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Exxon Mobil under probe over accounting practices: Report

News Express |21st Sep 2016 | 2,542
Exxon Mobil under probe over accounting practices: Report



The Securities and Exchange Commission is reportedly investigating Exxon Mobil over how it factors in climate risk in pricing its projects.

The Wall Street Journal also reported that the investigation is looking into the company's accounting practices.
Exxon shares neared a session low after the report and ended the day about 1.5 percent lower.
The SEC declined to comment to CNBC.
The company is working with the SEC, said Alan Jeffers, a spokesman for Exxon.
“The SEC is the appropriate entity to examine issues related to impairment, reserves and other communications important to investors. We are fully complying with the SEC request for information and are confident our financial reporting meets all legal and accounting requirements,” he said in a statement.
Last week, the Journal citing people familiar with the matter reported that New York Attorney General Eric Schneiderman has been inquiring into why the company has not written down the value of its assets despite a decline in oil prices.
Schneiderman’s office is already looking into whether the oil giant’s past research into climate change, which did not become public until recently, could impact its business and shareholders.
The Journal said the SEC’s probe is similar to Schneiderman’s.
•Text courtesy of CNBC.

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