The company has confirmed that the US’s top financial watchdog is seeking information on its financial reporting. According to the Wall Street Journal, Exxon is the only major energy producer that hasn’t lowered its valuations since oil prices fell two years ago. The SEC investigation will also look at what Exxon has told investors about its assets in the context of growing international action on climate change. The office of New York attorney general Eric Schneiderman has called Smith’s intervention “remarkable” and an overreach of federal authority. The oil industry’s knowledge of dangerous climate change stretches back to the 1960s, with unearthed documents showing that it was warned of “serious worldwide environmental changes” more than 45 years ago.

Source: The Guardian September 21, 2016 15:29 UTC