There may be MUCH more stranded with what is coming at us…
Climate Denial Crock of the Week
Standard & Poor’s Ratings Services on Tuesday cut the ratings of 10 U.S. oil and gas exploration and production companies, citing the sharp drop in crude oil prices.
Chevron Corp., the second-largest U.S. energy company by revenue, was among the companies that had their credit ratings cut. Its corporate credit rating was cut one notch to double-A-negative.
On Friday, Chevron said it would lay off workers and slash more than $9 billion in capital spending this year after reporting it had swung to a fourth-quarter loss.
Other companies that saw their ratings cut by one notch are: Apache Corp., Continental Resources Inc., Devon Energy Corp., EOG Resources Inc., Hess Corp., Hunt Oil Co., Marathon Oil Corp., Murphy Oil Corp. and Southwestern Energy Co.
Norway’s huge sovereign wealth fund, the world’s biggest, has sold out of 73 companies in the past year because their social or environmental policies could…
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