NY AG: Exxon misleading investors on cost of climate regs

DALLAS — The New York attorney general said Exxon Mobil is misleading investors about how it estimates the potential cost of climate-change regulations.

The New York Attorney General Eric Schneiderman said in a court filing Friday that Exxon’s calculations “may be a sham.”

He said the oil company told investors it used one estimate of regulatory costs on projects, but then applied a lower estimate. That makes some of its oil and gas projects look like they will be more profitable and less risky.

The accusation surfaced the same week that shareholders pressed Exxon to disclose more details about how regulations designed to limit climate change will affect its business.

An Exxon spokesman said the attorney general’s charges were inaccurate and his investigation was motivated by politics and publicity.

Schneiderman made the accusations as he asked a state court to force Exxon Mobil Corp. to turn over more documents and witnesses for his investigation into the Texas-based oil giant.