ExxonMobil (XOM) Said Probed by NY AG Over Accounting Practices
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ExxonMobil (NYSE: XOM) shares are on watch following reports that New York Attorney General Eric Schneiderman is launching a probe into certain accounting practices being conducted by the company.
The WSJ noted Friday that Schneiderman is questioning why ExxonMobil hasn't written down the value of its assets following the recent collapse in the oil market. The AG has been looking into the company's past knowledge of the impact of climate change.
One report has the global value of oil wells falling $200 billion since 2014. ExxonMobil has been the only major oil producer to have not taken a write-down on its assets over the last few years, calling into question said accounting practices.
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