• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

Oilsands carbon liability at centre of closely watched New York fraud lawsuit

October 23, 20199:37 AM The Canadian Press

oil sands

Alberta’s oilsands are at the centre of a closely watched court battle in New York today.

The state’s attorney general is accusing Exxon Mobil of misrepresenting the risks the operations face as governments move to fight climate change.

Court documents say Exxon lowballed by $30 billion the impact of carbon pricing on 14 Alberta oilsands projects.

Exxon is a major player in the oilsands through its subsidiary Imperial Oil.

The state alleges false estimates concealed risk from investors and inflated the value of Imperial’s assets.

The company’s lawyer has testified that Exxon did nothing wrong, and called the accusations bizarre and twisted.

The state claims that low carbon cost estimates falsely extended the economic life of some assets. It alleges the life of Imperial Oil’s facility in Cold Lake, Alta., would be 28 years shorter if assigned a true carbon price.

It also claims carbon costs at the Kearl project in northern Alberta were understated by 94 per cent.

Exxon has tried and failed twice to block the case. It says the lawsuit fails to account for the different ways the company accounted for increasingly strict climate regulations.

Exxon Mobil Imperial Oil

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • Oil rises on demand hopes after days of sell-off
  • TC Energy and TC PipeLines, LP complete merger
  • Paramount Resources Ltd. reports 2020 annual results and provides 2021 guidance
  • XI Technologies: Montney Overview
  • Cardinal Energy Ltd. announces 2020 year-end reserves

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2021 Grobes Media Inc.