Exxon probed over Permian Basin valuation

NEW YORK: US stock market regulators have begun an investigation of energy giant Exxon over the valuation for its assets in the large oil-producing Permian Basin region, The Wall Street Journal reported Friday.

The Journal report, citing unnamed sources, said the Securities & Exchange Commission probe focused on unrealistic assumptions for highest-producing US oil field, which is in the southwestern United States. The report said at least one former employee had come forward about the company’s 2019 estimates for how fast it could produce from the region.