Report: SEC Investigating ExxonMobil Over Asset Valuation
The Securities and Exchange Commission has initiated an investigation of ExxonMobil (NYSE: XOM) after an employee filed a whistleblower complaint last fall alleging the company overvalued some of its Permian Basin assets, according to a Wall Street Journal report.
The dispute began after CEO Darren Woods said in early 2019 that the company would increase oil and gas production in its Permian Basin assets from 600,000 barrels per day (bpd) to over 1 million bpd. Some employees considered that to be an unrealistic target for those assets, according to the report.
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Source Fool.com
