ExxonMobil affiliates have signed an agreement to sell all of ExxonMobil’s interests in the Aera oil-production operation in California to Green Gate Resources E, LLC, a subsidiary of IKAV.

The transaction involves a share sale of Mobil California Exploration & Producing Asset Company. In addition, ExxonMobil affiliates have entered into a separate agreement for the sale of an associated loading facility and pipeline system.

“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.

Mobil California Exploration & Producing Company holds a 48.2% share of Aera Energy LLC and a 50% share of Aera Energy Services Company, a joint venture with Shell. It was formed in June 1997 and has operations in eight onshore fields. In 2021, Aera produced about 95,000 oil-equivalent barrels per day.

The sale does not affect ExxonMobil’s branded network of about 500 independently owned retail sites in California.

The transaction is expected to close in the fourth quarter of 2022, subject to regulatory approvals.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world.

About IKAV

IKAV is an international asset management group headquartered in Germany, with local offices in Luxembourg, Italy, Spain, Portugal, USA and France. The group was established in 2010. It provides institutional investors with investment solutions spanning a broad range of infrastructure energy assets, including solar, concentrated solar power, wind, energy efficiency, geothermal, thermal power plants & upstream. IKAV is a buy & hold investor with a vertically integrated business model to optimize its investment portfolio and to make its assets in line with the global net zero strategy over the upcoming decades.

About Aera Energy

Aera Energy is a California company and a long-time leader in the energy industry accounting for nearly 25 percent of the state’s oil production. Formed in 1997, it is headquartered in Bakersfield and known for excellent safety and environmental performance, innovative business practices, application of cutting-edge technology, a dynamic company culture and being a valued community partner. With operations centered in the San Joaquin Valley, much of Aera’s oil production comes from Kern County. Aera also has active oil field operations in Ventura, Monterey and Fresno counties.