Exxon, Chevron Downgraded at Wolfe on Weak Outlook for Crude
- Chevron, Exxon downgraded by oil & gas analyst Paul Sankey
- Occidental is only company to receive a higher rating
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Exxon Mobil Corp. and Chevron Corp. had their recommendations cut at Wolfe Research as the outlook for oil prices deteriorates.
Exxon was lowered to the underperform from peerperform, while Chevron was downgraded to peerperform from outperform, Wolfe analysts led by Paul Sankey said in separate reports Monday. Apache Corp., Hess Corp. and ConocoPhillips were also downgraded, with Occidental Petroleum Corp. the only outlier to get its rating increased among oil and gas producers.