Exxon Mobil Corp. XOM,
and Shell PLC SHEL,
are selling their stakes in one of California’s largest oil and gas producers to German asset manager IKAV Capital Partners GmbH.
Aera Energy LLC, a joint venture of the oil giants, accounts for nearly a quarter of state production, according to its website.
Shell Offshore Inc. announced on Thursday that it has agreed to sell its entire stake in Shell Onshore Ventures LLC, which owns 51.8% of Aera Energy, to IKAV for $2 billion in cash plus additional contingent payments. based on future oil prices.
Exxon Mobil said its subsidiaries have agreed to sell their entire stake in Aera to Green Gate Resources E LLC, a unit of IKAV. Exxon Mobil did not disclose terms of the transaction.
Mobil California Exploration & Producing Co., a subsidiary of Exxon Mobil, has a 48.2% stake in Aera Energy and a 50% stake in Aera Energy Services Co.
Shell said it had secured and maintained its current oil marketing agreements for at least five years after the sale was completed.
“This move supports our strategy to build a resilient and competitive Upstream portfolio by focusing on positions with high growth potential and a strong integrated value chain,” said Zoe Yujnovich, Director Upstream at Shell.