Exxon Faces $2 Billion Loss On California Oil Property Sale

  • 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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