comm-appendix-support-cross

Exxon Mobil Investigated for Possible Climate Change Lies by New York Attorney General - Th... Page 5 of 5
Last year, for example, the company warned investors of intensifying efforts by
governments to limit emissions. "These requirements could make our products more
expensive, lengthen project implementation times and reduce demand for
hydrocarbons, as well as shift hydrocarbon demand toward relatively lower-carbon
sources such as natural gas," the company said at the time.
But in another recent report, Exxon Mobil essentially ruled out the possibility
that governments would adopt climate policies stringent enough to force it to leave
its reserves in the ground, saying that rising population and global energy demand
would prevent that. "Meeting these needs will require all economic energy sources,
especially oil and natural gas," it said.
Wall Street analysts on Thursday were uncertain whether the case would inflict
long-term damage on the company, which has already suffered from a plunge in
commodity prices.
"This is not good news for Exxon Mobil or Exxon Mobil shareholders," said
Fadel Gheit, a senior oil company analyst at Oppenheimer & Company. "It's a
negative, though how much damage there will be to reputation or performance is
very hard to say."
John Schwartz contributed reporting.
A version of this article appears in print on November 6, 2015, on page A1 of the New York edition with
the headline: Inquiry Weighs Whether Exxon Lied on Climate,
© 2016 The New York Times Company
App. 677
http://www.nytimes.com/2015/ll/06/science/exxon-mobil-under-investigation-in-new-york-over-cl. 8/1/2016