QatarEnergy benefits from significant scale of its proven gas reserves and the low-cost nature of its operations, according to Moody’s.“QatarEnergy has a strong LNG franchise, with a global market share of around 20% in 2023, and continues to expand capacity. We expect the company's credit quality to remain strong over the investment period thanks to earnings and cash generation driven by favourable hydrocarbon prices.“QatarEnergy's focus on LNG distinguishes it from peers in the context of the carbon transition. Demand for LNG is likely to peak significantly later than demand for other fossil fuels thanks to its use as a transition fuel away from more polluting primary energy sources such as coal and oil,” Moody’s said in a recent report.GCC exporters such as national oil and gas companies and petrochemical producers usually have very strong operating profiles underpinned by large scale, a very good track record of execution and low cost operations. The hydrocarbon producers also benefit from favourable geological characteristics in the region.Many rated GCC companies have very strong credit quality thanks to sound macroeconomic and operating conditions, robust business models, sound operating execution and prudent financial discipline. This, Moody’s noted, translates into good financial performance, strong credit metrics and solid liquidity which are likely to be sustained over the next 12 months.Rated GCC companies’ total outstanding debt has been stable at around $410bn in recent years and is likely to remain at this level in 2025, Moody’s noted.Oil and gas and petrochemical companies reduced their debt burdens in 2022-23 thanks to buoyant industry conditions and are likely to sustain these lower levels in 2024-25.By contrast, non-energy related companies modestly increased their debt in 2023-24, although generally in line with their business growth.Cash holdings rose to $200bn in 2023 from $125bn in 2019.The bulk of that increase came from oil and gas and petrochemical companies thanks to high hydrocarbon prices and favourable petrochemical industry conditions.However, this accumulated cash will be used in 2024-25 for capital spending and dividend payments amid more moderate market conditions.For the other companies Moody’s rate, cash accumulated at a slower pace.Total revenue increased to $742bn in 2023 from $507bn in 2019, up 46%, and is likely to remain flat in 2024-25. For sectors other than oil and gas and petrochemicals, growth has been steady.Revenue has fluctuated in the oil and gas sector in line with oil prices, while petrochemical companies have faced pressure over the last two years because of global industry conditions.Profitability remains robust in most sectors. Oil and gas, utilities and telecoms demonstrate stable and high profitability compared with peers. This is likely to be sustained in 2024-25, Moody’s noted.