A federal jury in Texas ruled Wednesday that Exxon Mobil did not defraud shareholders in connection with disclosures about its Canadian oil sands and Rocky Mountain gas operations.
The lawsuit, filed in 2016, accused Exxon of hiding that its Canadian bitumen operations were unprofitable, improperly handling carbon-cost calculations in reserve assessments, and postponing impairment charges related to Rocky Mountain dry gas assets.
According to court documents filed in Dallas federal court, shareholders who purchased Exxon common stock between February 24, 2016 and October 28, 2016 could not demonstrate that the company deceived them.
The plaintiffs argued they purchased Exxon stock at inflated prices because the energy company hid important details about its reserve assessments and financial reporting methods.
