Exxon cleared in accounting probe

SEC dropped a two-year-old accounting probe into Exxon Mobil Corp.’s valuation of its reserves and whether Exxon Mobil's accounting practices were transparent about climate change risk. The SEC was probing how Exxon valued its oil and gas assets; in 2016, the company was the only major oil and gas company that had not written down the value of its reserves in the prior decade, but it has since booked more than $3B of impairments. SEC’s decision the same day the administration announced plans to roll back vehicle emission standards that were a signature environmental achievement of Obama. Democratic state attorneys general, led by California, promised a separate legal challenge.

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Luckily, New York's Attorney General says the state's own investigation into XOM's disclosure practices remains ongoing.

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(edited)

4 minutes ago, JohnAtronis said:

Then Exxon should stop selling its products in New York 

no, but it should be held accountable. Especially since it is the one of the largest publicly trade oil and gas companies in the world

Edited by Stephen

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Just now, Stephen said:

no, but it should be held accountable. Especially since it is the one of the largest publicly trade oil and gas companies in the world

I didn't realize any presidential administrations started or dropped any "accounting probes" at the SEC.

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6 minutes ago, JohnAtronis said:

Then Exxon should stop selling its products in New York 

The idea that fossil fuels contribute to climate change has been well known for decades. How would it even be possible for Exxon Mobil to fail to disclose an idea that was already well known?

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14 minutes ago, Sefko Trafikant said:

SEC dropped a two-year-old accounting probe into Exxon Mobil Corp.’s valuation of its reserves and whether Exxon Mobil's accounting practices were transparent about climate change risk. The SEC was probing how Exxon valued its oil and gas assets; in 2016, the company was the only major oil and gas company that had not written down the value of its reserves in the prior decade, but it has since booked more than $3B of impairments. SEC’s decision the same day the administration announced plans to roll back vehicle emission standards that were a signature environmental achievement of Obama. Democratic state attorneys general, led by California, promised a separate legal challenge.

All this climate change lawsuits reminds me of the lawsuits against the tobacco companies for their failure to disclose that cigarette smoking is harmful to your health.

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23 minutes ago, Sefko Trafikant said:

SEC dropped a two-year-old accounting probe into Exxon Mobil Corp.’s valuation of its reserves and whether Exxon Mobil's accounting practices were transparent about climate change risk. The SEC was probing how Exxon valued its oil and gas assets; in 2016, the company was the only major oil and gas company that had not written down the value of its reserves in the prior decade, but it has since booked more than $3B of impairments. SEC’s decision the same day the administration announced plans to roll back vehicle emission standards that were a signature environmental achievement of Obama. Democratic state attorneys general, led by California, promised a separate legal challenge.

Their valuations were dodgy because oil fell to $27 on OPEC and fracking.

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