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: October 1st, 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 | 40 | 17 |
| JP Morgan Chase | Exxon Mobil Corp | 26 | 2 |
| JP Morgan Chase | ConocoPhillips | 22 | 15 |
| JP Morgan Chase | Chevron Corp | 22 | 14 |
| JP Morgan Chase | China Petrochemical Corp | 19 | 0 |
| JP Morgan Chase | Saudi Arabian Oil Co | 19 | 10 |
| JP Morgan Chase | BP PLC | 19 | 9 |
| JP Morgan Chase | TotalEnergies SE | 18 | 6 |
| JP Morgan Chase | Eni SpA | 17 | 6 |
| JP Morgan Chase | Equinor ASA | 16 | 3 |
| JP Morgan Chase | Cheniere Energy Inc | 16 | 5 |
| JP Morgan Chase | Glencore PLC | 15 | 7 |
| JP Morgan Chase | Gazprom PJSC | 14 | 0 |
| JP Morgan Chase | Venture Global Inc | 14 | 11 |
| JP Morgan Chase | Petroleos Mexicanos | 13 | 1 |
| JP Morgan Chase | Sempra | 13 | 6 |
| JP Morgan Chase | EOG Resources Inc | 11 | 5 |
| JP Morgan Chase | Petroleo Brasileiro SA | 10 | 1 |
| JP Morgan Chase | Shell PLC | 8 | 1 |
| 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 | Abu Dhabi National Oil Co | 5 | 3 |
| JP Morgan Chase | Repsol SA | 5 | 1 |
| 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 |
| Citigroup | Energy Transfer LP | 38 | 17 |
| Citigroup | Exxon Mobil Corp | 24 | 1 |
| Citigroup | Eni SpA | 22 | 7 |
| Citigroup | Chevron Corp | 22 | 14 |
| Citigroup | China Petrochemical Corp | 22 | 0 |
| Citigroup | Saudi Arabian Oil Co | 20 | 10 |
| Citigroup | BP PLC | 20 | 2 |
| Citigroup | ConocoPhillips | 17 | 9 |
| Citigroup | Petroleos Mexicanos | 13 | 0 |
| Citigroup | TotalEnergies SE | 13 | 3 |
| Citigroup | Cheniere Energy Inc | 11 | 5 |
| Citigroup | Equinor ASA | 10 | 0 |
| Citigroup | Korea Electric Power Corp | 10 | 4 |
| Citigroup | Glencore PLC | 10 | 4 |
| Citigroup | Petroleo Brasileiro SA | 10 | 1 |
| Citigroup | EOG Resources Inc | 10 | 5 |
| Citigroup | Sempra | 10 | 2 |
| Citigroup | Repsol SA | 8 | 1 |
| Citigroup | Adani Group | 8 | 0 |
| Citigroup | Mitsubishi Corp | 8 | 7 |
| Citigroup | Shell PLC | 5 | 0 |
| 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 | Petroleo Brasileiro SA - Petro | 2 | 2 |
| Citigroup | Venture Global Inc | 1 | 1 |
| Bank of America | Energy Transfer LP | 39 | 17 |
| Bank of America | Exxon Mobil Corp | 23 | 1 |
| Bank of America | Chevron Corp | 22 | 14 |
| Bank of America | BP PLC | 20 | 5 |
| Bank of America | Eni SpA | 19 | 8 |
| Bank of America | Cheniere Energy Inc | 16 | 5 |
| Bank of America | China Petrochemical Corp | 16 | 0 |
| Bank of America | Equinor ASA | 15 | 3 |
| Bank of America | Petroleos Mexicanos | 15 | 0 |
| Bank of America | ConocoPhillips | 14 | 9 |
| Bank of America | Venture Global Inc | 14 | 11 |
| 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 | Woodside Energy Group Ltd | 6 | 4 |
| Bank of America | Sempra | 6 | 3 |
| Bank of America | Adani Group | 6 | 0 |
| Bank of America | Repsol SA | 6 | 0 |
| Bank of America | Petroleo Brasileiro SA | 5 | 1 |
| Bank of America | Mitsubishi Corp | 5 | 5 |
| Bank of America | Sumitomo Corp | 4 | 3 |
| Bank of America | Shell PLC | 3 | 0 |
| 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 |
| Mizuho | Energy Transfer LP | 44 | 16 |
| Mizuho | Chevron Corp | 22 | 14 |
| Mizuho | Saudi Arabian Oil Co | 19 | 10 |
| Mizuho | Cheniere Energy Inc | 16 | 5 |
| Mizuho | ConocoPhillips | 15 | 9 |
| Mizuho | Marubeni Corp | 15 | 9 |
| 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 | Petroleos Mexicanos | 7 | 1 |
| Mizuho | Adani Group | 7 | 0 |
| Mizuho | Abu Dhabi National Oil Co | 5 | 3 |
| Mizuho | Repsol SA | 5 | 2 |
| Mizuho | Gazprom PJSC | 4 | 0 |
| Mizuho | Shell PLC | 3 | 0 |
| Mizuho | Equinor ASA | 3 | 0 |
| Mizuho | San Miguel Corp | 3 | 2 |
| Mizuho | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| Mizuho | Korea Electric Power Corp | 3 | 3 |
| Mizuho | Petroleo Brasileiro SA | 2 | 1 |
| Mizuho | Woodside Energy Group Ltd | 2 | 2 |
| Mizuho | Freeport LNG Development LP | 1 | 0 |
| Goldman Sachs | BP PLC | 24 | 6 |
| Goldman Sachs | China Petrochemical Corp | 22 | 0 |
| Goldman Sachs | Chevron Corp | 22 | 14 |
| Goldman Sachs | Exxon Mobil Corp | 20 | 1 |
| Goldman Sachs | Energy Transfer LP | 19 | 1 |
| Goldman Sachs | Saudi Arabian Oil Co | 19 | 10 |
| Goldman Sachs | Eni SpA | 18 | 8 |
| Goldman Sachs | Cheniere Energy Inc | 16 | 5 |
| 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 | ConocoPhillips | 10 | 9 |
| Goldman Sachs | Sempra | 9 | 5 |
| Goldman Sachs | Shell PLC | 8 | 1 |
| Goldman Sachs | Mitsubishi Corp | 8 | 6 |
| Goldman Sachs | Petroleos Mexicanos | 7 | 0 |
| Goldman Sachs | Repsol SA | 7 | 1 |
| Goldman Sachs | QatarEnergy | 6 | 0 |
| Goldman Sachs | Korea Electric Power Corp | 4 | 0 |
| Goldman Sachs | Sumitomo Corp | 4 | 3 |
| Goldman Sachs | Woodside Energy Group Ltd | 4 | 4 |
| Goldman Sachs | Petroleo Brasileiro SA | 3 | 1 |
| Goldman Sachs | Marubeni Corp | 1 | 0 |
| Goldman Sachs | Freeport LNG Development LP | 1 | 0 |
| Goldman Sachs | Peabody Energy Corp | 1 | 0 |
| MUFG | Energy Transfer LP | 50 | 17 |
| MUFG | Chevron Corp | 20 | 14 |
| MUFG | Sempra | 17 | 6 |
| MUFG | Saudi Arabian Oil Co | 17 | 10 |
| MUFG | Cheniere Energy Inc | 15 | 4 |
| MUFG | TotalEnergies SE | 14 | 6 |
| MUFG | ConocoPhillips | 13 | 9 |
| MUFG | BP PLC | 13 | 3 |
| MUFG | Glencore PLC | 12 | 8 |
| MUFG | Eni SpA | 12 | 7 |
| MUFG | Sumitomo Corp | 9 | 3 |
| MUFG | Mitsubishi Corp | 9 | 5 |
| MUFG | Venture Global Inc | 9 | 9 |
| MUFG | Adani Group | 8 | 0 |
| MUFG | Petroleo Brasileiro SA | 5 | 1 |
| MUFG | Marubeni Corp | 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 |
| Morgan Stanley | Energy Transfer LP | 31 | 17 |
| Morgan Stanley | Exxon Mobil Corp | 27 | 3 |
| Morgan Stanley | Chevron Corp | 21 | 14 |
| Morgan Stanley | BP PLC | 20 | 6 |
| Morgan Stanley | Cheniere Energy Inc | 16 | 5 |
| Morgan Stanley | ConocoPhillips | 15 | 9 |
| Morgan Stanley | Shell PLC | 13 | 3 |
| Morgan Stanley | Petroleos Mexicanos | 12 | 0 |
| Morgan Stanley | Saudi Arabian Oil Co | 12 | 3 |
| Morgan Stanley | China Petrochemical Corp | 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 | Abu Dhabi National Oil Co | 5 | 4 |
| Morgan Stanley | Korea Electric Power Corp | 4 | 0 |
| Morgan Stanley | Petroleo Brasileiro SA | 4 | 1 |
| 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 |
| SMBC | Energy Transfer LP | 33 | 16 |
| SMBC | Chevron Corp | 22 | 14 |
| SMBC | Saudi Arabian Oil Co | 19 | 10 |
| SMBC | Sumitomo Corp | 15 | 6 |
| SMBC | BP PLC | 15 | 4 |
| SMBC | Cheniere Energy Inc | 15 | 4 |
| SMBC | Eni SpA | 14 | 8 |
| SMBC | Venture Global Inc | 14 | 11 |
| SMBC | Exxon Mobil Corp | 13 | 0 |
| SMBC | Marubeni Corp | 12 | 6 |
| SMBC | ConocoPhillips | 12 | 9 |
| 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 |
| HSBC | Chevron Corp | 22 | 14 |
| HSBC | Saudi Arabian Oil Co | 21 | 10 |
| HSBC | BP PLC | 18 | 6 |
| HSBC | China Petrochemical Corp | 16 | 0 |
| HSBC | Cheniere Energy Inc | 16 | 5 |
| HSBC | Exxon Mobil Corp | 16 | 0 |
| HSBC | ConocoPhillips | 15 | 12 |
| HSBC | Energy Transfer LP | 15 | 0 |
| HSBC | Petroleos Mexicanos | 14 | 0 |
| HSBC | TotalEnergies SE | 13 | 5 |
| HSBC | Petroleo Brasileiro SA | 9 | 1 |
| HSBC | Glencore PLC | 9 | 7 |
| HSBC | Eni SpA | 8 | 3 |
| HSBC | Shell PLC | 7 | 0 |
| 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 |
| Barclays | Energy Transfer LP | 33 | 16 |
| Barclays | Exxon Mobil Corp | 23 | 1 |
| Barclays | Chevron Corp | 22 | 14 |
| Barclays | Eni SpA | 22 | 9 |
| Barclays | Equinor ASA | 19 | 3 |
| Barclays | Shell PLC | 14 | 2 |
| Barclays | TotalEnergies SE | 14 | 2 |
| Barclays | BP PLC | 11 | 5 |
| Barclays | EOG Resources Inc | 10 | 5 |
| Barclays | Glencore PLC | 9 | 3 |
| Barclays | Sempra | 9 | 2 |
| Barclays | Adani Group | 8 | 0 |
| Barclays | Petroleos Mexicanos | 7 | 1 |
| Barclays | Woodside Energy Group Ltd | 6 | 6 |
| Barclays | ConocoPhillips | 5 | 1 |
| 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 |
| Deutsche Bank | Energy Transfer LP | 39 | 16 |
| Deutsche Bank | BP PLC | 21 | 12 |
| Deutsche Bank | Exxon Mobil Corp | 20 | 2 |
| Deutsche Bank | Chevron Corp | 18 | 14 |
| Deutsche Bank | TotalEnergies SE | 18 | 6 |
| Deutsche Bank | Equinor ASA | 13 | 3 |
| Deutsche Bank | Petroleos Mexicanos | 11 | 0 |
| Deutsche Bank | Glencore PLC | 11 | 4 |
| Deutsche Bank | Shell PLC | 9 | 2 |
| Deutsche Bank | Venture Global Inc | 9 | 9 |
| Deutsche Bank | Eni SpA | 7 | 4 |
| Deutsche Bank | Petroleo Brasileiro SA | 5 | 0 |
| 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 | ConocoPhillips | 2 | 0 |
| Deutsche Bank | Petroleo Brasileiro SA - Petro | 2 | 2 |
| Deutsche Bank | EOG Resources Inc | 1 | 0 |
| Deutsche Bank | Freeport LNG Development LP | 1 | 0 |
| Deutsche Bank | Cheniere Energy Inc | 1 | 0 |
| Deutsche Bank | San Miguel Corp | 1 | 1 |
| 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 | Cheniere Energy Inc | 15 | 4 |
| Societe Generale | Eni SpA | 12 | 6 |
| Societe Generale | Saudi Arabian Oil Co | 9 | 0 |
| Societe Generale | Chevron Corp | 8 | 0 |
| Societe Generale | Sempra | 6 | 0 |
| Societe Generale | Repsol SA | 6 | 1 |
| Societe Generale | ConocoPhillips | 4 | 0 |
| Societe Generale | EOG Resources Inc | 3 | 0 |
| Societe Generale | Glencore PLC | 3 | 0 |
| Societe Generale | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| Societe Generale | Equinor ASA | 2 | 0 |
| Societe Generale | Abu Dhabi National Oil Co | 2 | 0 |
| Societe Generale | Petroleos Mexicanos | 2 | 0 |
| Societe Generale | Petroleo Brasileiro SA | 1 | 0 |
| Societe Generale | Freeport LNG Development LP | 1 | 0 |
| Credit Agricole | Energy Transfer LP | 34 | 16 |
| Credit Agricole | Exxon Mobil Corp | 17 | 0 |
| Credit Agricole | Cheniere Energy Inc | 16 | 5 |
| Credit Agricole | BP PLC | 16 | 1 |
| 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 | Petroleos Mexicanos | 5 | 0 |
| Credit Agricole | China Petrochemical Corp | 5 | 0 |
| Credit Agricole | Gazprom PJSC | 4 | 0 |
| Credit Agricole | Glencore PLC | 4 | 0 |
| Credit Agricole | ConocoPhillips | 3 | 0 |
| Credit Agricole | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| Credit Agricole | Petroleo Brasileiro SA | 2 | 0 |
| 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 |
| BBVA | Energy Transfer LP | 42 | 16 |
| BBVA | Chevron Corp | 18 | 14 |
| BBVA | Cheniere Energy Inc | 15 | 5 |
| BBVA | Petroleos Mexicanos | 11 | 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 | ConocoPhillips | 7 | 6 |
| BBVA | Exxon Mobil Corp | 6 | 0 |
| BBVA | BP PLC | 5 | 5 |
| BBVA | Eni SpA | 4 | 3 |
| BBVA | China Petrochemical Corp | 4 | 0 |
| BBVA | Petroleo Brasileiro SA - Petro | 2 | 2 |
| BBVA | EOG Resources Inc | 1 | 0 |
| BBVA | Freeport LNG Development LP | 1 | 0 |
| BBVA | Petroleo Brasileiro SA | 1 | 0 |
| Santander | BP PLC | 21 | 7 |
| Santander | Chevron Corp | 18 | 14 |
| Santander | Cheniere Energy Inc | 14 | 5 |
| Santander | Venture Global Inc | 14 | 11 |
| Santander | Exxon Mobil Corp | 13 | 0 |
| Santander | Petroleo Brasileiro SA | 12 | 1 |
| Santander | Glencore PLC | 12 | 7 |
| Santander | TotalEnergies SE | 12 | 6 |
| Santander | Petroleos Mexicanos | 9 | 1 |
| Santander | Sempra | 9 | 4 |
| Santander | Eni SpA | 8 | 5 |
| Santander | Shell PLC | 6 | 0 |
| Santander | Repsol SA | 5 | 1 |
| Santander | Petroleo Brasileiro SA - Petro | 2 | 2 |
| Santander | Freeport LNG Development LP | 1 | 0 |
| BNP Paribas | Exxon Mobil Corp | 19 | 0 |
| BNP Paribas | BP PLC | 19 | 1 |
| BNP Paribas | Eni SpA | 15 | 0 |
| BNP Paribas | Shell PLC | 13 | 1 |
| 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 | Chevron Corp | 8 | 0 |
| BNP Paribas | Energy Transfer LP | 6 | 0 |
| BNP Paribas | Repsol SA | 6 | 0 |
| BNP Paribas | Petroleos Mexicanos | 5 | 0 |
| BNP Paribas | ConocoPhillips | 4 | 0 |
| BNP Paribas | Petroleo Brasileiro SA | 4 | 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 |
| Standard Chartered | Chevron Corp | 22 | 14 |
| Standard Chartered | Exxon Mobil Corp | 16 | 0 |
| Standard Chartered | Saudi Arabian Oil Co | 16 | 10 |
| Standard Chartered | BP PLC | 14 | 4 |
| Standard Chartered | Cheniere Energy Inc | 11 | 4 |
| Standard Chartered | ConocoPhillips | 9 | 6 |
| Standard Chartered | China Petrochemical Corp | 9 | 0 |
| Standard Chartered | San Miguel Corp | 8 | 3 |
| 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 | 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 | Shell PLC | 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 | 18 | 15 |
| Wells Fargo | Eni SpA | 12 | 6 |
| Wells Fargo | EOG Resources Inc | 10 | 5 |
| Wells Fargo | Cheniere Energy Inc | 9 | 4 |
| Wells Fargo | Chevron Corp | 8 | 0 |
| Wells Fargo | Venture Global Inc | 8 | 8 |
| Wells Fargo | BP PLC | 6 | 3 |
| Wells Fargo | Sempra | 5 | 2 |
| Wells Fargo | TotalEnergies SE | 3 | 3 |
| Wells Fargo | Shell PLC | 2 | 0 |
| KB Financial Group | Korea Electric Power Corp | 139 | 55 |
| Bank of Nova Scotia | Energy Transfer LP | 35 | 17 |
| Bank of Nova Scotia | Exxon Mobil Corp | 18 | 1 |
| Bank of Nova Scotia | Chevron Corp | 16 | 14 |
| Bank of Nova Scotia | Cheniere Energy Inc | 14 | 4 |
| Bank of Nova Scotia | Venture Global Inc | 14 | 11 |
| Bank of Nova Scotia | Glencore PLC | 12 | 8 |
| Bank of Nova Scotia | EOG Resources Inc | 10 | 5 |
| 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 | ConocoPhillips | 1 | 0 |
| Bank of Nova Scotia | Freeport LNG Development LP | 1 | 0 |
| Royal Bank of Canada | Energy Transfer LP | 37 | 17 |
| Royal Bank of Canada | Exxon Mobil Corp | 16 | 3 |
| Royal Bank of Canada | Cheniere Energy Inc | 15 | 4 |
| Royal Bank of Canada | Venture Global Inc | 14 | 11 |
| Royal Bank of Canada | ConocoPhillips | 13 | 9 |
| Royal Bank of Canada | Sempra | 11 | 6 |
| Royal Bank of Canada | TotalEnergies SE | 11 | 3 |
| Royal Bank of Canada | Shell PLC | 6 | 1 |
| Royal Bank of Canada | Chevron Corp | 4 | 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 |
| US Bancorp | Energy Transfer LP | 40 | 17 |
| US Bancorp | Exxon Mobil Corp | 20 | 1 |
| US Bancorp | Chevron Corp | 18 | 14 |
| US Bancorp | ConocoPhillips | 10 | 9 |
| US Bancorp | EOG Resources Inc | 9 | 5 |
| US Bancorp | Sempra | 6 | 2 |
| 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 |
| BPCE | Energy Transfer LP | 29 | 11 |
| BPCE | Venture Global Inc | 13 | 10 |
| BPCE | Cheniere Energy Inc | 10 | 4 |
| BPCE | TotalEnergies SE | 9 | 5 |
| BPCE | Eni SpA | 8 | 5 |
| BPCE | Saudi Arabian Oil Co | 8 | 8 |
| BPCE | Repsol SA | 6 | 2 |
| BPCE | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| BPCE | Exxon Mobil Corp | 1 | 0 |
| BPCE | Petroleos Mexicanos | 1 | 0 |
| BPCE | Freeport LNG Development LP | 1 | 0 |
| BPCE | Shell PLC | 1 | 0 |
| BPCE | Gazprom PJSC | 1 | 0 |
| 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 | Korea Electric Power Corp | 5 | 1 |
| UBS | Repsol SA | 4 | 1 |
| UBS | Petroleo Brasileiro SA - Petro | 4 | 4 |
| UBS | EOG Resources Inc | 3 | 0 |
| UBS | TotalEnergies SE | 3 | 0 |
| UBS | Equinor ASA | 2 | 0 |
| UBS | Gazprom PJSC | 2 | 0 |
| UBS | Sempra | 2 | 0 |
| UBS | BP PLC | 2 | 0 |
| UBS | Petroleo Brasileiro SA | 2 | 1 |
| UBS | Eni SpA | 1 | 0 |
| UBS | Shell PLC | 1 | 0 |
| UBS | Petroleos Mexicanos | 1 | 0 |
| UBS | San Miguel Corp | 1 | 0 |
| UBS | Cheniere Energy Inc | 1 | 1 |
| Bank of China | China Petrochemical Corp | 32 | 11 |
| Bank of China | State Power Investment Corp Lt | 20 | 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 |
| Toronto Dominion | Energy Transfer LP | 41 | 17 |
| Toronto Dominion | ConocoPhillips | 18 | 15 |
| Toronto Dominion | Glencore PLC | 7 | 5 |
| Toronto Dominion | BP PLC | 7 | 5 |
| Toronto Dominion | Sempra | 5 | 2 |
| Toronto Dominion | Exxon Mobil Corp | 4 | 1 |
| China Merchants Bank | State Power Investment Corp Lt | 49 | 41 |
| China Merchants Bank | Shandong Energy Group Co Ltd | 18 | 13 |
| China Merchants Bank | China Petrochemical Corp | 13 | 3 |
| CITIC Group | State Power Investment Corp Lt | 44 | 42 |
| CITIC Group | Shandong Energy Group Co Ltd | 32 | 24 |
| CITIC Group | China Petrochemical Corp | 2 | 0 |
| NongHyup Financial Group | Korea Electric Power Corp | 77 | 4 |
| Gazprombank | Gazprom PJSC | 73 | 36 |
| Kyobo Securities | Korea Electric Power Corp | 71 | 16 |
| Intesa Sanpaolo | Eni SpA | 20 | 10 |
| Intesa Sanpaolo | Chevron Corp | 16 | 14 |
| Intesa Sanpaolo | Exxon Mobil Corp | 12 | 0 |
| Intesa Sanpaolo | Cheniere Energy Inc | 11 | 5 |
| Intesa Sanpaolo | Gazprom PJSC | 5 | 0 |
| Intesa Sanpaolo | ConocoPhillips | 2 | 0 |
| Intesa Sanpaolo | Energy Transfer LP | 2 | 0 |
| Intesa Sanpaolo | TotalEnergies SE | 2 | 0 |
| Intesa Sanpaolo | Freeport LNG Development LP | 1 | 0 |
| SK Group | Korea Electric Power Corp | 70 | 23 |
| CIBC | Energy Transfer LP | 29 | 16 |
| CIBC | Cheniere Energy Inc | 11 | 5 |
| CIBC | EOG Resources Inc | 10 | 5 |
| CIBC | Glencore PLC | 6 | 5 |
| CIBC | Exxon Mobil Corp | 5 | 1 |
| CIBC | Sempra | 3 | 3 |
| CIBC | ConocoPhillips | 1 | 0 |
| CIBC | Freeport LNG Development LP | 1 | 0 |
| KR Investment & Securities | Korea Electric Power Corp | 65 | 63 |
| PNC | Energy Transfer LP | 42 | 17 |
| PNC | EOG Resources Inc | 9 | 5 |
| PNC | Sempra | 7 | 5 |
| PNC | Exxon Mobil Corp | 5 | 1 |
| PNC | ConocoPhillips | 1 | 0 |
| Bank of Ningbo | State Power Investment Corp Lt | 55 | 53 |
| Bank of Ningbo | China Petrochemical Corp | 4 | 3 |
| Loop Capital Markets LLC | Chevron Corp | 18 | 14 |
| Loop Capital Markets LLC | Exxon Mobil Corp | 13 | 0 |
| Loop Capital Markets LLC | Cheniere Energy Inc | 11 | 5 |
| Loop Capital Markets LLC | Venture Global Inc | 11 | 11 |
| Loop Capital Markets LLC | Sempra | 4 | 1 |
| Ping An Bank | State Power Investment Corp Lt | 32 | 27 |
| Ping An Bank | Shandong Energy Group Co Ltd | 22 | 18 |
| Ping An Bank | China Petrochemical Corp | 2 | 2 |
| ING Group | Cheniere Energy Inc | 14 | 5 |
| ING Group | Venture Global Inc | 14 | 11 |
| ING Group | Eni SpA | 7 | 4 |
| ING Group | Glencore PLC | 6 | 4 |
| ING Group | China Petrochemical Corp | 6 | 0 |
| ING Group | San Miguel Corp | 3 | 0 |
| ING Group | Energy Transfer LP | 2 | 0 |
| ING Group | BP PLC | 2 | 2 |
| ING Group | ConocoPhillips | 1 | 0 |
| ING Group | Freeport LNG Development LP | 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 | 51 | 24 |
| NatWest | BP PLC | 13 | 4 |
| NatWest | Energy Transfer LP | 8 | 0 |
| NatWest | Repsol SA | 5 | 0 |
| NatWest | Glencore PLC | 4 | 0 |
| NatWest | ConocoPhillips | 3 | 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 | QatarEnergy | 1 | 0 |
| NatWest | Petroleos Mexicanos | 1 | 0 |
| NatWest | Exxon Mobil Corp | 1 | 0 |
| Bank of Shanghai | State Power Investment Corp Lt | 49 | 44 |
| China Construction Bank | China Petrochemical Corp | 25 | 10 |
| China Construction Bank | State Power Investment Corp Lt | 15 | 12 |
| 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 |
| CAPE Investment & Securities | Korea Electric Power Corp | 47 | 29 |
| Korea Investment Holdings | Korea Electric Power Corp | 46 | 15 |
| Bank of Montreal | Energy Transfer LP | 26 | 16 |
| Bank of Montreal | Glencore PLC | 6 | 5 |
| Bank of Montreal | EOG Resources Inc | 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 |
| Shanghai Pudong Development Bank | State Power Investment Corp Lt | 40 | 38 |
| 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 |
| EBEST Investment & Securities | Korea Electric Power Corp | 39 | 2 |
| China Everbright Bank | State Power Investment Corp Lt | 33 | 31 |
| China Everbright Bank | Shandong Energy Group Co Ltd | 6 | 6 |
| Mirae Asset | Korea Electric Power Corp | 38 | 4 |
| DBS Bank | China Petrochemical Corp | 12 | 0 |
| DBS Bank | Cheniere Energy Inc | 10 | 5 |
| DBS Bank | Adani Group | 7 | 0 |
| DBS Bank | Glencore PLC | 6 | 6 |
| DBS Bank | San Miguel Corp | 3 | 2 |
| Norwegian Banking Group | ConocoPhillips | 13 | 9 |
| Norwegian Banking Group | Energy Transfer LP | 11 | 0 |
| Norwegian Banking Group | Equinor ASA | 5 | 0 |
| Norwegian Banking Group | Eni SpA | 4 | 3 |
| Norwegian Banking Group | EOG Resources Inc | 3 | 0 |
| Norwegian Banking Group | Exxon Mobil Corp | 1 | 0 |
| 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 |
| 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 | Cheniere Energy Inc | 2 | 2 |
| Truist Financial Corporation | Sempra | 1 | 1 |
| Hanwha Investment & Securities | Korea Electric Power Corp | 35 | 0 |
| Hyundai Motor Group | Korea Electric Power Corp | 33 | 21 |
| Commerzbank | BP PLC | 17 | 3 |
| Commerzbank | Glencore PLC | 9 | 5 |
| Commerzbank | Repsol SA | 3 | 1 |
| Commerzbank | Gazprom PJSC | 1 | 0 |
| Commerzbank | Petroleo Brasileiro SA | 1 | 0 |
| Fifth Third Bank | Energy Transfer LP | 29 | 16 |
| HI Investment & Securities | Korea Electric Power Corp | 29 | 1 |
| Zhongtai Securities | Shandong Energy Group Co Ltd | 25 | 17 |
| Zhongtai Securities | State Power Investment Corp Lt | 4 | 4 |
| Standard Bank of South Africa | Chevron Corp | 16 | 13 |
| Standard Bank of South Africa | Exxon Mobil Corp | 13 | 0 |
| Heungkuk Securities | Korea Electric Power Corp | 29 | 26 |
| Regions Financial Corporation | Energy Transfer LP | 21 | 17 |
| Regions Financial Corporation | Venture Global Inc | 7 | 7 |
| Industrial Bank | State Power Investment Corp Lt | 13 | 13 |
| Industrial Bank | Shandong Energy Group Co Ltd | 11 | 11 |
| Industrial Bank | China Petrochemical Corp | 3 | 3 |
| Nomura | Mitsubishi Corp | 8 | 5 |
| Nomura | Marubeni Corp | 8 | 3 |
| 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 | 20 | 18 |
| China International Capital Corporation | State Power Investment Corp Lt | 3 | 3 |
| China International Capital Corporation | China Petrochemical Corp | 2 | 0 |
| 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 |
| Daiwa | Sumitomo Corp | 11 | 3 |
| Daiwa | Mitsubishi Corp | 8 | 6 |
| Daiwa | Marubeni Corp | 4 | 1 |
| Daiwa | ConocoPhillips | 1 | 0 |
| Daiwa | Korea Electric Power Corp | 1 | 0 |
| Lloyds Bank | BP PLC | 14 | 3 |
| Lloyds Bank | Cheniere Energy Inc | 4 | 0 |
| Lloyds Bank | Glencore PLC | 2 | 0 |
| Lloyds Bank | ConocoPhillips | 2 | 0 |
| Lloyds Bank | Shell PLC | 2 | 0 |
| Lloyds Bank | Freeport LNG Development LP | 1 | 0 |
| GF Securities | Shandong Energy Group Co Ltd | 21 | 18 |
| GF Securities | State Power Investment Corp Lt | 2 | 2 |
| GF Securities | China Petrochemical Corp | 1 | 0 |
| Shinhan Financial Group | Korea Electric Power Corp | 24 | 2 |
| Korea Asset Investment Securities | Korea Electric Power Corp | 24 | 2 |
| Sberbank | Gazprom PJSC | 23 | 0 |
| Academy Securities Inc | ConocoPhillips | 8 | 8 |
| Academy Securities Inc | Sempra | 4 | 2 |
| Academy Securities Inc | Exxon Mobil Corp | 4 | 0 |
| Academy Securities Inc | Venture Global Inc | 3 | 3 |
| Academy Securities Inc | BP PLC | 3 | 3 |
| VTB Capital | Gazprom PJSC | 21 | 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 |
| Meritz Securities | Korea Electric Power Corp | 21 | 6 |
| Emirates NBD | Saudi Arabian Oil Co | 12 | 10 |
| Emirates NBD | Adani Group | 7 | 0 |
| Emirates NBD | Abu Dhabi National Oil Co | 1 | 1 |
| BDO Capital & Investment | San Miguel Corp | 20 | 6 |
| Bank of Communications | China Petrochemical Corp | 15 | 4 |
| Bank of Communications | Shandong Energy Group Co Ltd | 4 | 3 |
| Bank of Communications | State Power Investment Corp Lt | 1 | 1 |
| Daishin Securities | Korea Electric Power Corp | 20 | 3 |
| Industrial Bank of Korea | Korea Electric Power Corp | 20 | 2 |
| 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 |
| BNK Financial Group | Korea Electric Power Corp | 18 | 3 |
| Security Bank Corporation | San Miguel Corp | 18 | 6 |
| Samsung Life Insurance | Korea Electric Power Corp | 18 | 0 |
| Nuvama Wealth Management | Adani Group | 16 | 16 |
| Eugene Investment & Securities | Korea Electric Power Corp | 16 | 9 |
| Guotai Haitong Securities | State Power Investment Corp Lt | 12 | 12 |
| Guotai Haitong Securities | Shandong Energy Group Co Ltd | 3 | 3 |
| Guotai Haitong Securities | Shandong Energy Group Co Ltd/o | 1 | 1 |
| China Banking Corporation | San Miguel Corp | 16 | 2 |
| Daol Financial Group | Korea Electric Power Corp | 15 | 4 |
| Comerica Securities | Energy Transfer LP | 8 | 1 |
| Comerica Securities | EOG Resources Inc | 5 | 0 |
| Comerica Securities | Exxon Mobil Corp | 2 | 0 |
| Bank of Beijing | State Power Investment Corp Lt | 12 | 12 |
| Bank of Beijing | Shandong Energy Group Co Ltd | 3 | 3 |
| Baro Investment & Securities | Korea Electric Power Corp | 15 | 0 |
| ABN Amro | Cheniere Energy Inc | 7 | 0 |
| ABN Amro | Gazprom PJSC | 2 | 0 |
| ABN Amro | Eni SpA | 1 | 0 |
| ABN Amro | ConocoPhillips | 1 | 0 |
| ABN Amro | Korea Electric Power Corp | 1 | 0 |
| ABN Amro | QatarEnergy | 1 | 0 |
| ABN Amro | Petroleo Brasileiro SA | 1 | 0 |
| ABN Amro | Glencore PLC | 1 | 0 |
| Philippine Commercial Capital | San Miguel Corp | 14 | 6 |
| Bank of Hangzhou | State Power Investment Corp Lt | 14 | 14 |
| BK Region | Gazprom PJSC | 14 | 11 |
| Philippine National Bank | San Miguel Corp | 14 | 2 |
| 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 |
| Banco Itau | Petroleo Brasileiro SA | 12 | 1 |
| Banco Itau | Petroleo Brasileiro SA - Petro | 2 | 2 |
| Shinyoung Securities | Korea Electric Power Corp | 13 | 5 |
| DS Investment & Securities | Korea Electric Power Corp | 13 | 5 |
| 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 |
| Piper Sandler Companies | Energy Transfer LP | 7 | 0 |
| Piper Sandler Companies | Exxon Mobil Corp | 2 | 0 |
| Piper Sandler Companies | ConocoPhillips | 2 | 0 |
| Piper Sandler Companies | Sempra | 1 | 0 |
| Piper Sandler Companies | EOG Resources Inc | 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 |
| Leading Investment & Securities | Korea Electric Power Corp | 13 | 8 |
| RCBC Capital | San Miguel Corp | 12 | 2 |
| Riyad Capital | Saudi Arabian Oil Co | 9 | 6 |
| Riyad Capital | GreenSaif Pipelines Topco Sarl | 3 | 3 |
| Robinson Humphrey | Energy Transfer LP | 8 | 0 |
| Robinson Humphrey | EOG Resources Inc | 2 | 0 |
| Robinson Humphrey | Exxon Mobil Corp | 1 | 0 |
| Bank of Jiangsu | China Petrochemical Corp | 8 | 8 |
| Bank of Jiangsu | State Power Investment Corp Lt | 3 | 3 |
| Commonwealth Bank of Australia | Cheniere Energy Inc | 6 | 0 |
| Commonwealth Bank of Australia | China Petrochemical Corp | 4 | 0 |
| Commonwealth Bank of Australia | Glencore PLC | 1 | 0 |
| Raymond James & Associates | Venture Global Inc | 6 | 6 |
| Raymond James & Associates | Cheniere Energy Inc | 2 | 1 |
| Raymond James & Associates | Exxon Mobil Corp | 1 | 0 |
| Raymond James & Associates | Energy Transfer LP | 1 | 0 |
| Zheshang Securities | Shandong Energy Group Co Ltd | 9 | 6 |
| Zheshang Securities | State Power Investment Corp Lt | 1 | 1 |
| Tipsons Consultancy Services | Adani Group | 9 | 9 |
| Hana Financial Group | Korea Electric Power Corp | 9 | 0 |
| Rosselkhozbank OJSC | Gazprom PJSC | 9 | 9 |
| National Bank of Canada | Venture Global Inc | 9 | 9 |
| Bank of Commerce | San Miguel Corp | 9 | 6 |
| 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 |
| Banco Bradesco | Petroleo Brasileiro SA | 9 | 1 |
| Saudi National Bank | Saudi Arabian Oil Co | 8 | 6 |
| 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 |
| National Australia Bank | Cheniere Energy Inc | 6 | 1 |
| National Australia Bank | Glencore PLC | 1 | 0 |
| National Australia Bank | Freeport LNG Development LP | 1 | 0 |
| Orient Securities | State Power Investment Corp Lt | 8 | 7 |
| AK Capital Services Ltd | Adani Group | 8 | 8 |
| China Development Bank | State Power Investment Corp Lt | 6 | 6 |
| China Development Bank | China Petrochemical Corp | 2 | 2 |
| Everbright Securities | State Power Investment Corp Lt | 8 | 6 |
| Sinara Group | Gazprom PJSC | 7 | 7 |
| Asia United Bank | San Miguel Corp | 7 | 2 |
| United Overseas Bank | China Petrochemical Corp | 7 | 0 |
| Postal Savings Bank of China | Shandong Energy Group Co Ltd | 5 | 3 |
| Postal Savings Bank of China | State Power Investment Corp Lt | 2 | 2 |
| Essence Securities | Shandong Energy Group Co Ltd | 4 | 3 |
| Essence Securities | State Power Investment Corp Lt | 3 | 3 |
| Bank DOM.RF | Gazprom PJSC | 7 | 7 |
| CaixaBank | Repsol SA | 6 | 1 |
| CaixaBank | Cheniere Energy Inc | 1 | 1 |
| 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 |
| China Galaxy Securities | State Power Investment Corp Lt | 5 | 5 |
| China Galaxy Securities | China Petrochemical Corp | 1 | 0 |
| China Galaxy Securities | Shandong Energy Group Co Ltd | 1 | 0 |
| Huatai United Securities | State Power Investment Corp Lt | 5 | 5 |
| Huatai United Securities | Shandong Energy Group Co Ltd | 1 | 1 |
| Bank of New York Mellon | Exxon Mobil Corp | 5 | 0 |
| Bank of New York Mellon | Sempra | 1 | 0 |
| 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 |
| Voya Financial | Glencore PLC | 3 | 1 |
| Voya Financial | Cheniere Energy Inc | 2 | 0 |
| Voya Financial | Eni SpA | 1 | 0 |
| Saudi Fransi Capital | Saudi Arabian Oil Co | 6 | 3 |
| Al-Rajhi Bank | Saudi Arabian Oil Co | 6 | 4 |
| Alinma Bank | Saudi Arabian Oil Co | 6 | 3 |
| Bank Albilad | Saudi Arabian Oil Co | 6 | 4 |
| China Guangfa Bank | Shandong Energy Group Co Ltd | 6 | 6 |
| Shenwan Hongyuan Securities | State Power Investment Corp Lt | 4 | 4 |
| Shenwan Hongyuan Securities | Shandong Energy Group Co Ltd | 2 | 2 |
| Penserra Securities | BP PLC | 4 | 4 |
| Penserra Securities | Sempra | 2 | 2 |
| HMC Investment Securities | Korea Electric Power Corp | 6 | 0 |
| Banco do Brasil | Petroleo Brasileiro SA | 6 | 0 |
| Kakao Pay | Korea Electric Power Corp | 6 | 1 |
| Greenwich Capital | Exxon Mobil Corp | 3 | 0 |
| Greenwich Capital | ConocoPhillips | 1 | 0 |
| Greenwich Capital | Glencore PLC | 1 | 0 |
| Greenwich Capital | Energy Transfer LP | 1 | 0 |
| Kiwoom Securities | Korea Electric Power Corp | 5 | 0 |
| Okasan Securities | Marubeni Corp | 5 | 3 |
| Great Pacific Securities | Sempra | 5 | 2 |
| Qatar National Bank | QatarEnergy | 5 | 0 |
| KFH Capital Investment Co | Saudi Arabian Oil Co | 4 | 2 |
| KFH Capital Investment Co | Abu Dhabi National Oil Co | 1 | 1 |
| Sharjah Islamic Bank | Saudi Arabian Oil Co | 4 | 4 |
| Sharjah Islamic Bank | Abu Dhabi National Oil Co | 1 | 1 |
| Citizens Capital Markets | Energy Transfer LP | 4 | 1 |
| Citizens Capital Markets | Exxon Mobil Corp | 1 | 0 |
| CAVU Securities LLC | BP PLC | 4 | 4 |
| CAVU Securities LLC | Sempra | 1 | 1 |
| Gulf International Bank | Saudi Arabian Oil Co | 5 | 0 |
| Guosen Securities | State Power Investment Corp Lt | 3 | 2 |
| Guosen Securities | Shandong Energy Group Co Ltd | 2 | 2 |
| M&T Securities | EOG Resources Inc | 5 | 5 |
| Bancroft Capital | BP PLC | 4 | 4 |
| Tianfeng Securities | State Power Investment Corp Lt | 4 | 3 |
| Shinkin Securities | Marubeni Corp | 4 | 2 |
| MFR Securities | Sempra | 4 | 1 |
| Wolfe Research | Sempra | 4 | 2 |
| Cinda Securities Ltd | Shandong Energy Group Co Ltd | 3 | 3 |
| Cinda Securities Ltd | State Power Investment Corp Lt | 1 | 1 |
| KeyBanc Capital Markets | Energy Transfer LP | 4 | 0 |
| Blaylock & Partners | Sempra | 2 | 0 |
| Blaylock & Partners | BP PLC | 2 | 2 |
| GIB Capital | Saudi Arabian Oil Co | 4 | 3 |
| Bank of Nanjing | State Power Investment Corp Lt | 3 | 3 |
| Bank of Nanjing | China Petrochemical Corp | 1 | 1 |
| Capital One | Energy Transfer LP | 3 | 1 |
| Capital One | Exxon Mobil Corp | 1 | 0 |
| 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 |
| Samuel A Ramirez & Co | Sempra | 4 | 0 |
| Credit Bank of Moscow | Gazprom PJSC | 3 | 0 |
| Cabrera Capital Markets | Sempra | 3 | 1 |
| Golden Bridge Investment & Securities | Korea Electric Power Corp | 3 | 0 |
| China Post Securities Co Ltd | Shandong Energy Group Co Ltd | 3 | 0 |
| Arab National Bank | Saudi Arabian Oil Co | 3 | 3 |
| Evergrowing Bank | State Power Investment Corp Lt | 2 | 2 |
| Evergrowing Bank | Shandong Energy Group Co Ltd | 1 | 1 |
| Banco Safra | Petroleo Brasileiro SA | 3 | 0 |
| Axis Bank | Adani Group | 3 | 0 |
| BT Securities | Korea Electric Power Corp | 3 | 0 |
| Industrial Securities | State Power Investment Corp Lt | 3 | 3 |
| Caida Securities | State Power Investment Corp Lt | 3 | 3 |
| BB Banco De Investimentos SA | Petroleo Brasileiro SA | 3 | 0 |
| Lazard | Exxon Mobil Corp | 3 | 0 |
| Danske Bank | Eni SpA | 2 | 2 |
| Danske Bank | BP PLC | 1 | 0 |
| Sangsangin Investment & Securities | Korea Electric Power Corp | 3 | 3 |
| BOK Financial Corporation | Energy Transfer LP | 2 | 0 |
| BOK Financial Corporation | Exxon Mobil Corp | 1 | 0 |
| TongYang Group | Korea Electric Power Corp | 2 | 0 |
| Westpac | Chevron Corp | 2 | 0 |
| Kuwait Finance House | Saudi Arabian Oil Co | 2 | 2 |
| National Bank of Kuwait | Saudi Arabian Oil Co | 2 | 0 |
| Eni | Eni SpA | 2 | 0 |
| Sealand Securities | State Power Investment Corp Lt | 2 | 0 |
| S&T Bancorp | Eni SpA | 2 | 0 |
| Mischler Financial Group | Sempra | 2 | 2 |
| Export-Import Bank of China | China Petrochemical Corp | 2 | 2 |
| XP Investimentos | Petroleo Brasileiro SA | 2 | 0 |
| China Bohai Bank | State Power Investment Corp Lt | 2 | 2 |
| China Development Bank Securit | State Power Investment Corp Lt | 2 | 2 |
| AlJazira Capital | Saudi Arabian Oil Co | 2 | 0 |
| Roberts & Ryan Investments | Sempra | 2 | 2 |
| BTG Pactual | Petroleo Brasileiro SA | 2 | 1 |
| Beijing Docvit Law Firm | State Power Investment Corp Lt | 2 | 2 |
| Banco BPM | Eni SpA | 2 | 2 |
| ABC International Holding | China Petrochemical Corp | 2 | 0 |
| E*trade Korea Co Ltd | Korea Electric Power Corp | 2 | 0 |
| Evercore Group | Sempra | 2 | 1 |
| Bohai Securities | State Power Investment Corp Lt | 2 | 0 |
| Skandinaviska Enskilda Banken | ConocoPhillips | 2 | 0 |
| LS Group | Korea Electric Power Corp | 2 | 2 |
| Sovcombank ICB JSC | Gazprom PJSC | 2 | 0 |
| Huaxi Securities | State Power Investment Corp Lt | 2 | 1 |
| China Zheshang Bank | China Petrochemical Corp | 1 | 1 |
| China Zheshang Bank | Shandong Energy Group Co Ltd | 1 | 1 |
| Saudi Investment Bank | Saudi Arabian Oil Co | 2 | 0 |
| First Metro Investment Corporation | San Miguel Corp | 1 | 0 |
| CBA Securities LLC | Cheniere Energy Inc | 1 | 0 |
| Zions Bancorporation | Energy Transfer LP | 1 | 1 |
| Corporación Actinver | Petroleos Mexicanos | 1 | 0 |
| Maybank ATR Kim Eng | San Miguel Corp | 1 | 0 |
| Banco Mercantil del Norte | Petroleos Mexicanos | 1 | 0 |
| Harris Nesbitt | Exxon Mobil Corp | 1 | 0 |
| Siebert Capital Group | Sempra | 1 | 0 |
| Huishang Bank | China Petrochemical Corp | 1 | 1 |
| Banco Sabadell | Repsol SA | 1 | 1 |
| United Coconut Planters Bank | San Miguel Corp | 1 | 0 |
| Korea Development Bank | Korea Electric Power Corp | 1 | 0 |
| GPB Financial Services | Gazprom PJSC | 1 | 0 |
| Sinolink Securities | Shandong Energy Group Co Ltd | 1 | 1 |
| Minsheng Securities | State Power Investment Corp Lt | 1 | 0 |
| Bank of Qingdao | Shandong Energy Group Co Ltd | 1 | 1 |
| Changjiang Securities | Shandong Energy Group Co Ltd | 1 | 1 |
| Amerivet Securities | Sempra | 1 | 1 |
| MR Beal & Co | Sempra | 1 | 0 |
| Boston Consulting Group | Chevron Corp | 1 | 0 |
| First Citizens Bank & Trust | Cheniere Energy Inc | 1 | 1 |
| Arab Banking Corp | GreenSaif Pipelines Topco Sarl | 1 | 1 |
| Hypovereinsbank | Equinor ASA | 1 | 0 |
| Russian Development Bank | Gazprom PJSC | 1 | 1 |
| Banco Votorantim | Petroleo Brasileiro SA | 1 | 0 |
| Ssangyong Securities | Korea Electric Power Corp | 1 | 0 |
| SBI Holdings | Marubeni Corp | 1 | 1 |
| Bridge Securities | Korea Electric Power Corp | 1 | 0 |
| CIT Capital Securities LLC | Cheniere Energy Inc | 1 | 0 |
| Dongsuh International America | Korea Electric Power Corp | 1 | 0 |
| Wirtschafts -und Privatbank | Sempra | 1 | 0 |
| State Bank of India | Adani Group | 1 | 0 |
| Woori Financial Group | Korea Electric Power Corp | 1 | 0 |
| Telsey Advisory Group | Sempra | 1 | 0 |
| Hengtai Changcai Securities | State Power Investment Corp Lt | 1 | 0 |
| Abu Dhabi Islamic Bank | Abu Dhabi National Oil Co | 1 | 1 |
| Allianz Global Investors | Cheniere Energy Inc | 1 | 0 |
| Drexel Hamilton | Sempra | 1 | 0 |
| ZTF Securities | State Power Investment Corp Lt | 1 | 0 |
| Tokai Tokyo Securities | Marubeni Corp | 1 | 1 |
| Nationsbanc Montgomery Securities | Exxon Mobil Corp | 1 | 0 |
| SDIC Securities | State Power Investment Corp Lt | 1 | 1 |
| JSCB Rosbank | Gazprom PJSC | 1 | 0 |
| JZ Securities | China Petrochemical Corp | 1 | 0 |
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.
