S&P Global Ratings revised Exxon Mobil’s outlook to positive from stable. The agency affirmed the company’s 'AA-' long-term credit rating.
S&P expects Exxon to generate substantial free operating cash flow over the next two years. Significant growth in Guyana and the Permian Basin underpins the positive forecast.
Expansion in liquefied natural gas (LNG) and higher commodity prices support the rating change. These factors should offset the financial impact of decreased activity in the Middle East.