Capital One’s exposure to the oil and gas industry fell to $5 billion in the last quarter of 2020, down from almost $6.9 billion the year prior.

Funded loans made up $2.4 billion of the total, down 30% year on year, and unfunded exposures – such as undrawn credit lines – $2.6 billion, down 23%. Over the same period, total average loans held for investment across the bank fell 4% to $247.7 billion. Outstanding oil and gas exposures were equivalent in size to 11% of the bank’s Tier 1 capital at