ExxonMobil, through its Senior Vice President and Chief Financial Officer Neil Hansen, has formally backed the U.S. Securities and Exchange Commission's proposal to allow companies to choose between quarterly and semiannual financial reporting. In a letter dated June 24, 2026, to SEC Secretary Vanessa Countryman, Hansen stated that an optional framework acknowledges the diversity among companies in terms of size, industry, investor base, and disclosure practices. This position contrasts with a significant amount of opposition the SEC received during the public comment period, as noted by various finance leaders.
Hansen emphasized that the proposed changes would modernize the disclosure framework, reducing complexity and regulatory burdens while preserving robust investor protections. He believes the value of interim reporting lies in the quality and relevance of information, not just frequency. ExxonMobil's stance is that a flexible system would enable companies to evaluate the efficiency benefits of semiannual reporting against the value of maintaining quarterly reports. The company anticipates a "net positive impact" from such a change, including tangible reductions in time and effort for employees, management, and auditors in preparing interim reports.
The oil giant supports the retention of the existing interim reporting framework, which maintains the same underlying standards as current quarterly reporting to ensure consistency and comparability. Hansen also recommended a new optional Item 8.02 for Form 8-K, which would allow issuers to file first or third-quarter financial statements on an as-needed basis to further enhance flexibility and transparency. He noted that the modern disclosure ecosystem has evolved, with investors now accessing information through various channels like earnings releases, investor presentations, and webcasts, rather than solely relying on Form 10-Q.
While supporting the optionality, Hansen stopped short of committing ExxonMobil to semiannual reporting, indicating that if the company opted in, it would still provide quarterly financial disclosures through Form 8-K earnings releases. He stressed that maintaining the distinction between furnished earnings releases and formal periodic filings supports efficient markets without compromising investor protection. The proposal, in ExxonMobil's view, balances flexibility and investor protection by allowing for timely material financial updates via Form 8.02 reports, mitigating concerns about reduced visibility or information asymmetry.
