NEW YORK: New York Attorney General Eric Schneiderman is investigating Exxon Mobil Corp's accounting practices and why the oil major hasn't written down the value of its assets in the wake of a slump in oil prices, a person familiar with the matter said.A more than 60 percent drop in oil prices has forced many integrated oil producers around the world to write down the value of their assets. The SEC, the auditors have had no issue with how Exxon Mobil and or Chevron report reserves," Edward Jones analyst Brian Youngberg said. "Share prices are moving down just with oil and I think investors are not viewing this as having any potential impact. "The news first reported by the Wall Street Journal on Friday indicates the NY AG is now looking at price assumptions Exxon uses to book its reserves. (http://on.wsj.com/2cKDtWe)The long-term inflation-adjusted price of oil since 1946 is around $40 a barrel.

Source: The Star September 16, 2016 15:11 UTC