ExxonMobil accounting probe by SEC ends with no action
The Trump administration dropped a two-year-old accounting probe into ExxonMobil’s public disclosures about climate change, and valuation of its reserves.
The Securities and Exchange Commission told Exxon that investigators concluded they wouldn’t recommend an enforcement action, the company said Friday. The probe started in 2016, during the Obama administration.
Exxon was alerted to the SEC’s decision the same day the administration announced plans to roll back vehicle emission standards that were a signature environmental achievement of Barack Obama. Democratic state attorneys general, led by California, promised a legal challenge.
‘‘As we have said all along, the SEC is the appropriate entity to examine issues related to impairment, reserves and other communications important to investors,’’ Exxon spokesman Scott Silvestri said in an e-mail. ‘‘We are confident our financial reporting meets all legal and accounting requirements.’’
New York Attorney General Barbara Underwood and her Massachusetts counterpart , Maura Healey, are still investigating if Exxon’s public statements about climate change misled investors. The company in March lost a lawsuit to block the probes, which it has called politically motivated.