Goldman Sachs has downgraded ExxonMobil (XOM) stock, citing concerns about the energy giant’s future production and spending. The investment firm lowered its rating, impacting market sentiment towards the company.

Analysts at Goldman Sachs pointed to potential challenges in ExxonMobil’s ability to sustain long-term production growth. They also expressed reservations regarding the efficiency of the company’s capital expenditure programs.

The downgrade reflects a revised assessment of ExxonMobil’s financial prospects, taking into account industry trends and company-specific factors. Investors are likely to closely monitor ExxonMobil’s response to these concerns and its strategies for addressing the identified challenges.