The Trump administration has ended a two-year investigation begun under President Barack Obama into Exxon Mobile’s method of calculating the value of its assets and its public disclosures about climate change, according to the company.
The Securities and Exchange Commission informed the energy giant in a letter dated Thursday that it would not recommend an enforcement action against the company at this time.
ExxonMobil cooperated with the inquiry, producing more than 4.2 million pages of documents, company spokesman Scott Silvestri said.
“After a thorough investigation, including a review of these documents, the SEC issued its closure letter,” he said.
The letter was clear, however, that investigation’s close was not an exoneration of the company, nor does it preclude potential action in the future.
New York and Massachusetts are also investigating Exxon, looking into whether the company misled investors and the public regarding climate change and the potential effect it would have on its business.
In March, a federal judge dismissed a lawsuit by ExxonMobil aimed at the stopping the investigations, dismissing as “implausible” the company’s allegations that the states were acting in bad faith.
“Our investigation remains ongoing,” said Amy Spitalnick, a spokeswoman for New York Attorney General Barbara Underwood. “We’re gratified that 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.”