"SEC Probes Exxon Over Accounting for Climate Change"

"Probe also examines company’s practice of not writing down the value of oil and gas reserves"

"The U.S. Securities and Exchange Commission is investigating how Exxon Mobil Corp. values its assets in a world of increasing climate-change regulations, a probe that could have far-reaching consequences for the oil and gas industry.

The SEC sought information and documents in August from Exxon and the company’s auditor, PricewaterhouseCoopers LLP, according to people familiar with the matter. The federal agency has been receiving documents the company submitted as part of a continuing probe into similar issues begun last year by New York Attorney General Eric Schneiderman, the people said.

The SEC’s probe is homing in on how Exxon calculates the impact to its business from the world’s mounting response to climate change, including what figures the company uses to account for the future costs of complying with regulations to curb greenhouse gases as it evaluates the economic viability of its projects."

Bradley Olson and Aruna Viswanatha report for the Wall Street Journal September 20, 2016.

SEE ALSO:

"S.E.C. Is Latest to Look Into Exxon Mobil’s Workings" (New York Times)

"Exxon’s Accounting Practices Are Investigated" (Wall Street Journal)