No more toxic bonds
Banks must cut ties with fossil fuel expansion
The bond market is a critical source of finance for the world’s most polluting companies. Although climate experts stress the urgent need to halt new fossil fuel projects, companies involved in fossil fuel expansion continue to raise billions through global bond markets. In order to do so, these companies rely on a chain of financial institutions, including banks, investors and credit rating agencies. The live tracker below reveals which banks are involved in the most recent and most toxic bond issuances.
Bonds, a key financing source for polluting companies
The bond market is increasingly being used as a piggy bank for the world’s most polluting companies. The share of bonds in the funding strategies of fossil fuel companies has nearly doubled over the past decade. In 2024 and 2023, according to the Banking on Climate Chaos report, 51% of financing for companies involved in fossil fuel expansion came from corporate bonds, representing US$391 billion in bond issuances.
There are several reasons for this high reliance on bonds :
- Bonds give companies access to a larger pool of capital compared to relying solely on bank loans. Bonds tap into the broader capital markets, including institutional investors such as pension funds, insurers, and asset managers.
- Bonds offer a safe haven for fossil fuel companies, as the funds raised are typically unrestricted. Unlike dedicated financing, bond proceeds can readily be used for new fossil fuel projects, fitting into the company’s overall investment plans without external oversight.
- Some of the largest fossil fuel developers are not publicly traded, such as ADNOC, Freeport LNG and QatarEnergy. For these companies, issuing bonds is often the only way to access capital markets without depending entirely on bank loans.
Because bonds usually finance general corporate needs, the capital raised via these bonds can be used by fossil fuel companies to expand their activities. As such, the bond market plays a substantial role in funding new projects and activities within the coal, oil and gas sectors.
The tracker below shows information on the banks involved in the outstanding bonds (i.e. bonds in circulation and not yet repaid to investors) of 35 of the companies with the biggest fossil fuel expansion plans. The bonds accounted for in the tracker do not include green bonds, which are bonds earmarked to finance projects with environmental benefits (see green bond section below).
Companies active in the coal sector (mining, power or infrastructure)
Companies active in the upstream part of the oil and gas value chain
Companies active in the midstream part of the oil and gas value chain
Corporate bonds are a major source of financing for the world’s biggest companies. They are debt securities, similar to an IOU, where a corporation (issuer) borrows money from multiple investors (bondholders) for a set period (maturity) in exchange for regular interest payments (the coupon). Companies issue bonds to borrow money to finance general operations, capital intensive projects, and to refinance existing debt.
In order to issue a bond, companies rely on a chain of financial institutions: investment banks, investors and credit rating agencies. The roles described below are key to the bond issuance process.
The majority of bonds issued are ordinary (“vanilla”) bonds, with funds not earmarked for specific projects but financing the issuer’s overall operations.
But some bonds are “labelled” to support companies’ climate transition and include certain conditions. These include green, social, sustainability and sustainability linked bonds. Labelled bonds make up roughly 10% of the global corporate bond market in 2024.
Some see such instruments as a “green” way out. However, with little supervision, they cover a multitude of realities, including the financing of non-green projects or the use of weak, cosmetic conditions by companies that remain active in highly polluting sectors without credible 1.5°C-aligned plans.
The banks behind fossil fuel bonds
Fossil fuel financing through bonds is made possible primarily by the banks involved in the bond issuance process.
Banks play a significant role in underwriting and facilitating bond issuances, connecting companies with investors and structuring the transactions. Yet, banks tend to not take responsibility for this role and thus the role bonds play in accelerating the climate crisis. Today, most international banks do not include capital market activities in their decarbonization targets and none have set targets to reduce the volume of fossil fuel financing facilitated on the capital markets – despite this type of target being the most effective in driving decarbonization.
That’s why it’s key to track the toxic fossil fuel bonds being issued every day, and to call on banks to take responsibility for all financial services they provide, including lending and credit services, bond underwriting, and advisory work.
The tracker below displays banks’ involvement in the outstanding bonds of 35 companies with fossil fuel expansion plans. The information is updated monthly to include the latest bond issuances, allowing us to identify the banks involved in every new bond deal.
Live tracker of banks’ involvement in recent fossil fuel bond issuances
Last updated: November 5th, 2025
| Bank | Fossil fuel company | Number of bond issuances facilitated (total) | Number of recent bond issuances facilitated (since 01.01.2023) |
|---|---|---|---|
| JP Morgan Chase | Energy Transfer LP | 39 | 17 |
| JP Morgan Chase | ConocoPhillips | 32 | 11 |
| JP Morgan Chase | Chevron Corp | 30 | 14 |
| JP Morgan Chase | Exxon Mobil Corp | 26 | 2 |
| JP Morgan Chase | BP PLC | 19 | 9 |
| JP Morgan Chase | China Petrochemical Corp | 19 | 0 |
| JP Morgan Chase | Saudi Arabian Oil Co | 19 | 10 |
| JP Morgan Chase | TotalEnergies SE | 18 | 6 |
| JP Morgan Chase | Eni SpA | 17 | 6 |
| JP Morgan Chase | Equinor ASA | 17 | 3 |
| JP Morgan Chase | Petroleos Mexicanos | 16 | 1 |
| JP Morgan Chase | Glencore PLC | 15 | 7 |
| JP Morgan Chase | Cheniere Energy Inc | 15 | 4 |
| JP Morgan Chase | Gazprom PJSC | 14 | 0 |
| JP Morgan Chase | Venture Global Inc | 14 | 11 |
| JP Morgan Chase | Sempra | 13 | 6 |
| JP Morgan Chase | Petroleo Brasileiro SA | 12 | 1 |
| JP Morgan Chase | EOG Resources Inc | 11 | 5 |
| JP Morgan Chase | Shell PLC | 11 | 0 |
| JP Morgan Chase | Woodside Energy Group Ltd | 8 | 6 |
| JP Morgan Chase | Mitsubishi Corp | 8 | 7 |
| JP Morgan Chase | Adani Group | 7 | 0 |
| JP Morgan Chase | QatarEnergy | 5 | 0 |
| JP Morgan Chase | Repsol SA | 5 | 1 |
| JP Morgan Chase | Abu Dhabi National Oil Co | 5 | 3 |
| JP Morgan Chase | GreenSaif Pipelines Topco Sarl | 4 | 4 |
| JP Morgan Chase | Korea Electric Power Corp | 2 | 2 |
| JP Morgan Chase | Marubeni Corp | 2 | 2 |
| JP Morgan Chase | State Power Investment Corp Lt | 1 | 0 |
| JP Morgan Chase | San Miguel Corp | 1 | 0 |
| Citigroup | Energy Transfer LP | 37 | 17 |
| Citigroup | ConocoPhillips | 34 | 11 |
| Citigroup | Chevron Corp | 29 | 14 |
| Citigroup | Exxon Mobil Corp | 24 | 1 |
| Citigroup | Eni SpA | 22 | 7 |
| Citigroup | China Petrochemical Corp | 22 | 0 |
| Citigroup | BP PLC | 20 | 2 |
| Citigroup | Saudi Arabian Oil Co | 20 | 10 |
| Citigroup | Petroleos Mexicanos | 17 | 0 |
| Citigroup | Petroleo Brasileiro SA | 15 | 3 |
| Citigroup | TotalEnergies SE | 13 | 3 |
| Citigroup | Glencore PLC | 11 | 5 |
| Citigroup | Cheniere Energy Inc | 11 | 4 |
| Citigroup | Equinor ASA | 10 | 0 |
| Citigroup | Korea Electric Power Corp | 10 | 4 |
| Citigroup | Sempra | 10 | 2 |
| Citigroup | EOG Resources Inc | 10 | 5 |
| Citigroup | Shell PLC | 8 | 0 |
| Citigroup | Repsol SA | 8 | 1 |
| Citigroup | Adani Group | 8 | 0 |
| Citigroup | Mitsubishi Corp | 8 | 7 |
| Citigroup | Abu Dhabi National Oil Co | 5 | 3 |
| Citigroup | Woodside Energy Group Ltd | 4 | 0 |
| Citigroup | Sumitomo Corp | 4 | 3 |
| Citigroup | QatarEnergy | 4 | 0 |
| Citigroup | GreenSaif Pipelines Topco Sarl | 4 | 4 |
| Citigroup | Marubeni Corp | 2 | 2 |
| Citigroup | Venture Global Inc | 1 | 1 |
| Bank of America | Energy Transfer LP | 40 | 17 |
| Bank of America | Chevron Corp | 29 | 14 |
| Bank of America | ConocoPhillips | 27 | 9 |
| Bank of America | Exxon Mobil Corp | 23 | 1 |
| Bank of America | BP PLC | 21 | 5 |
| Bank of America | Eni SpA | 19 | 8 |
| Bank of America | China Petrochemical Corp | 16 | 0 |
| Bank of America | Equinor ASA | 15 | 3 |
| Bank of America | Cheniere Energy Inc | 15 | 4 |
| Bank of America | Venture Global Inc | 14 | 11 |
| Bank of America | Petroleos Mexicanos | 13 | 0 |
| Bank of America | Glencore PLC | 12 | 8 |
| Bank of America | TotalEnergies SE | 10 | 5 |
| Bank of America | Saudi Arabian Oil Co | 10 | 6 |
| Bank of America | EOG Resources Inc | 9 | 5 |
| Bank of America | Petroleo Brasileiro SA | 7 | 1 |
| Bank of America | Sempra | 6 | 3 |
| Bank of America | Woodside Energy Group Ltd | 6 | 4 |
| Bank of America | Adani Group | 6 | 0 |
| Bank of America | Repsol SA | 6 | 0 |
| Bank of America | Shell PLC | 5 | 0 |
| Bank of America | Mitsubishi Corp | 5 | 5 |
| Bank of America | Sumitomo Corp | 4 | 3 |
| Bank of America | QatarEnergy | 3 | 0 |
| Bank of America | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| Bank of America | Korea Electric Power Corp | 3 | 3 |
| Bank of America | Abu Dhabi National Oil Co | 3 | 3 |
| Bank of America | Marubeni Corp | 2 | 2 |
| Bank of America | State Power Investment Corp Lt | 1 | 0 |
| Bank of America | Freeport LNG Development LP | 1 | 0 |
| Bank of America | San Miguel Corp | 1 | 0 |
| Mizuho | Energy Transfer LP | 44 | 16 |
| Mizuho | Chevron Corp | 29 | 14 |
| Mizuho | ConocoPhillips | 24 | 11 |
| Mizuho | Saudi Arabian Oil Co | 19 | 10 |
| Mizuho | Marubeni Corp | 16 | 10 |
| Mizuho | Cheniere Energy Inc | 15 | 4 |
| Mizuho | Exxon Mobil Corp | 15 | 0 |
| Mizuho | BP PLC | 14 | 3 |
| Mizuho | Venture Global Inc | 14 | 11 |
| Mizuho | Sempra | 13 | 5 |
| Mizuho | Glencore PLC | 11 | 5 |
| Mizuho | China Petrochemical Corp | 11 | 0 |
| Mizuho | TotalEnergies SE | 10 | 6 |
| Mizuho | Sumitomo Corp | 9 | 4 |
| Mizuho | Mitsubishi Corp | 9 | 6 |
| Mizuho | Adani Group | 7 | 0 |
| Mizuho | Petroleos Mexicanos | 6 | 1 |
| Mizuho | Abu Dhabi National Oil Co | 5 | 3 |
| Mizuho | Repsol SA | 5 | 2 |
| Mizuho | San Miguel Corp | 5 | 2 |
| Mizuho | Gazprom PJSC | 4 | 0 |
| Mizuho | Shell PLC | 3 | 0 |
| Mizuho | Petroleo Brasileiro SA | 3 | 1 |
| Mizuho | Equinor ASA | 3 | 0 |
| Mizuho | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| Mizuho | Korea Electric Power Corp | 3 | 3 |
| Mizuho | Woodside Energy Group Ltd | 2 | 2 |
| Mizuho | Freeport LNG Development LP | 1 | 0 |
| Goldman Sachs | Chevron Corp | 26 | 14 |
| Goldman Sachs | BP PLC | 24 | 6 |
| Goldman Sachs | China Petrochemical Corp | 22 | 0 |
| Goldman Sachs | Energy Transfer LP | 20 | 1 |
| Goldman Sachs | Exxon Mobil Corp | 20 | 1 |
| Goldman Sachs | Saudi Arabian Oil Co | 19 | 10 |
| Goldman Sachs | Eni SpA | 18 | 8 |
| Goldman Sachs | ConocoPhillips | 17 | 11 |
| Goldman Sachs | Cheniere Energy Inc | 15 | 4 |
| Goldman Sachs | Venture Global Inc | 13 | 11 |
| Goldman Sachs | Equinor ASA | 12 | 3 |
| Goldman Sachs | TotalEnergies SE | 11 | 2 |
| Goldman Sachs | EOG Resources Inc | 10 | 5 |
| Goldman Sachs | Sempra | 9 | 5 |
| Goldman Sachs | Shell PLC | 9 | 0 |
| Goldman Sachs | Petroleos Mexicanos | 8 | 0 |
| Goldman Sachs | Mitsubishi Corp | 8 | 6 |
| Goldman Sachs | Repsol SA | 7 | 1 |
| Goldman Sachs | QatarEnergy | 6 | 0 |
| Goldman Sachs | Korea Electric Power Corp | 4 | 0 |
| Goldman Sachs | Petroleo Brasileiro SA | 4 | 1 |
| Goldman Sachs | Sumitomo Corp | 4 | 3 |
| Goldman Sachs | Woodside Energy Group Ltd | 4 | 4 |
| Goldman Sachs | Marubeni Corp | 1 | 0 |
| Goldman Sachs | Freeport LNG Development LP | 1 | 0 |
| Goldman Sachs | Peabody Energy Corp | 1 | 0 |
| Morgan Stanley | Energy Transfer LP | 32 | 17 |
| Morgan Stanley | Chevron Corp | 29 | 14 |
| Morgan Stanley | Exxon Mobil Corp | 27 | 3 |
| Morgan Stanley | ConocoPhillips | 26 | 11 |
| Morgan Stanley | BP PLC | 20 | 6 |
| Morgan Stanley | Shell PLC | 17 | 0 |
| Morgan Stanley | Cheniere Energy Inc | 15 | 4 |
| Morgan Stanley | Saudi Arabian Oil Co | 12 | 3 |
| Morgan Stanley | China Petrochemical Corp | 11 | 0 |
| Morgan Stanley | Petroleos Mexicanos | 11 | 0 |
| Morgan Stanley | Eni SpA | 10 | 4 |
| Morgan Stanley | Sempra | 10 | 2 |
| Morgan Stanley | Glencore PLC | 10 | 7 |
| Morgan Stanley | TotalEnergies SE | 9 | 3 |
| Morgan Stanley | Mitsubishi Corp | 8 | 7 |
| Morgan Stanley | Equinor ASA | 6 | 0 |
| Morgan Stanley | Petroleo Brasileiro SA | 5 | 1 |
| Morgan Stanley | Abu Dhabi National Oil Co | 5 | 4 |
| Morgan Stanley | Korea Electric Power Corp | 4 | 0 |
| Morgan Stanley | Repsol SA | 4 | 1 |
| Morgan Stanley | Venture Global Inc | 4 | 1 |
| Morgan Stanley | Sumitomo Corp | 2 | 1 |
| Morgan Stanley | QatarEnergy | 1 | 0 |
| Morgan Stanley | Gazprom PJSC | 1 | 0 |
| MUFG | Energy Transfer LP | 50 | 17 |
| MUFG | ConocoPhillips | 26 | 11 |
| MUFG | Chevron Corp | 26 | 14 |
| MUFG | Sempra | 17 | 6 |
| MUFG | Saudi Arabian Oil Co | 17 | 10 |
| MUFG | BP PLC | 14 | 3 |
| MUFG | Cheniere Energy Inc | 14 | 3 |
| MUFG | TotalEnergies SE | 14 | 6 |
| MUFG | Eni SpA | 12 | 7 |
| MUFG | Glencore PLC | 12 | 8 |
| MUFG | Sumitomo Corp | 9 | 3 |
| MUFG | Mitsubishi Corp | 9 | 5 |
| MUFG | Venture Global Inc | 9 | 9 |
| MUFG | Adani Group | 8 | 0 |
| MUFG | Marubeni Corp | 6 | 2 |
| MUFG | Petroleo Brasileiro SA | 5 | 1 |
| MUFG | Repsol SA | 5 | 1 |
| MUFG | Petroleos Mexicanos | 4 | 0 |
| MUFG | Exxon Mobil Corp | 4 | 1 |
| MUFG | EOG Resources Inc | 3 | 0 |
| MUFG | Abu Dhabi National Oil Co | 3 | 1 |
| MUFG | QatarEnergy | 3 | 0 |
| MUFG | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| MUFG | Shell PLC | 1 | 0 |
| MUFG | Freeport LNG Development LP | 1 | 0 |
| MUFG | Gazprom PJSC | 1 | 0 |
| SMBC | Energy Transfer LP | 33 | 16 |
| SMBC | Chevron Corp | 28 | 14 |
| SMBC | ConocoPhillips | 22 | 11 |
| SMBC | Saudi Arabian Oil Co | 19 | 10 |
| SMBC | BP PLC | 15 | 4 |
| SMBC | Sumitomo Corp | 15 | 6 |
| SMBC | Eni SpA | 14 | 8 |
| SMBC | Cheniere Energy Inc | 14 | 3 |
| SMBC | Venture Global Inc | 14 | 11 |
| SMBC | Exxon Mobil Corp | 13 | 0 |
| SMBC | Marubeni Corp | 12 | 6 |
| SMBC | TotalEnergies SE | 12 | 5 |
| SMBC | Sempra | 10 | 3 |
| SMBC | Glencore PLC | 8 | 5 |
| SMBC | Mitsubishi Corp | 7 | 5 |
| SMBC | Petroleos Mexicanos | 6 | 1 |
| SMBC | Gazprom PJSC | 5 | 0 |
| SMBC | Abu Dhabi National Oil Co | 4 | 4 |
| SMBC | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| SMBC | EOG Resources Inc | 2 | 0 |
| SMBC | Petroleo Brasileiro SA | 2 | 0 |
| SMBC | Adani Group | 2 | 0 |
| SMBC | Shell PLC | 2 | 0 |
| SMBC | Freeport LNG Development LP | 1 | 0 |
| Barclays | Energy Transfer LP | 33 | 16 |
| Barclays | Chevron Corp | 29 | 14 |
| Barclays | Exxon Mobil Corp | 23 | 1 |
| Barclays | Eni SpA | 22 | 9 |
| Barclays | Equinor ASA | 20 | 3 |
| Barclays | Shell PLC | 18 | 0 |
| Barclays | ConocoPhillips | 17 | 3 |
| Barclays | TotalEnergies SE | 14 | 2 |
| Barclays | BP PLC | 12 | 5 |
| Barclays | Glencore PLC | 10 | 4 |
| Barclays | EOG Resources Inc | 10 | 5 |
| Barclays | Sempra | 9 | 2 |
| Barclays | Petroleos Mexicanos | 8 | 1 |
| Barclays | Adani Group | 8 | 0 |
| Barclays | Woodside Energy Group Ltd | 6 | 6 |
| Barclays | Repsol SA | 5 | 1 |
| Barclays | China Petrochemical Corp | 3 | 0 |
| Barclays | Freeport LNG Development LP | 1 | 0 |
| Barclays | Sumitomo Corp | 1 | 1 |
| Barclays | Mitsubishi Corp | 1 | 1 |
| HSBC | Chevron Corp | 26 | 14 |
| HSBC | Saudi Arabian Oil Co | 21 | 10 |
| HSBC | BP PLC | 18 | 6 |
| HSBC | Petroleos Mexicanos | 17 | 0 |
| HSBC | China Petrochemical Corp | 16 | 0 |
| HSBC | Exxon Mobil Corp | 16 | 0 |
| HSBC | ConocoPhillips | 15 | 6 |
| HSBC | Cheniere Energy Inc | 15 | 4 |
| HSBC | Energy Transfer LP | 15 | 0 |
| HSBC | TotalEnergies SE | 13 | 5 |
| HSBC | Petroleo Brasileiro SA | 12 | 1 |
| HSBC | Shell PLC | 11 | 0 |
| HSBC | Glencore PLC | 9 | 7 |
| HSBC | Eni SpA | 8 | 3 |
| HSBC | Repsol SA | 6 | 1 |
| HSBC | QatarEnergy | 5 | 0 |
| HSBC | Sempra | 5 | 0 |
| HSBC | Abu Dhabi National Oil Co | 5 | 3 |
| HSBC | Korea Electric Power Corp | 4 | 1 |
| HSBC | GreenSaif Pipelines Topco Sarl | 4 | 4 |
| HSBC | State Power Investment Corp Lt | 1 | 0 |
| HSBC | Freeport LNG Development LP | 1 | 0 |
| HSBC | Sumitomo Corp | 1 | 1 |
| HSBC | San Miguel Corp | 1 | 0 |
| Deutsche Bank | Energy Transfer LP | 40 | 16 |
| Deutsche Bank | Chevron Corp | 23 | 14 |
| Deutsche Bank | BP PLC | 22 | 12 |
| Deutsche Bank | Exxon Mobil Corp | 20 | 2 |
| Deutsche Bank | TotalEnergies SE | 18 | 6 |
| Deutsche Bank | Equinor ASA | 13 | 3 |
| Deutsche Bank | Glencore PLC | 11 | 4 |
| Deutsche Bank | Petroleos Mexicanos | 11 | 0 |
| Deutsche Bank | Shell PLC | 11 | 0 |
| Deutsche Bank | Venture Global Inc | 9 | 9 |
| Deutsche Bank | ConocoPhillips | 8 | 0 |
| Deutsche Bank | Petroleo Brasileiro SA | 7 | 2 |
| Deutsche Bank | Eni SpA | 7 | 4 |
| Deutsche Bank | Repsol SA | 5 | 2 |
| Deutsche Bank | Sempra | 4 | 0 |
| Deutsche Bank | QatarEnergy | 4 | 0 |
| Deutsche Bank | Korea Electric Power Corp | 3 | 1 |
| Deutsche Bank | Saudi Arabian Oil Co | 3 | 0 |
| Deutsche Bank | Adani Group | 3 | 0 |
| Deutsche Bank | Gazprom PJSC | 2 | 0 |
| Deutsche Bank | China Petrochemical Corp | 2 | 0 |
| Deutsche Bank | San Miguel Corp | 2 | 1 |
| Deutsche Bank | EOG Resources Inc | 1 | 0 |
| Deutsche Bank | Freeport LNG Development LP | 1 | 0 |
| Deutsche Bank | Cheniere Energy Inc | 1 | 0 |
| Societe Generale | TotalEnergies SE | 21 | 9 |
| Societe Generale | BP PLC | 19 | 4 |
| Societe Generale | Energy Transfer LP | 17 | 16 |
| Societe Generale | China Petrochemical Corp | 16 | 0 |
| Societe Generale | Exxon Mobil Corp | 16 | 0 |
| Societe Generale | Chevron Corp | 15 | 0 |
| Societe Generale | Cheniere Energy Inc | 14 | 3 |
| Societe Generale | ConocoPhillips | 13 | 0 |
| Societe Generale | Eni SpA | 12 | 6 |
| Societe Generale | Saudi Arabian Oil Co | 9 | 0 |
| Societe Generale | Sempra | 6 | 0 |
| Societe Generale | Repsol SA | 6 | 1 |
| Societe Generale | EOG Resources Inc | 3 | 0 |
| Societe Generale | Glencore PLC | 3 | 0 |
| Societe Generale | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| Societe Generale | Petroleos Mexicanos | 2 | 0 |
| Societe Generale | Equinor ASA | 2 | 0 |
| Societe Generale | Abu Dhabi National Oil Co | 2 | 0 |
| Societe Generale | Petroleo Brasileiro SA | 1 | 0 |
| Societe Generale | Freeport LNG Development LP | 1 | 0 |
| BBVA | Energy Transfer LP | 42 | 16 |
| BBVA | Chevron Corp | 24 | 14 |
| BBVA | Cheniere Energy Inc | 14 | 4 |
| BBVA | ConocoPhillips | 13 | 6 |
| BBVA | Petroleos Mexicanos | 12 | 1 |
| BBVA | Venture Global Inc | 11 | 11 |
| BBVA | Sempra | 10 | 3 |
| BBVA | Repsol SA | 10 | 2 |
| BBVA | Glencore PLC | 8 | 5 |
| BBVA | TotalEnergies SE | 7 | 3 |
| BBVA | Exxon Mobil Corp | 6 | 0 |
| BBVA | BP PLC | 5 | 5 |
| BBVA | China Petrochemical Corp | 4 | 0 |
| BBVA | Eni SpA | 4 | 3 |
| BBVA | Petroleo Brasileiro SA | 4 | 2 |
| BBVA | EOG Resources Inc | 1 | 0 |
| BBVA | Freeport LNG Development LP | 1 | 0 |
| Credit Agricole | Energy Transfer LP | 34 | 16 |
| Credit Agricole | Exxon Mobil Corp | 17 | 0 |
| Credit Agricole | BP PLC | 16 | 1 |
| Credit Agricole | Cheniere Energy Inc | 15 | 4 |
| Credit Agricole | TotalEnergies SE | 14 | 0 |
| Credit Agricole | Eni SpA | 13 | 5 |
| Credit Agricole | Sempra | 9 | 3 |
| Credit Agricole | Saudi Arabian Oil Co | 9 | 0 |
| Credit Agricole | ConocoPhillips | 7 | 0 |
| Credit Agricole | Petroleos Mexicanos | 5 | 0 |
| Credit Agricole | China Petrochemical Corp | 5 | 0 |
| Credit Agricole | Gazprom PJSC | 4 | 0 |
| Credit Agricole | Petroleo Brasileiro SA | 4 | 0 |
| Credit Agricole | Glencore PLC | 4 | 0 |
| Credit Agricole | Chevron Corp | 4 | 0 |
| Credit Agricole | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| Credit Agricole | Korea Electric Power Corp | 2 | 0 |
| Credit Agricole | Repsol SA | 2 | 0 |
| Credit Agricole | QatarEnergy | 1 | 0 |
| Credit Agricole | Freeport LNG Development LP | 1 | 0 |
| Credit Agricole | Venture Global Inc | 1 | 1 |
| Credit Agricole | Sumitomo Corp | 1 | 1 |
| Credit Agricole | Mitsubishi Corp | 1 | 1 |
| BNP Paribas | BP PLC | 20 | 1 |
| BNP Paribas | Exxon Mobil Corp | 19 | 0 |
| BNP Paribas | Eni SpA | 15 | 0 |
| BNP Paribas | Shell PLC | 13 | 0 |
| BNP Paribas | Chevron Corp | 13 | 0 |
| BNP Paribas | ConocoPhillips | 11 | 0 |
| BNP Paribas | Saudi Arabian Oil Co | 10 | 0 |
| BNP Paribas | TotalEnergies SE | 10 | 0 |
| BNP Paribas | Sempra | 9 | 5 |
| BNP Paribas | Equinor ASA | 9 | 0 |
| BNP Paribas | Energy Transfer LP | 6 | 0 |
| BNP Paribas | Petroleos Mexicanos | 6 | 0 |
| BNP Paribas | Repsol SA | 6 | 0 |
| BNP Paribas | Petroleo Brasileiro SA | 5 | 0 |
| BNP Paribas | GreenSaif Pipelines Topco Sarl | 4 | 4 |
| BNP Paribas | EOG Resources Inc | 3 | 0 |
| BNP Paribas | QatarEnergy | 2 | 0 |
| BNP Paribas | Abu Dhabi National Oil Co | 2 | 0 |
| BNP Paribas | China Petrochemical Corp | 2 | 0 |
| BNP Paribas | Gazprom PJSC | 1 | 0 |
| BNP Paribas | Cheniere Energy Inc | 1 | 0 |
| BNP Paribas | Glencore PLC | 1 | 0 |
| BNP Paribas | Sumitomo Corp | 1 | 1 |
| Santander | BP PLC | 21 | 7 |
| Santander | Chevron Corp | 18 | 14 |
| Santander | Petroleo Brasileiro SA | 17 | 3 |
| Santander | Venture Global Inc | 14 | 11 |
| Santander | Cheniere Energy Inc | 13 | 4 |
| Santander | Exxon Mobil Corp | 13 | 0 |
| Santander | Glencore PLC | 12 | 7 |
| Santander | TotalEnergies SE | 12 | 6 |
| Santander | Petroleos Mexicanos | 11 | 1 |
| Santander | Sempra | 9 | 4 |
| Santander | Eni SpA | 8 | 5 |
| Santander | Shell PLC | 8 | 0 |
| Santander | Repsol SA | 5 | 1 |
| Santander | Freeport LNG Development LP | 1 | 0 |
| Standard Chartered | Chevron Corp | 24 | 14 |
| Standard Chartered | Exxon Mobil Corp | 16 | 0 |
| Standard Chartered | Saudi Arabian Oil Co | 16 | 10 |
| Standard Chartered | ConocoPhillips | 15 | 8 |
| Standard Chartered | BP PLC | 14 | 4 |
| Standard Chartered | Cheniere Energy Inc | 10 | 3 |
| Standard Chartered | San Miguel Corp | 10 | 3 |
| Standard Chartered | China Petrochemical Corp | 9 | 0 |
| Standard Chartered | Glencore PLC | 8 | 6 |
| Standard Chartered | Adani Group | 8 | 0 |
| Standard Chartered | TotalEnergies SE | 8 | 6 |
| Standard Chartered | Eni SpA | 5 | 5 |
| Standard Chartered | Shell PLC | 3 | 0 |
| Standard Chartered | Petroleo Brasileiro SA | 3 | 0 |
| Standard Chartered | Abu Dhabi National Oil Co | 3 | 1 |
| Standard Chartered | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| Standard Chartered | QatarEnergy | 1 | 0 |
| Standard Chartered | Korea Electric Power Corp | 1 | 0 |
| Standard Chartered | Freeport LNG Development LP | 1 | 0 |
| Wells Fargo | Energy Transfer LP | 42 | 17 |
| Wells Fargo | Exxon Mobil Corp | 23 | 1 |
| Wells Fargo | ConocoPhillips | 20 | 11 |
| Wells Fargo | Chevron Corp | 15 | 0 |
| Wells Fargo | Eni SpA | 12 | 6 |
| Wells Fargo | EOG Resources Inc | 10 | 5 |
| Wells Fargo | Cheniere Energy Inc | 9 | 3 |
| Wells Fargo | Venture Global Inc | 8 | 8 |
| Wells Fargo | BP PLC | 6 | 3 |
| Wells Fargo | Sempra | 5 | 2 |
| Wells Fargo | Shell PLC | 4 | 0 |
| Wells Fargo | TotalEnergies SE | 3 | 3 |
| Royal Bank of Canada | Energy Transfer LP | 37 | 17 |
| Royal Bank of Canada | ConocoPhillips | 24 | 11 |
| Royal Bank of Canada | Exxon Mobil Corp | 16 | 3 |
| Royal Bank of Canada | Cheniere Energy Inc | 14 | 3 |
| Royal Bank of Canada | Venture Global Inc | 14 | 11 |
| Royal Bank of Canada | Sempra | 11 | 6 |
| Royal Bank of Canada | TotalEnergies SE | 11 | 3 |
| Royal Bank of Canada | Chevron Corp | 10 | 0 |
| Royal Bank of Canada | Shell PLC | 8 | 0 |
| Royal Bank of Canada | Glencore PLC | 3 | 0 |
| Royal Bank of Canada | EOG Resources Inc | 3 | 0 |
| Royal Bank of Canada | Saudi Arabian Oil Co | 3 | 0 |
| Royal Bank of Canada | Freeport LNG Development LP | 1 | 0 |
| Bank of Nova Scotia | Energy Transfer LP | 35 | 17 |
| Bank of Nova Scotia | Chevron Corp | 22 | 14 |
| Bank of Nova Scotia | Exxon Mobil Corp | 18 | 1 |
| Bank of Nova Scotia | Cheniere Energy Inc | 14 | 3 |
| Bank of Nova Scotia | Venture Global Inc | 14 | 11 |
| Bank of Nova Scotia | Glencore PLC | 13 | 9 |
| Bank of Nova Scotia | EOG Resources Inc | 10 | 5 |
| Bank of Nova Scotia | ConocoPhillips | 9 | 2 |
| Bank of Nova Scotia | Petroleos Mexicanos | 7 | 1 |
| Bank of Nova Scotia | Sempra | 7 | 5 |
| Bank of Nova Scotia | Petroleo Brasileiro SA | 3 | 1 |
| Bank of Nova Scotia | Freeport LNG Development LP | 1 | 0 |
| KB Financial Group | Korea Electric Power Corp | 139 | 56 |
| US Bancorp | Energy Transfer LP | 40 | 17 |
| US Bancorp | Chevron Corp | 21 | 14 |
| US Bancorp | ConocoPhillips | 21 | 11 |
| US Bancorp | Exxon Mobil Corp | 20 | 1 |
| US Bancorp | EOG Resources Inc | 9 | 5 |
| US Bancorp | Sempra | 6 | 2 |
| UBS | China Petrochemical Corp | 17 | 0 |
| UBS | Energy Transfer LP | 12 | 0 |
| UBS | Glencore PLC | 11 | 6 |
| UBS | Woodside Energy Group Ltd | 9 | 6 |
| UBS | Exxon Mobil Corp | 6 | 2 |
| UBS | Petroleo Brasileiro SA | 6 | 5 |
| UBS | Korea Electric Power Corp | 5 | 1 |
| UBS | Repsol SA | 4 | 1 |
| UBS | EOG Resources Inc | 3 | 0 |
| UBS | TotalEnergies SE | 3 | 0 |
| UBS | San Miguel Corp | 3 | 0 |
| UBS | Petroleos Mexicanos | 3 | 0 |
| UBS | ConocoPhillips | 3 | 0 |
| UBS | Equinor ASA | 2 | 0 |
| UBS | Gazprom PJSC | 2 | 0 |
| UBS | Sempra | 2 | 0 |
| UBS | BP PLC | 2 | 0 |
| UBS | Chevron Corp | 2 | 0 |
| UBS | Eni SpA | 1 | 0 |
| UBS | Shell PLC | 1 | 0 |
| BPCE | Energy Transfer LP | 29 | 11 |
| BPCE | Venture Global Inc | 13 | 10 |
| BPCE | Cheniere Energy Inc | 10 | 3 |
| BPCE | TotalEnergies SE | 9 | 5 |
| BPCE | Eni SpA | 8 | 5 |
| BPCE | Saudi Arabian Oil Co | 8 | 8 |
| BPCE | Repsol SA | 6 | 2 |
| BPCE | Chevron Corp | 4 | 0 |
| BPCE | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| BPCE | Exxon Mobil Corp | 1 | 0 |
| BPCE | Freeport LNG Development LP | 1 | 0 |
| BPCE | Shell PLC | 1 | 0 |
| BPCE | Gazprom PJSC | 1 | 0 |
| BPCE | Petroleos Mexicanos | 1 | 0 |
| ICBC | China Petrochemical Corp | 32 | 13 |
| ICBC | State Power Investment Corp Lt | 24 | 21 |
| ICBC | Venture Global Inc | 14 | 11 |
| ICBC | BP PLC | 11 | 4 |
| ICBC | Cheniere Energy Inc | 6 | 4 |
| ICBC | Shandong Energy Group Co Ltd | 2 | 1 |
| ICBC | Chevron Corp | 1 | 0 |
| ICBC | Freeport LNG Development LP | 1 | 0 |
| ICBC | Shell PLC | 1 | 0 |
| ICBC | GreenSaif Pipelines Topco Sarl | 1 | 1 |
| ICBC | Shandong Energy Group Co Ltd/o | 1 | 1 |
| Toronto Dominion | Energy Transfer LP | 40 | 17 |
| Toronto Dominion | ConocoPhillips | 16 | 11 |
| Toronto Dominion | Glencore PLC | 8 | 6 |
| Toronto Dominion | BP PLC | 7 | 5 |
| Toronto Dominion | Chevron Corp | 6 | 0 |
| Toronto Dominion | Sempra | 5 | 2 |
| Toronto Dominion | Exxon Mobil Corp | 4 | 1 |
| Bank of China | China Petrochemical Corp | 32 | 11 |
| Bank of China | State Power Investment Corp Lt | 19 | 18 |
| Bank of China | Saudi Arabian Oil Co | 19 | 10 |
| Bank of China | Shandong Energy Group Co Ltd | 9 | 8 |
| Bank of China | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| Bank of China | Petroleo Brasileiro SA | 1 | 0 |
| Bank of China | Chevron Corp | 1 | 1 |
| China Merchants Bank | State Power Investment Corp Lt | 50 | 42 |
| China Merchants Bank | Shandong Energy Group Co Ltd | 19 | 14 |
| China Merchants Bank | China Petrochemical Corp | 13 | 3 |
| PNC | Energy Transfer LP | 42 | 17 |
| PNC | ConocoPhillips | 10 | 2 |
| PNC | EOG Resources Inc | 9 | 5 |
| PNC | Sempra | 7 | 5 |
| PNC | Chevron Corp | 6 | 0 |
| PNC | Exxon Mobil Corp | 5 | 1 |
| CIBC | Energy Transfer LP | 29 | 16 |
| CIBC | Cheniere Energy Inc | 11 | 4 |
| CIBC | EOG Resources Inc | 10 | 5 |
| CIBC | ConocoPhillips | 8 | 2 |
| CIBC | Glencore PLC | 7 | 6 |
| CIBC | Exxon Mobil Corp | 5 | 1 |
| CIBC | Chevron Corp | 4 | 0 |
| CIBC | Sempra | 3 | 3 |
| CIBC | Freeport LNG Development LP | 1 | 0 |
| CITIC Group | State Power Investment Corp Lt | 50 | 48 |
| CITIC Group | Shandong Energy Group Co Ltd | 26 | 21 |
| CITIC Group | China Petrochemical Corp | 1 | 0 |
| NongHyup Financial Group | Korea Electric Power Corp | 76 | 4 |
| Gazprombank | Gazprom PJSC | 73 | 36 |
| Intesa Sanpaolo | Eni SpA | 20 | 10 |
| Intesa Sanpaolo | Chevron Corp | 16 | 14 |
| Intesa Sanpaolo | Exxon Mobil Corp | 12 | 0 |
| Intesa Sanpaolo | Cheniere Energy Inc | 10 | 4 |
| Intesa Sanpaolo | Gazprom PJSC | 5 | 0 |
| Intesa Sanpaolo | ConocoPhillips | 3 | 0 |
| Intesa Sanpaolo | Energy Transfer LP | 2 | 0 |
| Intesa Sanpaolo | TotalEnergies SE | 2 | 0 |
| Intesa Sanpaolo | Freeport LNG Development LP | 1 | 0 |
| Kyobo Securities | Korea Electric Power Corp | 70 | 15 |
| SK Group | Korea Electric Power Corp | 70 | 23 |
| KR Investment & Securities | Korea Electric Power Corp | 67 | 65 |
| ING Group | Venture Global Inc | 14 | 11 |
| ING Group | Cheniere Energy Inc | 13 | 4 |
| ING Group | ConocoPhillips | 9 | 0 |
| ING Group | Eni SpA | 7 | 4 |
| ING Group | Glencore PLC | 6 | 4 |
| ING Group | China Petrochemical Corp | 6 | 0 |
| ING Group | Chevron Corp | 4 | 0 |
| ING Group | San Miguel Corp | 3 | 0 |
| ING Group | Energy Transfer LP | 2 | 0 |
| ING Group | BP PLC | 2 | 2 |
| ING Group | Freeport LNG Development LP | 1 | 0 |
| Loop Capital Markets LLC | Chevron Corp | 20 | 14 |
| Loop Capital Markets LLC | Exxon Mobil Corp | 13 | 0 |
| Loop Capital Markets LLC | Venture Global Inc | 11 | 11 |
| Loop Capital Markets LLC | Cheniere Energy Inc | 10 | 4 |
| Loop Capital Markets LLC | Sempra | 4 | 1 |
| Loop Capital Markets LLC | ConocoPhillips | 2 | 0 |
| Bank of Ningbo | State Power Investment Corp Lt | 55 | 53 |
| Bank of Ningbo | China Petrochemical Corp | 4 | 3 |
| Ping An Bank | State Power Investment Corp Lt | 32 | 27 |
| Ping An Bank | Shandong Energy Group Co Ltd | 23 | 19 |
| Ping An Bank | China Petrochemical Corp | 2 | 2 |
| NatWest | BP PLC | 14 | 4 |
| NatWest | Energy Transfer LP | 8 | 0 |
| NatWest | ConocoPhillips | 7 | 0 |
| NatWest | Repsol SA | 5 | 0 |
| NatWest | Glencore PLC | 4 | 0 |
| NatWest | Equinor ASA | 3 | 0 |
| NatWest | Shell PLC | 3 | 0 |
| NatWest | TotalEnergies SE | 3 | 0 |
| NatWest | Eni SpA | 3 | 0 |
| NatWest | Sempra | 2 | 0 |
| NatWest | Petroleos Mexicanos | 2 | 0 |
| NatWest | QatarEnergy | 1 | 0 |
| NatWest | Exxon Mobil Corp | 1 | 0 |
| NatWest | Chevron Corp | 1 | 0 |
| Bank of Montreal | Energy Transfer LP | 26 | 16 |
| Bank of Montreal | Glencore PLC | 7 | 6 |
| Bank of Montreal | Chevron Corp | 6 | 0 |
| Bank of Montreal | EOG Resources Inc | 5 | 0 |
| Bank of Montreal | ConocoPhillips | 5 | 0 |
| Bank of Montreal | Exxon Mobil Corp | 4 | 0 |
| Bank of Montreal | Sempra | 3 | 2 |
| Bank of Montreal | Freeport LNG Development LP | 1 | 0 |
| Norwegian Banking Group | ConocoPhillips | 25 | 9 |
| Norwegian Banking Group | Energy Transfer LP | 11 | 0 |
| Norwegian Banking Group | Chevron Corp | 7 | 0 |
| Norwegian Banking Group | Eni SpA | 6 | 5 |
| Norwegian Banking Group | Equinor ASA | 5 | 0 |
| Norwegian Banking Group | EOG Resources Inc | 3 | 0 |
| Norwegian Banking Group | Exxon Mobil Corp | 1 | 0 |
| Bookook Securities | Korea Electric Power Corp | 56 | 22 |
| DB Financial Investment | Korea Electric Power Corp | 55 | 20 |
| Hanyang Securities | Korea Electric Power Corp | 50 | 23 |
| China Construction Bank | China Petrochemical Corp | 25 | 10 |
| China Construction Bank | State Power Investment Corp Lt | 15 | 13 |
| China Construction Bank | Shandong Energy Group Co Ltd | 4 | 4 |
| China Construction Bank | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| China Construction Bank | Shandong Energy Group Co Ltd/o | 2 | 2 |
| Bank of Shanghai | State Power Investment Corp Lt | 48 | 43 |
| Korea Investment Holdings | Korea Electric Power Corp | 47 | 16 |
| CAPE Investment & Securities | Korea Electric Power Corp | 47 | 29 |
| Shanghai Pudong Development Bank | State Power Investment Corp Lt | 39 | 37 |
| Shanghai Pudong Development Bank | Shandong Energy Group Co Ltd | 4 | 3 |
| Unicredit | Eni SpA | 27 | 9 |
| Unicredit | TotalEnergies SE | 6 | 3 |
| Unicredit | Repsol SA | 4 | 2 |
| Unicredit | Gazprom PJSC | 2 | 0 |
| Unicredit | Chevron Corp | 2 | 0 |
| Fifth Third Bank | Energy Transfer LP | 29 | 16 |
| Fifth Third Bank | Chevron Corp | 6 | 0 |
| Fifth Third Bank | ConocoPhillips | 5 | 2 |
| Truist Financial Corporation | Energy Transfer LP | 21 | 17 |
| Truist Financial Corporation | EOG Resources Inc | 5 | 5 |
| Truist Financial Corporation | Exxon Mobil Corp | 4 | 1 |
| Truist Financial Corporation | Venture Global Inc | 3 | 3 |
| Truist Financial Corporation | ConocoPhillips | 3 | 2 |
| Truist Financial Corporation | Cheniere Energy Inc | 2 | 2 |
| Truist Financial Corporation | Sempra | 1 | 1 |
| DBS Bank | China Petrochemical Corp | 12 | 0 |
| DBS Bank | Cheniere Energy Inc | 9 | 4 |
| DBS Bank | Adani Group | 7 | 0 |
| DBS Bank | Glencore PLC | 6 | 6 |
| DBS Bank | San Miguel Corp | 5 | 2 |
| China Everbright Bank | State Power Investment Corp Lt | 33 | 31 |
| China Everbright Bank | Shandong Energy Group Co Ltd | 6 | 6 |
| EBEST Investment & Securities | Korea Electric Power Corp | 39 | 2 |
| China Securities | State Power Investment Corp Lt | 23 | 23 |
| China Securities | Shandong Energy Group Co Ltd | 13 | 9 |
| China Securities | China Petrochemical Corp | 1 | 0 |
| Mirae Asset | Korea Electric Power Corp | 37 | 3 |
| Agricultural Bank of China | China Petrochemical Corp | 23 | 12 |
| Agricultural Bank of China | Shandong Energy Group Co Ltd | 7 | 5 |
| Agricultural Bank of China | State Power Investment Corp Lt | 3 | 3 |
| Agricultural Bank of China | GreenSaif Pipelines Topco Sarl | 2 | 2 |
| Agricultural Bank of China | Shandong Energy Group Co Ltd/o | 1 | 1 |
| Commerzbank | BP PLC | 17 | 3 |
| Commerzbank | Glencore PLC | 9 | 5 |
| Commerzbank | Repsol SA | 3 | 1 |
| Commerzbank | ConocoPhillips | 3 | 0 |
| Commerzbank | Petroleo Brasileiro SA | 2 | 0 |
| Commerzbank | Gazprom PJSC | 1 | 0 |
| Hanwha Investment & Securities | Korea Electric Power Corp | 35 | 0 |
| Regions Financial Corporation | Energy Transfer LP | 21 | 17 |
| Regions Financial Corporation | Venture Global Inc | 7 | 7 |
| Regions Financial Corporation | ConocoPhillips | 5 | 0 |
| Hyundai Motor Group | Korea Electric Power Corp | 33 | 21 |
| Daiwa | Sumitomo Corp | 11 | 3 |
| Daiwa | Mitsubishi Corp | 8 | 6 |
| Daiwa | Marubeni Corp | 5 | 2 |
| Daiwa | ConocoPhillips | 5 | 0 |
| Daiwa | Korea Electric Power Corp | 1 | 0 |
| Industrial Bank | State Power Investment Corp Lt | 14 | 14 |
| Industrial Bank | Shandong Energy Group Co Ltd | 12 | 12 |
| Industrial Bank | China Petrochemical Corp | 3 | 3 |
| Standard Bank of South Africa | Chevron Corp | 16 | 13 |
| Standard Bank of South Africa | Exxon Mobil Corp | 13 | 0 |
| Zhongtai Securities | Shandong Energy Group Co Ltd | 25 | 17 |
| Zhongtai Securities | State Power Investment Corp Lt | 4 | 4 |
| HI Investment & Securities | Korea Electric Power Corp | 29 | 1 |
| Lloyds Bank | BP PLC | 14 | 3 |
| Lloyds Bank | ConocoPhillips | 4 | 0 |
| Lloyds Bank | Cheniere Energy Inc | 4 | 0 |
| Lloyds Bank | Glencore PLC | 2 | 0 |
| Lloyds Bank | Shell PLC | 2 | 0 |
| Lloyds Bank | Chevron Corp | 2 | 0 |
| Lloyds Bank | Freeport LNG Development LP | 1 | 0 |
| Heungkuk Securities | Korea Electric Power Corp | 29 | 26 |
| Nomura | Marubeni Corp | 9 | 4 |
| Nomura | Mitsubishi Corp | 8 | 5 |
| Nomura | Sumitomo Corp | 7 | 2 |
| Nomura | Venture Global Inc | 2 | 2 |
| Nomura | Korea Electric Power Corp | 1 | 1 |
| China International Capital Corporation | Shandong Energy Group Co Ltd | 21 | 19 |
| China International Capital Corporation | State Power Investment Corp Lt | 4 | 4 |
| China International Capital Corporation | China Petrochemical Corp | 2 | 0 |
| Academy Securities Inc | ConocoPhillips | 8 | 8 |
| Academy Securities Inc | Sempra | 4 | 2 |
| Academy Securities Inc | Exxon Mobil Corp | 4 | 0 |
| Academy Securities Inc | Chevron Corp | 4 | 0 |
| Academy Securities Inc | Venture Global Inc | 3 | 3 |
| Academy Securities Inc | BP PLC | 3 | 3 |
| First Abu Dhabi Bank | Saudi Arabian Oil Co | 16 | 10 |
| First Abu Dhabi Bank | Abu Dhabi National Oil Co | 6 | 4 |
| First Abu Dhabi Bank | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| GF Securities | Shandong Energy Group Co Ltd | 22 | 19 |
| GF Securities | State Power Investment Corp Lt | 2 | 2 |
| GF Securities | China Petrochemical Corp | 1 | 0 |
| Korea Asset Investment Securities | Korea Electric Power Corp | 24 | 2 |
| Shinhan Financial Group | Korea Electric Power Corp | 24 | 2 |
| Sberbank | Gazprom PJSC | 23 | 0 |
| ABN Amro | Cheniere Energy Inc | 8 | 0 |
| ABN Amro | ConocoPhillips | 4 | 0 |
| ABN Amro | Gazprom PJSC | 2 | 0 |
| ABN Amro | Petroleo Brasileiro SA | 2 | 0 |
| ABN Amro | Chevron Corp | 2 | 0 |
| ABN Amro | Eni SpA | 1 | 0 |
| ABN Amro | Korea Electric Power Corp | 1 | 0 |
| ABN Amro | QatarEnergy | 1 | 0 |
| ABN Amro | Glencore PLC | 1 | 0 |
| VTB Capital | Gazprom PJSC | 21 | 1 |
| Meritz Securities | Korea Electric Power Corp | 21 | 6 |
| Bank of Communications | China Petrochemical Corp | 15 | 4 |
| Bank of Communications | Shandong Energy Group Co Ltd | 5 | 4 |
| Bank of Communications | State Power Investment Corp Lt | 1 | 1 |
| ANZ Group | BP PLC | 5 | 0 |
| ANZ Group | Glencore PLC | 4 | 3 |
| ANZ Group | Chevron Corp | 4 | 0 |
| ANZ Group | China Petrochemical Corp | 3 | 0 |
| ANZ Group | San Miguel Corp | 2 | 2 |
| ANZ Group | EOG Resources Inc | 1 | 0 |
| ANZ Group | State Power Investment Corp Lt | 1 | 0 |
| ANZ Group | TotalEnergies SE | 1 | 0 |
| Daishin Securities | Korea Electric Power Corp | 20 | 3 |
| Comerica Securities | Energy Transfer LP | 8 | 1 |
| Comerica Securities | EOG Resources Inc | 5 | 0 |
| Comerica Securities | ConocoPhillips | 5 | 0 |
| Comerica Securities | Exxon Mobil Corp | 2 | 0 |
| Emirates NBD | Saudi Arabian Oil Co | 12 | 10 |
| Emirates NBD | Adani Group | 7 | 0 |
| Emirates NBD | Abu Dhabi National Oil Co | 1 | 1 |
| Industrial Bank of Korea | Korea Electric Power Corp | 20 | 2 |
| BDO Capital & Investment | San Miguel Corp | 20 | 6 |
| Abu Dhabi Commercial Bank | Saudi Arabian Oil Co | 12 | 10 |
| Abu Dhabi Commercial Bank | Abu Dhabi National Oil Co | 4 | 4 |
| Abu Dhabi Commercial Bank | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| Samsung Life Insurance | Korea Electric Power Corp | 18 | 0 |
| Security Bank Corporation | San Miguel Corp | 18 | 6 |
| Guotai Haitong Securities | State Power Investment Corp Lt | 12 | 12 |
| Guotai Haitong Securities | Shandong Energy Group Co Ltd | 4 | 4 |
| Guotai Haitong Securities | Shandong Energy Group Co Ltd/o | 1 | 1 |
| BNK Financial Group | Korea Electric Power Corp | 17 | 2 |
| Eugene Investment & Securities | Korea Electric Power Corp | 16 | 9 |
| Banco Itau | Petroleo Brasileiro SA | 16 | 3 |
| China Banking Corporation | San Miguel Corp | 16 | 2 |
| Daol Financial Group | Korea Electric Power Corp | 16 | 5 |
| Nuvama Wealth Management | Adani Group | 16 | 16 |
| Piper Sandler Companies | Energy Transfer LP | 7 | 0 |
| Piper Sandler Companies | ConocoPhillips | 3 | 0 |
| Piper Sandler Companies | Exxon Mobil Corp | 2 | 0 |
| Piper Sandler Companies | Sempra | 1 | 0 |
| Piper Sandler Companies | EOG Resources Inc | 1 | 0 |
| Piper Sandler Companies | Chevron Corp | 1 | 0 |
| Baro Investment & Securities | Korea Electric Power Corp | 15 | 0 |
| Bank of Beijing | State Power Investment Corp Lt | 12 | 12 |
| Bank of Beijing | Shandong Energy Group Co Ltd | 3 | 3 |
| Shinyoung Securities | Korea Electric Power Corp | 14 | 6 |
| Bank of Hangzhou | State Power Investment Corp Lt | 14 | 14 |
| R Seelaus & Co | Venture Global Inc | 8 | 8 |
| R Seelaus & Co | Sempra | 3 | 1 |
| R Seelaus & Co | BP PLC | 2 | 2 |
| R Seelaus & Co | Cheniere Energy Inc | 1 | 1 |
| Philippine National Bank | San Miguel Corp | 14 | 2 |
| DS Investment & Securities | Korea Electric Power Corp | 14 | 6 |
| Philippine Commercial Capital | San Miguel Corp | 14 | 6 |
| BK Region | Gazprom PJSC | 14 | 11 |
| Leading Investment & Securities | Korea Electric Power Corp | 14 | 9 |
| Siebert Williams Shank & Co LL | Exxon Mobil Corp | 9 | 0 |
| Siebert Williams Shank & Co LL | Sempra | 2 | 2 |
| Siebert Williams Shank & Co LL | BP PLC | 2 | 2 |
| Commonwealth Bank of Australia | Cheniere Energy Inc | 6 | 0 |
| Commonwealth Bank of Australia | China Petrochemical Corp | 4 | 0 |
| Commonwealth Bank of Australia | Chevron Corp | 2 | 0 |
| Commonwealth Bank of Australia | Glencore PLC | 1 | 0 |
| Great Wall Securities | State Power Investment Corp Lt | 10 | 10 |
| Great Wall Securities | Shandong Energy Group Co Ltd | 3 | 2 |
| Bank of the Philippine Islands | San Miguel Corp | 13 | 2 |
| Riyad Capital | Saudi Arabian Oil Co | 9 | 6 |
| Riyad Capital | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| RCBC Capital | San Miguel Corp | 12 | 2 |
| Bank of New York Mellon | ConocoPhillips | 6 | 2 |
| Bank of New York Mellon | Exxon Mobil Corp | 5 | 0 |
| Bank of New York Mellon | Sempra | 1 | 0 |
| Orient Securities | State Power Investment Corp Lt | 12 | 11 |
| Zheshang Securities | Shandong Energy Group Co Ltd | 9 | 6 |
| Zheshang Securities | State Power Investment Corp Lt | 2 | 2 |
| Banco Bradesco | Petroleo Brasileiro SA | 11 | 1 |
| Robinson Humphrey | Energy Transfer LP | 8 | 0 |
| Robinson Humphrey | EOG Resources Inc | 2 | 0 |
| Robinson Humphrey | Exxon Mobil Corp | 1 | 0 |
| Raymond James & Associates | Venture Global Inc | 6 | 6 |
| Raymond James & Associates | Cheniere Energy Inc | 3 | 1 |
| Raymond James & Associates | Exxon Mobil Corp | 1 | 0 |
| Raymond James & Associates | Energy Transfer LP | 1 | 0 |
| Bank of Jiangsu | China Petrochemical Corp | 8 | 8 |
| Bank of Jiangsu | State Power Investment Corp Lt | 3 | 3 |
| Everbright Securities | State Power Investment Corp Lt | 10 | 8 |
| China Development Bank | State Power Investment Corp Lt | 8 | 8 |
| China Development Bank | China Petrochemical Corp | 2 | 2 |
| National Bank of Canada | Venture Global Inc | 9 | 9 |
| National Bank of Canada | Glencore PLC | 1 | 1 |
| Capital One | ConocoPhillips | 5 | 0 |
| Capital One | Energy Transfer LP | 3 | 1 |
| Capital One | Exxon Mobil Corp | 1 | 0 |
| Huatai United Securities | State Power Investment Corp Lt | 7 | 7 |
| Huatai United Securities | Shandong Energy Group Co Ltd | 2 | 2 |
| Banco do Brasil | Petroleo Brasileiro SA | 9 | 0 |
| China Galaxy Securities | State Power Investment Corp Lt | 7 | 7 |
| China Galaxy Securities | China Petrochemical Corp | 1 | 0 |
| China Galaxy Securities | Shandong Energy Group Co Ltd | 1 | 0 |
| Hana Financial Group | Korea Electric Power Corp | 9 | 0 |
| Greenwich Capital | ConocoPhillips | 4 | 0 |
| Greenwich Capital | Exxon Mobil Corp | 3 | 0 |
| Greenwich Capital | Glencore PLC | 1 | 0 |
| Greenwich Capital | Energy Transfer LP | 1 | 0 |
| Bank of Commerce | San Miguel Corp | 9 | 6 |
| KeyBanc Capital Markets | ConocoPhillips | 5 | 0 |
| KeyBanc Capital Markets | Energy Transfer LP | 4 | 0 |
| Rosselkhozbank OJSC | Gazprom PJSC | 9 | 9 |
| National Australia Bank | Cheniere Energy Inc | 7 | 0 |
| National Australia Bank | Glencore PLC | 1 | 0 |
| National Australia Bank | Freeport LNG Development LP | 1 | 0 |
| Tipsons Consultancy Services | Adani Group | 9 | 9 |
| Nomura | Venture Global Inc | 4 | 1 |
| Nomura | Eni SpA | 2 | 0 |
| Nomura | Korea Electric Power Corp | 2 | 0 |
| Nomura | China Petrochemical Corp | 1 | 0 |
| Yuanta Securities Korea | Korea Electric Power Corp | 9 | 3 |
| AK Capital Services Ltd | Adani Group | 8 | 8 |
| Renaissance Capital Group | Gazprom PJSC | 8 | 0 |
| DZ Bank | Venture Global Inc | 8 | 8 |
| China Minsheng Banking Corp | China Petrochemical Corp | 7 | 4 |
| China Minsheng Banking Corp | Shandong Energy Group Co Ltd | 1 | 1 |
| Saudi National Bank | Saudi Arabian Oil Co | 8 | 6 |
| CaixaBank | Repsol SA | 6 | 1 |
| CaixaBank | Cheniere Energy Inc | 1 | 1 |
| Sinara Group | Gazprom PJSC | 7 | 7 |
| Shenwan Hongyuan Securities | State Power Investment Corp Lt | 5 | 5 |
| Shenwan Hongyuan Securities | Shandong Energy Group Co Ltd | 2 | 2 |
| United Overseas Bank | China Petrochemical Corp | 7 | 0 |
| Bank DOM.RF | Gazprom PJSC | 7 | 7 |
| Essence Securities | Shandong Energy Group Co Ltd | 4 | 3 |
| Essence Securities | State Power Investment Corp Lt | 3 | 3 |
| Dubai Islamic Bank | Saudi Arabian Oil Co | 6 | 4 |
| Dubai Islamic Bank | Abu Dhabi National Oil Co | 1 | 1 |
| Mediobanca | Eni SpA | 6 | 3 |
| Mediobanca | Repsol SA | 1 | 1 |
| Postal Savings Bank of China | Shandong Energy Group Co Ltd | 5 | 3 |
| Postal Savings Bank of China | State Power Investment Corp Lt | 2 | 2 |
| Asia United Bank | San Miguel Corp | 7 | 2 |
| Saudi Fransi Capital | Saudi Arabian Oil Co | 6 | 3 |
| HMC Investment Securities | Korea Electric Power Corp | 6 | 0 |
| Voya Financial | Glencore PLC | 3 | 1 |
| Voya Financial | Cheniere Energy Inc | 2 | 0 |
| Voya Financial | Eni SpA | 1 | 0 |
| Penserra Securities | BP PLC | 4 | 4 |
| Penserra Securities | Sempra | 2 | 2 |
| Alinma Bank | Saudi Arabian Oil Co | 6 | 3 |
| Kakao Pay | Korea Electric Power Corp | 6 | 1 |
| Okasan Securities | Marubeni Corp | 6 | 4 |
| Huaxia Bank | State Power Investment Corp Lt | 3 | 3 |
| Huaxia Bank | Shandong Energy Group Co Ltd | 2 | 1 |
| Huaxia Bank | China Petrochemical Corp | 1 | 0 |
| China Guangfa Bank | Shandong Energy Group Co Ltd | 6 | 6 |
| Al-Rajhi Bank | Saudi Arabian Oil Co | 6 | 4 |
| Bank Albilad | Saudi Arabian Oil Co | 6 | 4 |
| CAVU Securities LLC | BP PLC | 4 | 4 |
| CAVU Securities LLC | Sempra | 1 | 1 |
| Cinda Securities Ltd | Shandong Energy Group Co Ltd | 3 | 3 |
| Cinda Securities Ltd | State Power Investment Corp Lt | 2 | 2 |
| M&T Securities | EOG Resources Inc | 5 | 5 |
| Great Pacific Securities | Sempra | 5 | 2 |
| Bank of Nanjing | State Power Investment Corp Lt | 4 | 4 |
| Bank of Nanjing | China Petrochemical Corp | 1 | 1 |
| Kiwoom Securities | Korea Electric Power Corp | 5 | 0 |
| Qatar National Bank | QatarEnergy | 5 | 0 |
| Gulf International Bank | Saudi Arabian Oil Co | 5 | 0 |
| KFH Capital Investment Co | Saudi Arabian Oil Co | 4 | 2 |
| KFH Capital Investment Co | Abu Dhabi National Oil Co | 1 | 1 |
| Citizens Capital Markets | Energy Transfer LP | 4 | 1 |
| Citizens Capital Markets | Exxon Mobil Corp | 1 | 0 |
| Sharjah Islamic Bank | Saudi Arabian Oil Co | 4 | 4 |
| Sharjah Islamic Bank | Abu Dhabi National Oil Co | 1 | 1 |
| Guosen Securities | State Power Investment Corp Lt | 3 | 2 |
| Guosen Securities | Shandong Energy Group Co Ltd | 2 | 2 |
| Blaylock & Partners | Sempra | 2 | 0 |
| Blaylock & Partners | BP PLC | 2 | 2 |
| Blaylock & Partners | ConocoPhillips | 1 | 0 |
| Shinkin Securities | Marubeni Corp | 4 | 2 |
| Wolfe Research | Sempra | 4 | 2 |
| Caida Securities | State Power Investment Corp Lt | 4 | 4 |
| Jefferies & Co | Exxon Mobil Corp | 3 | 0 |
| Jefferies & Co | Peabody Energy Corp | 1 | 0 |
| Lebenthal & Co | Exxon Mobil Corp | 3 | 0 |
| Lebenthal & Co | Sempra | 1 | 0 |
| GIB Capital | Saudi Arabian Oil Co | 4 | 3 |
| Bancroft Capital | BP PLC | 4 | 4 |
| MFR Securities | Sempra | 4 | 1 |
| Tianfeng Securities | State Power Investment Corp Lt | 4 | 3 |
| Samuel A Ramirez & Co | Sempra | 4 | 0 |
| Lazard | Exxon Mobil Corp | 3 | 0 |
| Lazard | ConocoPhillips | 1 | 0 |
| Skandinaviska Enskilda Banken | ConocoPhillips | 3 | 0 |
| Sangsangin Investment & Securities | Korea Electric Power Corp | 3 | 3 |
| Cabrera Capital Markets | Sempra | 3 | 1 |
| BOK Financial Corporation | Energy Transfer LP | 2 | 0 |
| BOK Financial Corporation | Exxon Mobil Corp | 1 | 0 |
| Huaxi Securities | State Power Investment Corp Lt | 3 | 2 |
| Arab National Bank | Saudi Arabian Oil Co | 3 | 3 |
| BT Securities | Korea Electric Power Corp | 3 | 0 |
| BB Banco De Investimentos SA | Petroleo Brasileiro SA | 3 | 0 |
| Danske Bank | BP PLC | 1 | 0 |
| Evergrowing Bank | State Power Investment Corp Lt | 2 | 2 |
| Evergrowing Bank | Shandong Energy Group Co Ltd | 1 | 1 |
| Axis Bank | Adani Group | 3 | 0 |
| Golden Bridge Investment & Securities | Korea Electric Power Corp | 3 | 0 |
| Industrial Securities | State Power Investment Corp Lt | 3 | 3 |
| Credit Bank of Moscow | Gazprom PJSC | 3 | 0 |
| China Post Securities Co Ltd | Shandong Energy Group Co Ltd | 3 | 0 |
| Banco Safra | Petroleo Brasileiro SA | 3 | 0 |
| ABC International Holding | China Petrochemical Corp | 2 | 0 |
| E*trade Korea Co Ltd | Korea Electric Power Corp | 2 | 0 |
| Westpac | Chevron Corp | 2 | 0 |
| Bohai Securities | State Power Investment Corp Lt | 2 | 0 |
| National Bank of Kuwait | Saudi Arabian Oil Co | 2 | 0 |
| Roberts & Ryan Investments | Sempra | 2 | 2 |
| AlJazira Capital | Saudi Arabian Oil Co | 2 | 0 |
| Beijing Docvit Law Firm | State Power Investment Corp Lt | 2 | 2 |
| XP Investimentos | Petroleo Brasileiro SA | 2 | 0 |
| Saudi Investment Bank | Saudi Arabian Oil Co | 2 | 0 |
| Eni | Eni SpA | 2 | 0 |
| CIT Capital Securities LLC | Cheniere Energy Inc | 2 | 0 |
| Nationsbanc Montgomery Securities | Exxon Mobil Corp | 1 | 0 |
| Nationsbanc Montgomery Securities | ConocoPhillips | 1 | 0 |
| BTG Pactual | Petroleo Brasileiro SA | 2 | 1 |
| Kuwait Finance House | Saudi Arabian Oil Co | 2 | 2 |
| Sovcombank ICB JSC | Gazprom PJSC | 2 | 0 |
| Export-Import Bank of China | China Petrochemical Corp | 2 | 2 |
| Mischler Financial Group | Sempra | 2 | 2 |
| S&T Bancorp | Eni SpA | 2 | 0 |
| Sealand Securities | State Power Investment Corp Lt | 2 | 0 |
| Evercore Group | Sempra | 2 | 1 |
| Banco BPM | Eni SpA | 2 | 2 |
| China Bohai Bank | State Power Investment Corp Lt | 2 | 2 |
| China Zheshang Bank | China Petrochemical Corp | 1 | 1 |
| China Zheshang Bank | Shandong Energy Group Co Ltd | 1 | 1 |
| TongYang Group | Korea Electric Power Corp | 2 | 0 |
| LS Group | Korea Electric Power Corp | 2 | 2 |
| CBA Securities LLC | Cheniere Energy Inc | 1 | 0 |
| Tokai Tokyo Securities | Marubeni Corp | 1 | 1 |
| Bayerische Hypothekenbank | ConocoPhillips | 1 | 0 |
| JSCB Rosbank | Gazprom PJSC | 1 | 0 |
| Banco Mercantil del Norte | Petroleos Mexicanos | 1 | 0 |
| JZ Securities | China Petrochemical Corp | 1 | 0 |
| Hengtai Changcai Securities | State Power Investment Corp Lt | 1 | 0 |
| First Metro Investment Corporation | San Miguel Corp | 1 | 0 |
| Zions Bancorporation | Energy Transfer LP | 1 | 1 |
| Minsheng Securities | State Power Investment Corp Lt | 1 | 0 |
| Ryan Beck & Co | ConocoPhillips | 1 | 0 |
| Bank of Qingdao | Shandong Energy Group Co Ltd | 1 | 1 |
| United Coconut Planters Bank | San Miguel Corp | 1 | 0 |
| Corporación Actinver | Petroleos Mexicanos | 1 | 0 |
| Boston Consulting Group | Chevron Corp | 1 | 0 |
| Siebert Capital Group | Sempra | 1 | 0 |
| GPB Financial Services | Gazprom PJSC | 1 | 0 |
| Allianz Global Investors | Cheniere Energy Inc | 1 | 0 |
| SBI Holdings | Marubeni Corp | 1 | 1 |
| Dongsuh International America | Korea Electric Power Corp | 1 | 0 |
| First Citizens Bank & Trust | Cheniere Energy Inc | 1 | 1 |
| Sinolink Securities | Shandong Energy Group Co Ltd | 1 | 1 |
| Russian Development Bank | Gazprom PJSC | 1 | 1 |
| Bridge Securities | Korea Electric Power Corp | 1 | 0 |
| Arab Banking Corp | GreenSaif Pipelines Topco Sarl | 1 | 1 |
| MR Beal & Co | Sempra | 1 | 0 |
| Abu Dhabi Islamic Bank | Abu Dhabi National Oil Co | 1 | 1 |
| Drexel Hamilton | Sempra | 1 | 0 |
| Banco Sabadell | Repsol SA | 1 | 1 |
| Natcity Investments | ConocoPhillips | 1 | 0 |
| Harris Nesbitt | Exxon Mobil Corp | 1 | 0 |
| Huishang Bank | China Petrochemical Corp | 1 | 1 |
| Changjiang Securities | Shandong Energy Group Co Ltd | 1 | 1 |
| Ssangyong Securities | Korea Electric Power Corp | 1 | 0 |
| Wirtschafts -und Privatbank | Sempra | 1 | 0 |
| Korea Development Bank | Korea Electric Power Corp | 1 | 0 |
| Woori Financial Group | Korea Electric Power Corp | 1 | 0 |
| Hypovereinsbank | Equinor ASA | 1 | 0 |
| Banco Votorantim | Petroleo Brasileiro SA | 1 | 0 |
| State Bank of India | Adani Group | 1 | 0 |
| SDIC Securities | State Power Investment Corp Lt | 1 | 1 |
| Telsey Advisory Group | Sempra | 1 | 0 |
| ZTF Securities | State Power Investment Corp Lt | 1 | 0 |
| Guzman & Co | ConocoPhillips | 1 | 0 |
| Maybank ATR Kim Eng | San Miguel Corp | 1 | 0 |
| Amerivet Securities | Sempra | 1 | 1 |
Disclaimer: Reclaim Finance believes the information communicated comes from reliable sources and has made every effort to ensure the information is correct and data analysis is sound. However, Reclaim Finance does not guarantee the accuracy, completeness, or correctness of any of the information or analysis and, in any event, disclaims any liability for the use of such information or analysis by third parties. You can contact us at research@reclaimfinance.org if you believe our data contains some inaccuracies. We will make every effort to address it and make any necessary corrections.
Key trends
Recommendations
Banks often play a significant role in underwriting and facilitating bond issuances. In the context of the climate emergency, they must refrain from providing this key support to companies as long as they are still developing new fossil fuel projects.
To stop contributing to locking in fossil fuel expansion, banks should:
- Adopt a policy that ends general purpose corporate financing towards companies involved in the expansion of coal, and/or upstream and midstream oil and gas. Such a policy should also restrict financial support to companies involved in gas power development. The policy should cover both lending and capital market services.
- Implement adequate decarbonization targets to reduce, and ultimately phase-out, all financing to fossil fuels. These targets should cover all material financial services provided to companies involved in any segment of the fossil fuel value chain. Targets should differentiate fossil fuel subsectors, each with a clear reduction pathway, interim targets, and phase-out dates. They may also be set per financial service, e.g., specific targets for reducing both credit exposure and capital markets facilitation.
