The Securities and Exchange Commission has dropped its probe into whether ExxonMobil misled investors about climate change, the latest blow to the environmental movement’s bid to pin global warming on the oil-and-gas industry.
In a statement, Exxon confirmed that the SEC wrapped up Thursday its investigation into “the company’s climate change disclosures, impairments, and reserves and does not intend to recommend an enforcement action against the company.”
The company said it “cooperated fully,” producing more than 4.2 million pages of documents during the two-and-a-half year investigation.
“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,” said Exxon spokesman Scott Silvestri. “We are confident our financial reporting meets all legal and accounting requirements.”