"Exxon Concedes It May Need to Declare Lower Value for Oil in Ground"

"HOUSTON — Exxon Mobil, in a concession to market and regulatory pressures, said Friday that it might be forced to write down the value of some of its oil and gas assets in Canada and elsewhere if energy prices remain low through the end of the year.

The announcement, which accompanied the company’s release of another quarter of lackluster earnings, was an apparent reversal of Exxon Mobil’s stance in recent years.

The company has long insisted that it has been adequately accounting for the value of its oil and gas reserves — even as many other petroleum companies have taken big write-offs to reflect a two-year price slump."

Clifford Krauss reports for the New York Times October 28, 2016.

SEE ALSO:

"Exxon Warns on Reserves as It Posts Lower Profit" (Wall Street Journal)