1. New York Prosecutor Accuses Exxon of Misleading Investors on How it Accounts for Climate Change Risks

    New York Prosecutor Accuses Exxon of Misleading Investors on How it Accounts for Climate Change Risks

    New York's top prosecutor on Friday accused Exxon Mobil of misleading investors about how it accounts for climate change risks, court filings show, offering a rare look inside an ongoing fraud investigation as it pressed the company to turn over more documents...

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    1. ExxonMobil's external statements have accurately described its use of a proxy cost of carbon, and the documents produced to the Attorney General make this fact unmistakably clear.
    2. The exercise described to investors may be a sham.
    3. Exxon's own documents suggest that if Exxon had applied the proxy cost it promised to shareholders, at least one substantial oil sands project may have projected a financial loss, rather than a profit, over the course of the project's original timeline.
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