S&P Global Ratings recently revised its crude oil and natural gas price decks for 2021 and 2022, and the price assumption for natural gas in 2023, 2024, and thereafter. Despite higher commodity prices, we affirmed our 'AA-' long-term issuer credit rating and debt ratings on major integrated oil company Exxon Mobil Corp. as high debt levels and weak refining margins limit near-term improvement in credit measures. The short-term commercial paper rating remains 'A-1+'. The outlook is negative, reflecting ExxonMobil's high leverage and the potential for a downgrade if we expect funds from operations (FFO) to debt to remain well below 60% for a sustained period. The negative outlook reflects our view that ExxonMobil's leverage is weak for the rating, as
