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Despite its rich oil history, California has become increasingly difficult for producers to operate in, with the state vowing to phase out oil extraction entirely by 2045.Such conditions are forcing oil and gas companies to reassess their future plans in the state. Shell PLC (SHEL.L) and Exxon Mobil Corp (XOM.N) agreed last month to sell their California joint venture to investment firm IKAV for $4 billion.
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