... ExxonMobil to Sell Share of Aera Energy Joint Venture in California
 

ExxonMobil to Sell Share of Aera Energy Joint Venture in California

ExxonMobil affiliates have signed an agreement to sell all of the company’s interests in the Aera oil-production operation in California to Green Gate Resources E LLC, a subsidiary of IKAV.

The transaction, announced Sept. 1, involves a share sale of Mobil California Exploration & Producing Asset Co. In addition, ExxonMobil affiliates have entered into a separate agreement for the sale of an associated loading facility and pipeline system.

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“This sale is part of our strategy to continually strengthen our industry-leading portfolio, focusing our investments in low-cost-of-supply oil and natural gas to meet consumer demand and create value for our shareholders,” said Liam Mallon, president of ExxonMobil Upstream Co.

Mobil California Exploration & Producing Co. holds a 48.2 percent share of Aera Energy LLC and a 50 percent share of Aera Energy Services Co., a joint venture with Shell. It was formed in June 1997 and has operations in eight onshore fields. In 2021, Aera produced about 95,000 oil-equivalent barrels per day (bpd).

The sale does not affect ExxonMobil’s branded network of about 500 independently owned retail sites in California.

The transaction is expected to close in the fourth quarter of 2022, subject to regulatory approvals.

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

The corporation’s primary businesses — Upstream, Product Solutions and Low Carbon Solutions — provide products that enable modern life, including energy, chemicals, lubricants and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world.

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