S&P puts oil, gas issuers on watch

S&P said it placed a number of oil and gas companies and their subsidiaries on CreditWatch with negative implications.

The agency said it revised its industry risk assessment for the oil and gas producers to moderately high risk from intermediate risk. The change reflects the risks of the energy transition, price volatility and weaker profitability.

The companies placed on CreditWatch negative that previously had negative outlooks are Chevron Corp., Exxon Mobil Corp., Imperial Oil Ltd., Royal Dutch Shell plc, Shell Energy North America (US) LP, Total SE and Woodside Petroleum Ltd.

S&P put on CreditWatch negative the following companies that previously had stable outlooks: China Petrochemical Corp., China Petroleum & Chemical Corp., China National Offshore Oil Corp., Cnooc Ltd., ConocoPhillips and Canadian Natural Resources Ltd.

S&P said it aims to resolve the CreditWatch placements within a few weeks.

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