Exxon Mobil not liable to investors over Canadian oil sands, gas assets, jury says
A Texas jury on Wednesday found Exxon Mobil (XOM.N), opens new tab not liable on claims it defrauded investors through disclosures tied to its Canadian oil sands and Rocky Mountain gas operations, News.az reports, citing Reuters.
• The 2016 lawsuit alleged Exxon concealed that its Canadian bitumen operations were losing money, failed to properly incorporate carbon-cost assumptions into reserve valuations, and delayed recognizing impairment charges tied to Rocky Mountain dry gas assets.
• Investors who acquired Exxon common stock between February 24, 2016 and October 28, 2016 failed to prove that the company misled them, according to a jury verdict sheet filed in Dallas federal court.
• The investors said they bought Exxon shares at artificially inflated prices because the company concealed material information about its reserve valuations and accounting practices.
By Faig Mahmudov
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