Zex will see 1.00 per share by same time next year.
Aera Energy LLC is one of California's largest oil and gas producers, accounting for approximately 25 percent of the state's production, and the #1 privately-held oil and gas company in the United States. Formed in June 1997 and jointly owned by affiliates of Shell and ExxonMobil, we are operated as a stand-alone company through our own board of managers.
We are industry leaders that specialize in tapping heavy oil and other unconventional light reservoirs. With headquarters in Bakersfield, most of our production is centered in the San Joaquin Valley. We also have oil field operations in Ventura and Monterey counties. Aera produces about 143,000 barrels of oil and 40 million cubic feet of natural gas each day and has proved oil and gas reserves equivalent to approximately 747 million barrels of oil.
Aera and its owners represent almost 100 years of industry leadership and commitment to California. We are characterized by our excellent safety and environmental performance, innovative business practices, application of cutting-edge technology, dynamic company culture, and active community involvement.
With strong assets and solid financial and operating performance, Aera is well positioned for the future.