Shares of Exxon Mobil Corp. fell 2.3% in premarket trading on Friday, the first decline in 10 sessions, according to Yahoo!finance. The drop followed a Wall Street Journal report that the Securities and Exchange Commission had launched investigations into allegations of overstatement of the value of a key Permian Basin asset.
- Several people alleged that Exxon Mobil forced them to use unrealistic assumptions about how quickly the company could drill wells in the Permian Basin to arrive at a higher value.
- Exxon Mobil’s stock had soared 22.1% amid a 9-day win streak, to close Thursday at a 7-month high and has gained over 46% in the past three months.
- The fall in Exxon Mobil stock comes at a time the SPDR Energy Select Sector ETF has gained 44% in the past three months while the S&P has advanced 9.0%
Exxon Mobil stock is currently declining. XOM: NYSE is down 4.04%,