Breaking News Bar
updated: 3/13/2014 7:44 AM

New Shell CEO: reducing U.S. investment by 20 pct.

Success - Article sent! close
Associated Press

AMSTERDAM -- Shell's Chief Executive Officer Ben van Beurden says the company will cut capital spending in the U.S. by 20 percent in 2014 after setbacks in its shale gas operations and in Alaska.

Speaking on a conference call with reporters, Van Beurden said Thursday that Shell plans to exit its investments in the Eagle Ford shale formations in Southern Texas, where the company took a $2.1 billion write-down last summer. Van Beurden didn't rule out further charges.

Shell has mothballed plans to explore for oil in the Arctic circle off Alaska's coast for at least a year, after spending $2 billion in 2011-2013 without payoff.

He said operations in Russia and in Ukraine -- where Shell plans to explore for shale gas --have so far not been affected by political turmoil.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.