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Exclusive: Shell plans to exit California joint venture with Exxon Mobil – sources

REUTERS

Exclusive: Shell plans to exit California joint venture with Exxon Mobil – sources

By : JULY 1, 2021 

(Reuters) – Royal Dutch Shell Plc plans to leave Aera, its California-based oil and gas-producing joint venture with Exxon Mobil Corp, four people familiar with the talks told Reuters.

Shell has divested numerous carbon intensive assets this year, selling its refinery in Washington state to Holly Frontier Corp and its stake in a Houston-area refining joint venture to Petroleos Mexicanos as it shifts new investments to renewables and power.

The company is also considering a sale of its assets in the Permian Basin of Texas, Reuters previously reported.

Shell has notified Exxon of its plans to exit the venture, the people said, speaking on the condition of anonymity as the talks are private. A Shell spokesperson declined to comment, citing company policy.

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