Exxon, Shell OfUoad Stakes in California JV

摘要

Supermajors Shell and Exxon Mobil conOrmed Thursday afternoon that they plan to exit a joint venture operating eight onshore California oil Oelds for billions of dollars. Shell said it would sell its interest in a subsidiary that holds a 51.8% stake in the Aera Energy JV to European asset management group IKAV Or $2 billion in cash. It may make additional contingent payments based on future oil prices.