Having soared in recent days, rising 21% YTD on the back of the gamma squeeze discussed yesterday, and coupled with a barrage of analyst upgrades, most recently from Barclays and JPM, Exxon stock dropped as much as 4% this morning, after the WSJ reported that the SEC has launched a probe of the energy giant after an employee “filed a whistleblower complaint last fall alleging that the energy giant overvalued one of its most important oil and gas properties.” According to the WSJ , in the latest amusing “whistleblower complaint”, several people involved in valuing a key asset in the Permian Basin, currently the highest-producing U.S. oil field, ” complained during an internal assessment in 2019 that employees were being forced to use unrealistic assumptions about how quickly the company could drill wells there to arrive at a higher value.” At least one of the employees who complained was […]