Exxon Still Isn't Complying With Climate Subpoenas, N.Y. Says

Exxon Mobil Corp. is refusing to turn over documents crucial to New York’s investigation into whether the oil giant’s public statements about climate change misled investors, the state’s top lawyer said. Exxon hasn’t complied with subpoenas for cash-flow projections reflecting how it used so-called proxy costs to calculate the financial impact on its assets from future regulations tied to climate change, Attorney General Barbara Underwood said in a filing Tuesday in state court in Manhattan. New York said it wants to know exactly how the proxy cost for greenhouse gas emissions has been used in making investment decisions, corporate planning reviews, reserves estimates and evaluations for more than two dozen assets and projects.