The Trump administration dropped a two-year-old accounting probe into Exxon Mobil Corp.’s valuation of its reserves and public disclosures about climate change, while inquiries by two Democratic-led states continue. The U.S. Securities and Exchange Commission sent a letter Thursday to Exxon saying investigators concluded they wouldn’t recommend an enforcement action, the company said Friday. The probe started in 2016, during former President Barack Obama’s administration. Exxon was alerted to the SEC’s decision the same day the administration announced plans to roll back vehicle emission standards that were a signature environmental achievement of Obama. Democratic state attorneys general, led by California, promised a separate legal challenge. “As we have said all along, the SEC is the appropriate entity to examine issues related to impairment, reserves and other communications important to investors,” Exxon spokesman Scott Silvestri said in an email. “We are confident our financial reporting meets all legal […]