pdf-articles Ratings /ratings/en/research/pdf-articles/211123-esg-credit-indicator-report-card-oil-and-gas-upstream-and-refining content esgSubNav

ESG Credit Indicator Report Card: Oil And Gas Upstream And Refining

We view the oil and gas sector as having well-above-average environmental risk compared to other industry sectors. Environmental risk is the most relevant ESG category for the upstream oil and gas and refining sectors due to issuers' exposure to climate transition risk and the potential loss of market share to product substitution and renewables.