Exxon Faces $2 Billion Loss On California Oil Property Sale

WASHINGTON, DC - MARCH 14: Prices for gas at an Exxon gas station on Capitol Hill are seen March 14, 2022 in Washington, DC. The cost of gasoline continues to rise across the globe and in the United States due to the Russian invasion of Ukraine and continued inflation associated with the global pandemic. (Photo by Win McNamee/Getty Images)

At a glance

  • The deal between Flores and Exxon is that he must restart operations at the Santa Ynez field by 2026 or face Exxon taking back the operations, Reuters reported.
  • Exxon is selling the oil and gas field after failing to restart operations due to a pipeline spill in 2015 that leaked over 120,000 gallons of oil into the Pacific Ocean.
  • In its plans to restart operations, Exxon proposed using dozens of trucks to ship oil to refineries, but Santa Barbara officials rejected the plan back in March.

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