The U.S. Securities and Exchange Commission (SEC) has recommended no action against Exxon Mobil Corp. (NYSE: XOM) over its investor disclosures, ending a two-year probe with a victory for the company.
The SEC in 2016 launched its review of Exxon Mobil's reserves and climate-change disclosures to investors in the wake of low oil prices and concerns over potential curbs on carbon emissions from burning fossil fuels.
Exxon Mobil released a copy of the SEC's letter disclosing an end to its investigation and said in a statement that it had supplied more than 4.2 million pages of documents as part of the probe.
"We are confident our financing reporting meets all legal and accounting requirements," said Exxon Mobil spokesman Scott Silvestri.
A spokesman for the SEC's Fort Worth, Texas, office declined to comment.
The world's largest publicly traded oil company is being investigated by the New York and Massachusetts Attorneys General over its disclosures to investors and the public about the impact of climate change.
"Our investigation remains ongoing," said Amy Spitalnick, a spokeswoman for New York Attorney General Barbara Underwood. "Multiple courts have now rejected Exxon’s arguments regarding our investigation—fully dismissing Exxon’s lawsuit against our office, and ordering Exxon and its accounting firm to produce the documents we subpoenaed."
Schlumberger has spent billions of dollars to take over managing customers' oil fields, in some cases becoming an investor in the fields, while seeking to profit from increased oil production.
Continental Resources' total production rose 12% to 332,315 barrels of oil equivalent per day, primarily boosted by higher output at its Bakken shale basin.
Apache said it has reduced drilling activity at Alpine High and deferred completion activity into next year, resulting in a 5% decrease in production from the Permian Basin in the current quarter.