ExxonMobil to Sell Its Share of Aera Energy Joint Venture
02 September 2022 - 6:15AM
Business Wire
ExxonMobil affiliates have signed an agreement to sell all of
ExxonMobil’s interests in the Aera oil-production operation in
California to Green Gate Resources E, LLC, a subsidiary of
IKAV.
The transaction involves a share sale of Mobil California
Exploration & Producing Asset Company. In addition, ExxonMobil
affiliates have entered into a separate agreement for the sale of
an associated loading facility and pipeline system.
“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 Company.
Mobil California Exploration & Producing Company holds a
48.2% share of Aera Energy LLC and a 50% share of Aera Energy
Services Company, 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.
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.
About ExxonMobil
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. To learn more,
visit exxonmobil.com and the Energy Factor.
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Cautionary Statement
Statements of future events, strategic plans or future payments
in this release are forward-looking statements. Actual future
results, including future business plans, contingent payments and
closing of the sale and purchase agreements, could differ
materially due to changes in market conditions affecting the oil
and gas industry or long-term oil and gas price levels; political
or regulatory developments; granting of regulatory approvals for
the closing of the agreements; satisfaction of other conditions
specified in the agreements; the outcome of commercial
negotiations; current or future market values and performance of
assets; and other factors cited under the caption “Factors
Affecting Future Results” on the Investors page of our website at
exxonmobil.com. We assume no duty to update these statements as of
any future date.
Exxon Mobil Corporation has numerous affiliates, many with names
that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For
convenience and simplicity, those terms and terms such as
Corporation, company, our, we, and its are sometimes used as
abbreviated references to specific affiliates or affiliate groups.
Nothing contained herein is intended to override the corporate
separateness of affiliated companies.
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