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1/15, 2:36 PM (Source: TeleTrader)
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SEC investigates Exxon on whistleblower complaint - report

United States Securities and Exchange Commission (SEC) confirmed on Friday it has launched an investigation of Exxon Mobil Corp. after a whistleblower complaint made by one employee last year. According to The Wall Street Journal, the employee claimed that Exxon overvalued its assets in the Permian Basin, the largest US oil field by its production.

According to this employee, workers were forced to fake their predictions of the speed of the drilling wells in order for the company to arrive at a higher value. Exxon spokesman Casey Norton stated that the company will give all information on its actual performance exceeding the drilling estimate if asked.

The company fired more than 3,000 people due to the COVID-19 crisis last year.

Breaking the News / TF