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Standard & Poor’s cut outlook to negative for Exxon, Chevron

by ChemOrbis Editorial Team -
  • 05/10/2015 (14:29)
According to media reports, Standard & Poor’s (S&P) cut their outlook expectations for Exxon and Chevron to negative as the credit rating agency thinks that weaker crude oil prices hurt the companies’ cash flow and liquidity.

S&P reported in a statement that most rating actions show weaker credit-protection measures, negative cash flow, and uncertainty about liquidity over the next 12 months for these two companies.

According to Bloomberg, Chevron has been rated AA by S&P since at least July 1987 while Exxon has a triple-A bond rating since at least 1985. Meanwhile, according to Wood Mackenzie, lower oil prices are also threatening energy investments in North America worth around $1.5 trillion.
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