Shell Offshore Inc., a subsidiary of Shell plc, has completed the previously announced sale of its 100% interest in Shell Onshore Ventures LLC which holds a 51.8% membership interest in Aera Energy LLC to IKAV.

The sale is part of Shell’s strategy to create a resilient and competitive Upstream portfolio by focusing on positions with high growth potential and a strong integrated value chain.

Notes:
   - Headquartered in Bakersfield, California, Aera Energy LLC is operated as an independent company with around 13,000 wells in the San Joaquin Valley in California, producing oil and associated gas.
   - The total consideration is approximately $2 billion in cash with additional contingent payments based on oil prices and has an effective date of October 1, 2021.
   - Shell remains active in California with a statewide footprint that includes gas and power trading, electric vehicle (EV) charging, hydrogen and LNG fueling stations, retail and lubricants, distribution facilities and terminals. California is a key market for Shell’s Renewables and Energy Solutions business given its advanced, emerging technology and country-leading research and development.

About Shell plc

Shell plc is incorporated in England and Wales, has its headquarters in London and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.