ANL 16.15 Increased By ▲ 0.66 (4.26%)
ASC 13.92 Decreased By ▼ -0.08 (-0.57%)
ASL 18.77 Decreased By ▼ -1.23 (-6.15%)
BOP 8.75 Increased By ▲ 0.05 (0.57%)
BYCO 7.54 Increased By ▲ 0.24 (3.29%)
FCCL 17.79 Increased By ▲ 0.81 (4.77%)
FFBL 23.08 Increased By ▲ 0.28 (1.23%)
FFL 15.25 Increased By ▲ 0.35 (2.35%)
FNEL 7.25 Increased By ▲ 0.19 (2.69%)
GGGL 16.90 Increased By ▲ 0.60 (3.68%)
GGL 29.20 Increased By ▲ 0.80 (2.82%)
HUMNL 6.48 Increased By ▲ 0.34 (5.54%)
JSCL 20.10 Decreased By ▼ -0.30 (-1.47%)
KAPCO 28.15 Decreased By ▼ -0.35 (-1.23%)
KEL 3.43 Increased By ▲ 0.02 (0.59%)
MDTL 2.24 Increased By ▲ 0.09 (4.19%)
MLCF 35.12 Increased By ▲ 2.64 (8.13%)
NETSOL 108.95 Increased By ▲ 7.50 (7.39%)
PACE 4.35 Increased By ▲ 0.15 (3.57%)
PAEL 28.00 Increased By ▲ 1.49 (5.62%)
PIBTL 8.42 Increased By ▲ 0.02 (0.24%)
POWER 7.00 Increased By ▲ 0.29 (4.32%)
PRL 16.65 Increased By ▲ 0.27 (1.65%)
PTC 9.17 Increased By ▲ 0.06 (0.66%)
SILK 1.48 Increased By ▲ 0.06 (4.23%)
SNGP 41.02 Decreased By ▼ -1.48 (-3.48%)
TELE 16.73 Increased By ▲ 0.28 (1.7%)
TRG 134.10 Increased By ▲ 5.75 (4.48%)
UNITY 29.85 Increased By ▲ 1.16 (4.04%)
WTL 2.54 Increased By ▲ 0.26 (11.4%)
BR100 4,716 Increased By ▲ 108.86 (2.36%)
BR30 20,840 Increased By ▲ 565.69 (2.79%)
KSE100 45,499 Increased By ▲ 870.01 (1.95%)
KSE30 17,825 Increased By ▲ 368.99 (2.11%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,312
1224hr
Pakistan Cases
1,266,204
55424hr
1.32% positivity
Sindh
466,432
Punjab
438,271
Balochistan
33,138
Islamabad
106,543
KPK
177,038
Business & Finance

Exxon probed over Permian Basin valuation: report

  • The Journal report, citing unnamed sources, said the Securities & Exchange Commission probe focused on unrealistic assumptions for highest-producing US oil field.
  • An unrealistic outlook could mislead investors and artificially boost a company's share price.
15 Jan 2021

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.

An unrealistic outlook could mislead investors and artificially boost a company's share price.

The SEC declined to comment on the report. Exxon did not immediately respond to a request for comment.

Exxon shares have been under pressure from declining demand for oil and the company has taken charges of more than $17 billion for depreciated assets over the past quarter.

Comments

Comments are closed.