ExxonMobil Inks Agreement to Sell Share of Aera Energy Joint Venture

ExxonMobil Inks Agreement to Sell Share of Aera Energy Joint Venture

Affiliates of ExxonMobil have agreed to sell Green Gate Resources E, LLC, a division of IKAV, all of ExxonMobil’s interests in the California oil production business Aera.

Shares of Mobil California Exploration & Producing Asset Company are being sold in the deal. A separate deal for the sale of a related loading facility and pipeline infrastructure has also been made by ExxonMobil affiliates.

“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.

Aera Energy LLC and Aera Energy Services Company, a joint venture with Shell, are owned by Mobil California Exploration & Producing Company, which also owns a 50% stake in each. It was established in June 1997 and operates on eight fields of land. Aera produced over 95,000 daily barrels of oil-equivalent in 2021.

ExxonMobil’s branded network of around 500 independently operated retail locations in California is unaffected by the sale.

Subject to regulatory approvals, the acquisition is anticipated to close in the fourth quarter of 2022.


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