Exclusive: Shell plans to exit California joint venture with Exxon Mobil – sources By Reuters – Investing.com

Exclusive: Shell plans to exit California joint venture with Exxon Mobil – sources By Reuters – Investing.com

By Jessica Resnick-Ault, Arathy S Nair and Shariq Khan

(Reuters) - Royal Dutch Shell (LON:) Plc plans to leave Aera, its California-based oil and gas-producing joint venture with Exxon Mobil Corp (NYSE:), four people familiar with the talks told Reuters.

Shell has divested numerous carbon intensive assets this year, selling its refinery in Washington state to Holly Frontier Corp and its stake in a Houston-area refining joint venture to Petroleos Mexicanos as it shifts new investments to renewables and power.