The U.S. Securities and Exchange Commission (SEC) launched an investigation into ExxonMobil’s activities amid allegations that the company overvalued one of its key projects in the Permian Basin, The Wall Street Journal edition reported.
On Friday, ExxonMobil shares declined at the New York Stock Exchange by 4.5% to $48 per share. The historical record decline was by 6% (from $50.31 to $47.29).
The investigation was launched when the former company’s employee filed a grievance. As the whistleblower told authorities, ExxonMobil forced employees to use unrealistic estimates about the deadline for drilling wells.
In 2018 ExxonMobil managers estimated the Delaware Basin...