Exxon warns some assets may be at risk for impairment due to climate change – Reuters

Exxon warns some assets may be at risk for impairment due to climate change – Reuters

HOUSTON, Nov 3 (Reuters) - Exxon Mobil Corp (XOM.N) on Wednesday said for the first time in a securities filingthat some of its oil and gas properties may face impairment due to climate change.

The largest U.S. oil company's board will test assets for climate impairments "in the context of overall enterprise risk" during the annual asset review by its board of directors. "Certain assets could be at risk for impairment," it said.

Exxon's 12-member board was overhauled in May with three new directors in a proxy battle that weighed heavily on the company's past failure to address climate change. Hedge fund Engine No. 1 was successful in convincing enough shareholders a new board could improve performance and rethink the energy transition strategy. [nL2N2ND0SH]