ExxonMobil Statement on State Board of Equalization Hearing

ExxonMobil is pleased with the SBOE decision, which ruled that Exxon's use of the "Howell & Yates" methodology for valuing our LaBarge natural gas production was proper and legal. The board also ruled that the valuation methodology reflected fair market value for the gas for the purposes of taxation for Sublette county in the disputed years 1991 through 1995. In the words of the Board, "the methodology used reflects fair market value of Exxon's production of gas and associated minerals at the LaBarge wellfield. The settlement agreement was fair to all parties, including Sublette County governmental units, and produced a value which exceeded values generated by most other recognized valuation methodologies."

Finally, ExxonMobil is gratified that the Board chose to compliment Exxon's cooperation with the State of Wyoming, noting the company's cooperation expedited the entire matter before the board.