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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.

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