Exxon Still Isn’t Complying With Climate Subpoenas, New York Says

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The state’s best attorney, Exxon Mobil Corp, is questioning whether New York’s public statements about the oil giant have misrepresented investors in their statements on climate change.

Chief prosecutor Barbara Underwood said Tuesday that in a filing with the state court, Exxon did not resort to court for future cash-flow projections that reflect how it uses proxy costs to calculate its fiscal impacts based on climate change from future regulations. Manhattan.

New York wants to know exactly how the proxy cost of greenhouse gas emissions is used to make investment decisions, corporate planning reviews, reserve estimates, and evaluation for more assets and projects from two levels. The state has stated that the documents are contained in a limited number of electronic folders that Exxon “knows is storing this important evidence”.

In March, the company lost a lawsuit to initiate the investigation, did not immediately respond to a request for comment.

The cost of repayment should ensure that investors are already taking into account the future government regulations that might limit the use of fossil fuels when evaluating the value of the company. The state, however, said Exxon could use two sets of proxy fees for the public use of the file and one for internal applications.

“This distinction was not disclosed at the public representatives of Exxon; These public agencies have defined the costs of a single entity as a single concept and have not explained how the company maintains a second set of internal regulators that are lower than the public figures, and therefore the public is taking less risks than the figures disclosed. “

The state has suggested that the company may have overstated the use of such calculations, stressing that it found “substantial evidence” in the June 2017 court’s statement that Exxon might misrepresent investors about how proxy costs are being applied. Exxon has rejected the mistakes, arguing that New York is crazy about how the company calculates costs.

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