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Why ExxonMobil Stock Is Sliding Today

TheMotleyFool

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Shares of ExxonMobil (NYSE: XOM) declined by as much as 6% by 10:45 a.m. EST on Friday. Weighing on the oil stock was a Wall Street Journal report that the Securities and Exchange Commission has launched an investigation of the company.

According to the Journal, an Exxon employee filed a whistleblower complaint against the company last fall, alleging that it overvalued its assets in the Permian Basin. The company reportedly forced employees to use unrealistic assumptions in an internal assessment in 2019 about how quickly it could drill new wells in the region to arrive at a higher valuation for its properties. Exxon reportedly fired at least one of the employees who complained about this aggressive approach.

Image source: Getty Images.

Source Fool.com

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