U.S. Oil Majors Downgraded by S&P on Climate Risk, Earnings
- Exxon, Chevron, Conoco all lowered one notch by ratings agency
- S&P had flagged move earlier this year, sees growing risks
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Exxon Mobil Corp., Chevron Corp. and ConocoPhillips had their credit ratings lowered after S&P Global Ratings followed through on its recent warning and revised the industry’s risk profile due to climate change and weak earnings.
The three oil and gas producers all had their ratings cut one notch, S&P said in separate statements, and comes two weeks after the ratings company published a sector-wide report on the challenges posed by climate change.