(Aug. 3) – The U.S. Securities and Exchange Commission has ended its two-year inquiry into ExxonMobil and how the oil giant factors climate change into the valuation of its corporate assets.
In a letter dated Thursday, SEC Fort Worth Regional Director Shamoil Shipchandler informed ExxonMobil’s outside legal counsel, David Woodcock, that the federal agency has “concluded the investigation” and does “not intend to recommend an enforcement action” at this time.
The letter was addressed to Woodcock, who is a partner in the Dallas office of Jones Day and the SEC’s regional director in Fort Worth prior to Shipchandler.
Shipchandler declined to comment when contacted Friday by The Texas Lawbook.
Exxon Mobil faces separate investigations by officials in New York and Massachusetts.
In a press statement, Exxon Mobil officials said the company cooperated fully with the SEC investigation.
“After a thorough investigation, including a review of these documents, the SEC issued its closure letter,’ Exxon Mobil said in the statement. “As we have said all along, the SEC is the appropriate entity to examine issues related to impairment, reserves and other communications important to investors. We are confident our financial reporting meets all legal and accounting requirements.”
In his letter to Woodcock, Shipchandler pointed out that the notice “must in no way be construed as indicating that the party has been exonerated or that no action may ultimately result from the staff’s investigation.”
“We appreciate your assistance with this matter,” Shipchandler wrote.
Exxon Mobil lawyers also have recently won court cases in New York and California alleging that the Irving-based oil company misled the public about what it knew about risks related to climate change.