Exxon Unable to Shake Investor Suit Over Permian Basin Numbers

Exxon Mobil Corp. investors can proceed with a lawsuit alleging the company made misrepresentations about drilling potential in the Permian Basin, a federal judge in Texas ruled.

The investors adequately alleged that an Exxon manager inflated her valuation of Permian Basin assets, Judge David Godbey in the US District Court for the Northern District of Texas said. Exxon argued there weren’t sufficient allegations that her valuation was communicated to the public.

“Any factual disputes regarding the calculation of reserves cannot be resolved at the pleading stage, and Plaintiffs allege sufficient facts that allow the court to infer that Bond’s deceptive ...