(Reuters) – The U.S Securities and Exchange Commission has launched an investigation into Exxon, following a whistleblower complaint that the oil major overvalued a key asset in Texas’ Permian Basin, the Wall street Journal reported on Friday.
Several people involved in valuing the asset, during an internal assessment in 2019, said employees were being forced to use unrealistic assumptions about how quickly the company could drill wells there to arrive at a higher value, the report said. (https://on.wsj.com/2LzpVjX)
(Reporting by Rithika Krishna; Editing by Shinjini Ganguli)
