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15 Jan, 2021 14:47 15 Jan, 2021 14:47

SEC said to be investigating Exxon Mobil over Permian Basin valuation

Exxon Mobil is reportedly being investigated by the US Securities and Exchange Commission after an employee filed a whistleblower complaint last autumn alleging the energy company overvalued its key asset in the Permian Basin.

According to a copy of the complaint seen by the Wall Street Journal, several people complained during an internal assessment in 2019 that employees were being forced to use unrealistic assumptions about how quickly Exxon could drill wells there to arrive at a higher value.

The WSJ said that at least one of the workers who complained was fired last year.

It also said the SEC began investigating the claims after receiving the complaint and that the current status of the investigation is unknown.

Exxon shares were down 3.4% at $48.58 in at 1445 GMT.


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.