OIL COMPANIES ACCUSED OF MASSIVE ACCOUNTING FRAUD IN NEW MEXICO
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✍️ A lawsuit claims ExxonMobil and other companies engaged in accounting fraud, underreporting debts by $194 million, and potentially leaving the state with a $200 million bill to clean up orphan wells.
👉 ExxonMobil and its subsidiaries, along with Empire Petroleum, allegedly engaged in accounting fraud 👉 The companies undervalued the debt obligations associated with the sale of hundreds of old wells 👉 The state is now liable for the cleanup costs, which could total $200 million 👉 The lawsuit claims that the companies used a 'playbook' to dump old wells and expenses on the state 👉 The case could change how old oil and gas assets are sold, potentially leading to fewer orphan wells in the future
-- #JerryRedfern #TheronHorton #GregRogers #GabePacyniak #BenShelton #KyleTisdel #MatthewMcQueen #NewMexico #Albuquerque #Taos #Broomfield #Colorado #California #Pennsylvania #NavajoNation #Loving #Galisteo #SanJuanBasin #environment
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