The Wall Street Journal reported on Friday (15th) that the oil giant Exxon Mobil was under investigation by the US Securities and Exchange Commission (SEC) for asset valuation issues in the Permian Basin.
Before the deadline, at 11 o’clock on Friday night Taipei time, Exxon Mobil (XOM-US) Fell more than 5.29% to a temporary 47.66 USD。
Over the past few years, ExxonMobil has invested heavily to increase production, including projects in Guyana and shale oil production projects in the Permian Basin in the U.S. shale region.
According to the company last November, it will cut billions in the next five yearsUSDAnd invest only in its best assets. It plans to increase oil production in the Permian Basin in 2021.However, ExxonMobil’s release of relevant investment information in the Permian Basin may be exaggerated and false.
The Wall Street Journal quoted the whistleblower as reporting that Exxon Mobil had overstated the valuation of key assets in the Permian Basin. Some employees revealed that ExxonMobil CEO Darren Woods’ plan for the Permian Basin was unrealistic.
Several people involved in the assessment of asset valuation complained that under the pressure of the company, they were forced to make unrealistic assumptions about the drilling speed in the Permian Basin in order to reach a higher valuation.
ExxonMobil spokesperson Casey Norton declined to comment on whether the SEC actually conducted an investigation, but said that if the company needs to provide 2019 information, they will fully cooperate with the investigation.
Due to the continuous blow of the new crown epidemic, ExxonMobil will have its worst financial report in its history in 2020. On August 31 last year, Exxon Mobil, which has a 92-year history in the Dow Jones Industrial Index, was kicked out of its constituent stocks, causing its share price to plummet. In October last year, Exxon Mobil survived with a broken arm and announced that it would lay off nearly 14,000 employees in 2021, equivalent to 15% of the total manpower.
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