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Exxon Mobil (XOM) Stock Slides on Climate Change Investigation

NEW YORK (TheStreet) -- Exxon Mobil (XOM - Get Report) stock is decreasing by 1.34% to $84.83 in late afternoon trading on Thursday, amid an investigation by the New York attorney general into whether the company lied about climate change risks and how they might affect the oil industry.

Attorney General Eric Schneiderman subpoenaed the energy company on Wednesday for financial records, emails and other documents, sources told the New York Times.

The attorney general will look into the company's actions as far back as the late 1970's, during which Exxon Mobil spent at least a decade funding groups that undermined climate science, according to the Times.

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The probe will likely focus on whether Exxon Mobil made any business risks from climate change immediately known to the public, the Times adds.

"We unequivocally reject the allegations that Exxon Mobil has suppressed climate-change research," Exxon Mobil VP for Public Affairs Kenneth Cohen told the Times.

Separately, TheStreet Ratings team rates EXXON MOBIL CORP as a Hold with a ratings score of...


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