Oil giant Exxon Mobil is enjoying the same momentum as the rest of the energy sector, posting a 151% year-over-year earnings gain on 2017 revenues of $244 billion. The company closed out the year with a tax reform boost that resulted in a $8.38 billion quarterly profit. Although rising gas prices promise another strong year, Exxon has so far not been growing as fast as others in the sector, which some attribute to a lack of capital investment during the downturn.
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Oil prices have fallen 28% since early October and now stand at a 13-month low.
The attorney general says Exxon maintained two sets of financials, with the internal one understating the costs it cited publicly.
ExxonMobil bets a carbon tax would be better than complex rules and lawsuits.