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A lawsuit filed this week in a US court indicates that ExxonMobil has significantly underestimated the risks that its oil sands badets face in trying to reduce carbon emissions.
The lawsuit, filed after a three-year investigation by the New York Attorney General's office, accuses Exxon of deliberately lowering the carbon cost of 14 different oil sands operations in Alberta by $ 30 billion, which it manages. through its Imperial Oil subsidiary.
"For one of these projects, an investment at Kearl (oil sands project near Fort McMurray), the economic forecast for 2015 shows that the company has underestimated the projected costs of (greenhouse gas) emissions. up to 94% – about $ 14 billion, "says the lawsuit.
The lawsuit is a civil action involving Exxon who defrauded investors by disguising its carbon responsibilities. None of his statements have been proven in court and no statement of defense has yet been filed.
In a statement, Exxon said it would seek to have the complaint dismissed.
"These unfounded allegations are the product of in camera lobbying by special interests, political expediency and the inability of the Attorney General to admit that a three-year investigation did not reveal any wrongdoing, "said the company.
The lawsuit alleges that for years, Exxon told investors that it considered risks such as rising carbon taxes and other regulatory measures to reduce oil demand and fight climate change . However, Exxon went on to use much lower estimates of these risks, called indirect costs, says the statement.
Exxon also continued to view the reserves as badets that could become unprofitable as carbon prices rise, according to the lawsuit.
According to the company, Exxon told investors that it uses an indirect cost of up to $ 80 per tonne by 2040 for countries like Canada.
In the meantime, management has directed employees not to apply the approximate proxy cost to projected emissions for planning and decision-making on oil sands projects in Alberta.
The Attorney General quotes a planning officer at Exxon, who said in 2013 that the company had based its decisions on the Aspen mine in Alberta on a $ 40 per tonne carbon cost. The lawsuit alleges that the company has publicly stated that it is using a cost of up to $ 80 by 2040.
The prosecution argues that after 2016, the company used indirect costs based on current Alberta regulations, close to $ 5 per tonne. This cost was not expected to change indefinitely despite the current $ 30 per tonne carbon tax imposed by the province.
The difference between the two figures is $ 30 billion by 2040.
The complaint alleges that Exxon also ignored the impact of the cost of carbon on the viability of its oil sands badets, which, according to documents, represent a quarter of its oil reserves.
"In September 2015, an Imperial employee observed internally that the application of the indirect cost represented by the public opinion to the valuation of the company's reserves to Cold Lake would result in "enough additional operating expenses to shorten the life of the badets and reduce the gross reserves," "says the lawsuit.
He says the company 's badysis suggests that applying the $ 80 standard that she was telling investors she would use would reduce the company' s economic life by 28 years. installation of Cold Lake at Imperial.
In a previous file, Exxon stated that indirect costs are not the only way to consider carbon risks in project planning. He added that existing or planned climate policies affect operating expenditures.
"ExxonMobil applies two related – but distinct – parameters to take into account the impact of regulation (on greenhouse gases) in business and investment decisions: indirect and indirect costs. GHG costs, "he said.
The company accuses the Attorney General of distorting and confusing the two numbers.
"(Attorney General) continues to distort the essential facts," he said.
The lawsuit does not require specific damages. He added that Exxon should be obliged to return the money invested on the basis of false statements.
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