Citing competition from renewables, S&P warns oil and gas companies of downgrade
By Ben Butler | February 1, 2021
Editor’s note: This story was originally published by The Guardian. It appears here as part of the Climate Desk collaboration.
Rating agency Standard & Poor (S&P) has warned 13 oil and gas companies, including the some of the world’s biggest, that it may downgrade them within weeks because of increasing competition from renewable energy.
On notice of a possible downgrade are Australia’s Woodside Petroleum as well as multinationals Chevron, Exxon Mobil, Imperial Oil, Royal Dutch Shell, Shell Energy North America, Canadian Natural Resources, ConocoPhillips and French group Total. S&P said it was also considering downgrading four large Chinese producers—China Petrochemical Corp, China Petroleum & Chemical Corp, China National Offshore Oil Corp and CNOOC.
https://thebulletin.org/2021/02/citing-competition-from-renewables-sp-warns-oil-and-gas-companies-of-downgrade/
