Advertisement

Report Claims SEC Is Investigating ExxonMobil Over Asset Valuation; Company Responds

Report Claims SEC Is Investigating ExxonMobil Over Asset Valuation; Company Responds

The Securities and Exchange Commission reportedly has begun an investigation into ExxonMobil (NYSE: XOM). This comes in response to an employee filing a whistleblower complaint last fall, which alleges that the company overvalued some of its Permian Basin assets, according to a Wall Street Journal report released this morning. The dispute began after CEO Darren Woods said in early 2019 that the company would increase oil and gas production in the Permian Basin from 600,000 barrels per day (bpd) to over 1 million bpd.