development, and production of oil, natural gas, and natural gas liquid (NGL) reserves, as well as the construction and support of midstream assets to gather and process crude oil and gas production in the Rocky Mountain region, primarily in the Wattenberg Field of the Denver-Julesburg Basin (the DJ Basin) of Colorado. The company is primarily focused on developing its proved reserves and production primarily through the development of its inventory of identified liquids-rich horizontal drilling locations in the DJ Basin.
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