Exxon Mobil Not Liable to Investors Over Canadian Oil Sands, Gas Assets, Jury Says

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.

Reporting by Natalia Bueno Rebolledo, ​Jonathan Stempel; Editing by Eileen Soreng

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