Exxon, Shell close to selling California oil and gas venture Aera - 01 septembrie 2022
Exxon Mobil Corp (US.XOM) has joined Shell Plc (US.SHEL) in seeking to divest their Aera joint venture, and the duo are in advanced talks with a buyer for the California oil and gas producer, three people with knowledge of the matter said. Demand for oil assets is rising with this year's surge in energy prices and as publicly traded companies shed older operations to reduce greenhouse gas emissions. Exxon and Shell have signaled a desire to focus on larger-scale oil fields and liquefied natural gas projects.
Aera is one of California's largest oil producers, pumping 125,000 barrels of oil and 32 million cubic feet of natural gas per day, according to its website. The business generates about $1 billion a year in cash, putting the value of any deal at several billion dollars.