This simply may be one of the most interesting energy story to be followed from an investor's point of view.
California: Shell to bow out of California joint venture with Exxon.
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 subsidiary Aera Energy, in which it holds a 52 percent 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 was mentioned at the blog once before, April 25, 2021.]
For the archives, RDS-B:
- trading at $39.70; up 1.4% at the end of the week;
- 52-week range: $21.79 - $42.29;
- P/E: n/a
- market cap: $156 billion
- dividend: $1.39; 3.5%
- one-year target: $57.67
No comments:
Post a Comment