Search Site

Whistleblower Alleges ExxonMobil Overvalued its Financial Position

Franklin Bennett, a former employee of ExxonMobil, recently claimed the oil company has spent years overvaluing its assets, in what he calls a “fraudulent and defiant behavior.” He filed a whistleblower complaint with the Securities and Exchange Commission (SEC) over the company’s alleged wrongdoing, a complaint that is currently in process.

This comes days after ExxonMobil announced a $19.3 billion write-down, significantly reducing the value of the assets it’s reported. Bennett believes the company may even still be understating the difficulty of its financial position.

Case background

According to Bennett, the company has been overvaluing American oil and gas assets by up to $56 billion as of the end of 2019.

Bennett worked for ExxonMobil as an accounting analyst for seven years. ExxonMobil mostly refused to take significant write-downs on some of its assets despite downturns in market conditions, something Bennett believes amounts to securities fraud. He claims this refusal to take a write-down amid downturns in the market and drops in value resulted in misleading numbers, which would in turn result in investors believing the company’s assets were worth more than they truly were.

If Bennett is correct in stating that the company may have overvalued assets by as much as $56 billion, this means even the recent $19.3 billion write-down would be massively insufficient to portray the reality of its financial position.

Are you aware of securities fraud taking place within a company or organization? You may be able to submit this information to the SEC for investigation. For more information about how to proceed with your claim, contact an experienced whistleblower lawyer at Kardell Law Group.

Awards & Honors
Our Office
  • Dallas Office
    4514 Cole Ave
    Dallas, Texas 75205
    Phone: 214-306-8045
    Fax: 469-729-9926
As Seen In
In his new book, "Standing Up to China: How a Whistleblower Risked Everything for His Country," former client & Author, Ashley Yablon, quotes Attorney Steve Kardell about Whistelblower Law.
  • "Steve Kardell was terrific in representing me in some very adversarial discussions with Citigroup and also later represented me in my testimony before the Financial Crisis Inquiry Commission."  -Richard Bowen, Citigroup Whistleblower

  • "Incredible knowledge of employee related concerns and equally brilliant knowledge of health care regulations, standards of practice. I would recommend this firm to anyone."  -V.B.

  • "Reaching out to Steve Kardell was the best decision I made. His ability to provide immediate insight and direction was very powerful, and a huge relief during a very stressful time period. For anyone struggling with a whistleblower situation, I would highly recommend at least speaking with Steve. After a 10 minute call with him, I had a better understanding of what I was dealing with. Even better, he gave me some immediate hope. In the end Steve did a better job than I thought was possible. Steve was able to get in contact with people in my organization, that I didn’t have access to. Because of his years of experience, he already has contacts in many organizations in Dallas. The entire situation was handled peacefully. I was impressed by his ability to “keep the peace”–rather than creating a battle with the organization. The reason I didn’t reach out to a lawyer initially, was because I thought it would mean an immediate end to any hope of a positive relationship with the company. Steve was able to address my concerns, and in the end I was able to continue to work for them."  -KS

  • "Never thought my career would end like it did after 30 years of service. I was part of the first round of the so called reduction of force. I asked myself how can I be part of this with 30 years of seniority. How did they pick these 90 plus employees? Now, the culture of this organization made you question every decision they made. It wasn’t what you knew it’s was a culture of who you know. Nonetheless, I did not accept their severance package. I immediately starting looking for an attorney who would take on my case. After the initial call to Steve I had hope again. He was open and honest about everything and reassured me he would do his best for me, and he did. I had an awesome outcome. Thanks Steve you’re the best."  -S.S.