Energy

Exxon reportedly investigated by the SEC over valuation of key asset

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A view of the Exxon Mobil refinery in Baytown, Texas.

Jessica Rinaldi | Reuters

Shares of Exxon slipped more than 5% on Friday after The Wall Street Journal reported that the Securities and Exchange Commission opened an investigation into the oil giant over how it valued a key asset in the oil-rich Permian Basin.

The whistleblower complaint, filed by an employee, alleged that Exxon pushed staff toward inaccurate forecasts including the rate at which wells could come online, according to the Journal, which reviewed a copy of the complaint.

In a statement, Exxon called the allegations “demonstrably false.”

The report follows a difficult year for Exxon, and the oil and gas industry more broadly….



Source cnbc.com

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