STOCK MARKET BSE NSE

'Would not recommend penalties', US regulators close investigation into Exxon Mobil climate disclosures

The US Securities and Exchange Commission told Exxon in a letter on Thursday it had closed the case and would not recommend penalties against the oil company.

Published: 04th August 2018 05:32 AM  |   Last Updated: 04th August 2018 05:51 AM   |  A+A-

In this April 23, 2018, file photo, the logo for ExxonMobil appears above a trading post on the floor of the New York Stock Exchange. | AP

By AFP

NEW YORK: US regulators have ended a two-year investigation into how Exxon Mobil accounted for oil and gas prices and the risks climate change posed to its business, the company said Friday.

The US Securities and Exchange Commission told Exxon in a letter on Thursday it had closed the case and would not recommend penalties against the oil company.

"We are confident our financial reporting meets all legal and accounting requirements," Exxon Mobil spokesman Scott Silvestri said in a statement.

He said the company cooperated fully with the inquiry, "ultimately producing more than 4.2 million pages of documents."

Under US securities law, companies must inform investors of material risks to their business.

According to press reports, the probe had focused on how the company accounted for future costs in complying with regulations meant to curb greenhouse gas emissions and how it valued oil and gas assets.

The SEC opened the investigation in January 2016, at a time when many companies had cut estimated asset values.

Exxon Mobil cut its proved oil reserves by three billion barrels to 20 billion barrels at the end of 2016 due to falling prices, saying it was a necessary step to meet SEC accounting requirements.

Stay up to date on all the latest World news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp