The Securities and Exchange Commission launched an investigation into Exxon Mobil Corp. after an employee filed a whistleblower complaint last fall claiming the energy giant overvalued one of its major oil and gas properties, according to people familiar with the case.
Several people involved in valuing a major asset in the Perm Basin, currently the most producing U.S. oil field, complained during a 2019 internal review that workers were forced to use unrealistic assumptions about how quickly the company could drill wells there to be at a higher value, according to a copy of the complaint, which was reviewed by The Wall Street Journal.
At least one of the employees who complained was fired last year, a person familiar with the case said. The Journal previously reported that there had been internal disagreements about the valuation.
The SEC began investigating the claims after receiving the complaint, people familiar with the case said. The current status of the investigation is unknown. A SEC spokesman declined to comment.
Exxon spokesman Casey Norton declined to comment on the existence of an investigation. He said that if asked by authorities about the 2019 assessment, Exxon would provide information showing that Exxon’s actual performance exceeded drilling estimates. Mr. Norton also said that Exxon does not comment on employee performance.