As fossil fuel producers, oil and gas companies are among the most exposed to the energy transition, this could weigh on long-term average oil prices and refining margins. The speed of the transition away from carbon-based fuels is uncertain, but is beginning to accelerate and will be influenced by external factors such as government environmental policies and regulations on greenhouse gases, plastics, and vehicle electrification. This report card expands on the Risk Atlas sector analysis by focusing on the credit-specific impacts, which in turn forms the basis for analyzing the exposures and opportunities of individual companies in the sector.