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Market Chatter: Exxon Mobil Found Not Liable Over Oil Sands, Gas Asset Disclosures

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Exxon Mobil (XOM) was found not liable by a Texas jury in a lawsuit accusing the oil major of misleading investors about its Canadian oil sands and Rocky Mountain gas operations, Reuters reported late Thursday.

The report said the 2016 lawsuit claimed Exxon hid losses tied to its Canadian bitumen business, failed to properly account for carbon costs in reserve valuations, and delayed impairment charges related to Rocky Mountain dry gas assets.

Jurors in Dallas federal court found that investors who bought Exxon shares between Feb. 24 and Oct. 28, 2016 failed to prove the company misled them through its disclosures, Reuters reported.

Exxon Mobil did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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