Exxon Tackles SEC Investigation of Permian Basin Asset Valuation: WSJ

(Reuters) – The US Securities and Exchange Commission has launched an investigation into Exxon, following a whistleblower complaint that the oil major overvalued a key asset in the Texas Permian basin, the Wall reported. Street Journal Friday.

Several people involved in the asset valuation, during an internal assessment in 2019, said employees were forced to use unrealistic assumptions about how quickly the company could drill the wells to get to a higher value, says the relationship. (on.wsj.com/2LzpVjX)

Reportage by Rithika Krishna; Editing by Shinjini Ganguli