ExxonMobil Appeals Losses in IRS Fight Over Offshore Ventures

ExxonMobil intends to challenge its losses to the IRS related to overseas oil and gas transactions, according to a filing in a Texas district court.

The oil and gas giant filed a notice of appeal to the U.S. Court of Appeals for the Fifth Circuit for “any and all adverse rulings” from previous judgments as well as the U.S. District Court for the Northern District of Texas’s January denial of the company’s request for additional findings. The district court in January sided with the IRS in disallowing the reporting of the offshore transactions as mineral leases.

The Friday filing ...