Exxon Mobile Oil Production Slowed By Potash Companies... Didn't Disclose It

[Economy 52,844]

https://www.wsj.com/articles/exxon-mobil-has-a-potash-problem-in-the-permian-basin-11669500508

 

Exxon Mobile has an usual problem in nearly 1/4 of its oil drilling permit land in the Permian Basin and that is that it shares the land with other corporations

 

Potash, a common fertilizer is in aboundance underground in some of these areas and other companies are mining it

 

As a result Exxon Mobile has to drill wells that are more expensive and in a way that yields less production in order to comply with safety regulations. In some cases fracking in those areas has to be avoided entirely while potash operations continue

 

Exxon Mobiles excuse for not disclosing this to shareholders was that the company didn't it consider it a matter of "substantial consequence"