Exxon, Shell Face Rating Cuts on Greater Climate Risk, S&P Says
Javier Blas and Laura Hurst:
(Bloomberg) — Big Oil suffered a fresh setback after one of the most influential rating companies warned it may cut the credit score of Exxon Mobil Corp., Royal Dutch Shell Plc and a plethora of other major energy companies due to “greater industry risk” associated with climate change.
The move by S&P Global Ratings comes as the oil and gas industry is on the ropes, unloved by equity investors and facing pressure from multiple policy makers after U.S. President Joe Biden put climate change at the center of his agenda.