A booth of U.S. major ExxonMobil is seen at the China (Dongying) International Petrochemical Trade Exhibition in Dongying, Shandong province, China May 29, 2018. Picture taken May 29, 2018. REUTERS/Chen Aizhu
August 3, 2018
HOUSTON (Reuters) – The U.S. Securities and Exchange Commission has recommended no action against Exxon Mobil Corp <XOM.N> over its oil-reserves accounting, ending a two-year probe with a victory for the company.
The SEC in 2016 launched its review of Exxon’s reserves valuation in the wake of low prices and concerns over potential curbs on carbon emissions left its valuations too high.
The decision, in a letter to the company dated Thursday, shows Exxon’s “financial reporting meets all legal and accounting requirements,” said company spokesman Scott Silvestri.
(Reporting by Gary McWilliams; Editing by Susan Thomas)
