• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Energy Market
    Energy News
    Energy Stocks
    • Energy Market
    • Energy News
    • Energy Stocks
    oil and gas investing

    New York State Case Against ExxonMobil Goes to Trial

    Georgia Williams
    Oct. 22, 2019 02:45PM PST
    Energy Investing
    NYSE:XOM

    The case, which alleges that major oil company ExxonMobil purposely deceived investors, began opening arguments today.

    Almost 12 months to the day since the office of New York’s attorney general launched a lawsuit against oil sector giant ExxonMobil (NYSE:XOM) over deceiving shareholders, opening arguments will be heard in a Manhattan Supreme Court room Tuesday (October 22) morning.

    The attorney general’s office alleges Exxon purposely deceived investors when it reported it had adequately adapted to the impact of future climate change regulations.

    “Exxon provided false and misleading assurances that it is effectively managing the economic risks posed to its business by the increasingly stringent policies and regulations that it expects governments to adopt to address climate change,” reads the complaint.

    “Instead of managing those risks in the manner it represented to investors, Exxon employed internal practices that were inconsistent with its representations, were undisclosed to investors, and exposed the company to greater risk from climate change regulation than investors were led to believe.”

    Exxon, which has a market cap of US$290 billion and is one of the largest oil producers globally, has refuted the allegations, claiming the suit is political posturing and the result of lobbyist interference.

    “These baseless allegations are a product of closed-door lobbying by special interests, political opportunism and the attorney general’s inability to admit that a three-year investigation has uncovered no wrongdoing.”

    While Exxon cries political foul, former Secretary of State Rex Tillerson, who served as Exxon’s CEO before taking office under US President Donald Trump, may be called on to testify about his knowledge of company practices around climate change and investor relations.

    If successful, the case could have wide spread implications for the oil and gas sector as more countries and jurisdictions look to hold big companies accountable for the impacts climate change is having on their locales.

    The effect of rising sea levels in coastal jurisdiction is an area of particular focus, with activists and some lawmakers believing companies should pay for sea walls to prevent the encroaching tides.

    A climate report released earlier this month credited 20 fossil fuel companies with producing 35 percent of all energy-related carbon dioxide and methane worldwide, for a grand total of 480 billion tonnes of carbon dioxide equivalent emitted since 1965.

    Exxon was number five on the list.

    Acknowledging the need to address climate change, Exxon’s website notes, “We believe that climate change risks warrant action and its going to take all of us — business, governments and consumers — to make meaningful progress.”

    The company states that since 2000 it has invested US$10 billion to develop lower-emission energy solutions.

    The court case is expected to last roughly three weeks.

    Shares of Exxon were trading at US$69.56 on Tuesday (October 22).

    Don’t forget to follow us @INN_Resource for real-time updates!

    Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

    oil and gas investingcorporate social responsibilitynew yorkexxon mobilnyse:xom
    The Conversation (0)

    Go Deeper

    AI Powered

    Shell third quarter 2025 update note

    Chevron Names Kevin McLachlan to Lead Exploration; Liz Schwarze to Retire

    Latest News

    SAGA Metals Announces Closing of Fully Subscribed Non-Brokered Private Placement and Provides Corporate Update

    Western Uranium & Vanadium Announces Upsize of Brokered LIFE Financing to $5.9 Million

    VVC - Purchase of Ithaca 1-17 Well and 5 Mile Pipeline

    Valeura Energy Inc Announces Q3 2025 Operations and Financial Update

    CHARBONE Hydrogen Successfully Completes the Dismantling of Hydrogen Equipment in Quebec and Announces the Arrival of the Main Components in Sorel-Tracy

    More News

    Outlook Reports world

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Energy Investing Stocks

    Valeura Energy

    VLE:CC

    Charbone Hydrogen

    CH:CC

    Alvopetro Energy

    ALV:CC

    Coelacanth Energy

    CEI:CC

    Jupiter Energy

    JPR:AU

    First Helium

    HELI:CA
    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES