Former Exxon Mobil Corp Chief Executive Officer Rex Tillerson on Wednesday denie...
NEW YORK - Former Exxon Mobil Corp Chief Executive Officer Rex Tillerson on Wednesday denied misleading investors about how the oil major measured potential costs of climate change, as he testified in a closely watched civil lawsuit brought by New York’s attorney general.
The attorney general alleges that Exxon caused investors to lose up to $1.6 billion by falsely telling them it had properly evaluated the impact of future climate regulations on its business. The company used a “proxy cost” of up to $80 per ton of carbon emissions in wealthy countries by 2040, but internally used figures as low as $40 per ton or none at all, the attorney general has said.
“What we’re really trying to do is be the most realistic, present our best view of how this is going to turn out,” he said. Tillerson served as Exxon CEO from 2006 to 2017, and U.S. secretary of state under President Donald Trump from 2017 to 2018.
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