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    RDSA   GB00B03MLX29

ROYAL DUTCH SHELL PLC

(RDSA)
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Royal Dutch Shell : Shell to 'quit California joint venture with ExxonMobil'

07/01/2021 | 08:51am EDT

Shell is reportedly planning to quit its California-based joint venture with fellow oil supermajor ExxonMobil as it looks to accelerate its transition away from fossil fuels.

Four sources told Reuters that the FTSE blue chip had informed Exxon that it intended to exit subsidairy Aera Energy, in which it holds a 52 per cent stake. The firm did not respond to a request for comment.

If it does so, it will be the latest in a number of divestments the Anglo-Dutch giant has made this year amid growing pressure to up its climate commitments.

Shell has already sold refineries in Washington State and Houston, and is also mulling getting rid of its assets on shale shelf the Permian Basin.

Aera is one of the Golden State’s biggest oil and gas producers, and employs around 1,100 people.

Aera produces about 125,000 barrels of oil and 32m cubic feet of natural gas each day, accounting for about 25 per cent of the state’s oil and gas production.

A sale would mark yet another sign that Shell is firm in its commitments to reduce the emissions it produces from its operations.

The firm was reprimanded by a Dutch court last month when it ruled that the firm needed to accelerate its emissions reduction plans in a world first decision.

It must now lower emissions by 45 per cent by 2030 from 2019 levels, as opposed to by 2035 as it had initially planned.

Following the judgement, which Shell said it would appeal, chief exec Ben van Beurden said that it would accelerate its net zero plans.

The post Shell to 'quit California joint venture with ExxonMobil' appeared first on CityAM.

© City AM, source Newspaper

Stocks mentioned in the article
ChangeLast1st jan.
EXXON MOBIL CORPORATION 0.89% 57.59 Delayed Quote.39.71%
ROYAL DUTCH SHELL PLC 2.83% 18.5 Real-time Quote.23.11%
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Financials (USD)
Sales 2021 286 B - -
Net income 2021 19 169 M - -
Net Debt 2021 57 736 M - -
P/E ratio 2021 8,77x
Yield 2021 4,00%
Capitalization 162 B 162 B -
EV / Sales 2021 0,77x
EV / Sales 2022 0,70x
Nbr of Employees 87 000
Free-Float 99,3%
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Number of Analysts 13
Last Close Price 21,08 $
Average target price 25,50 $
Spread / Average Target 21,0%
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Managers and Directors
Bernardus Cornelis Adriana Margriet van Beurden Chief Executive Officer & Executive Director
Jessica Rodgers Uhl Chief Financial Officer & Director
Andrew Stewart Mackenzie Chairman
Harry Brekelmans Director-Technology & Projects
Gerrit Zalm Independent Non-Executive Director
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