Oil Titans work with White House, U.S Shale Rushes to Refinance Junk, and More

Chief executives of some of the largest U.S. oil companies promised to collaborate with the Biden administration in its campaign against climate change during a meeting Monday with White House National Climate Adviser Gina McCarthy.

It hasn’t been this cheap for shale explorers to raise money on the high-yield bond market since oil was at $100 a barrel in 2014, so they’re jumping on the opportunity to refinance debt at lower rates.

The Federal Reserve has taken another step forward in efforts to ensure that the financial system is protected against climate risks. As the central bank turns its attention increasingly toward the matter, the Fed has created a Financial Stability Climate Committee and a Supervision Climate Committee.