• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 56 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 2 days Once seen as fleeting, a new solar tech proves its lasting power
  • 6 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 4 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

Oil Should Stay In Triple Digits: Analyst

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

ExxonMobil Loses AAA Credit Rating For First Time Since 1930

ExxonMobil lost its AAA credit rating for the first time in more than 80 years. S&P downgraded the oil supermajor, which was one of only a few U.S. companies that had the highest possible rating.

S&P said that oil prices could remain low for the next few years, which would impair Exxon’s cash flows. It also did not look favorably upon the oil company’s decision to spend $54 billion on share buybacks over the past four years at a time that its debt levels increased. The crash in oil prices since mid-2014 only made things worse. Related: It Isn’t Just ISIS that Is Destabilizing Iraq

Another problem for the company is that it has struggled to replace its oil reserves, only making new discoveries to replace 67 percent of the oil it produced in 2015. "In our view, the company’s greatest business challenge is replacing its ongoing production," S&P said.

The ratings agency had put Exxon up for a credit review in February, and announced a downgrade to AA+ on April 26. There are only two other companies that have a AAA credit rating.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News