Exxon, Shell Sell California Oil Assets for $4 Billion to IKAV

Exxon, Shell Sell California Oil Assets for $4 Billion to IKAV
Signage at an Exxon gas station in Brooklyn, New York, on Nov. 23, 2021. Andrew Kelly/Reuters
Reuters
Updated:

HOUSTON—Exxon Mobil Corp. and Shell Plc. on Thursday confirmed the sale of their California oil joint-venture Aera to German asset manager IKAV for $4 billion, ending a 25-year-long partnership that was one of the state’s largest oil producers.

The sale reflects the two companies move out of mature energy properties at a time when high oil and gas prices favor new deals. Reuters this week reported the oil giants were in advanced talks on a sale of the San Joaquin Valley property.