Exxon Mobil not liable to investors over Canadian oil sands, gas assets, jury says

Exxon Mobil Corporation

Exxon Mobil Corporation

XOM

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May 14 (Reuters) - A Texas jury on Wednesday found Exxon Mobil XOM.N not liable on claims it defrauded investors through disclosures tied to its Canadian oil sands and Rocky Mountain gas operations.


• 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.


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