.png)
Gorgon LNG Image: Chevron Corporation 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. The ratings decisions reflect “growing risks from energy transition due to climate change and carbon/GHG emissions, weak industry profitability and greater expected volatility in hydrocarbon fundamentals,” S&P said Thursday. Methane Emissions Management: This one-day course is delivered by the Canadian Energy Research Institute, in partnership with JWN Energy and the Daily Oil Bulletin. The downgrades come days after Big Oil posted its worst earnings in decades due to last year’s record crude-price drop. While the lower ratings won’t immediately affect companies’ access to credit or their cost of capital, it highlights the challenges faced by the industry as crude prices recover, especially concerning its approach to climate change. The industry has taken several steps to work through the energy transition but “we […]
CamTrader offers a preview only. View original article. www.jwnenergy.com
