New Shell CEO: reducing US investment by 20 pct

[unhappycamper]

http://www.adn.com/2014/03/13/3372062/new-shell-ceo-reducing-us-investment.html

New Shell CEO: reducing US investment by 20 pct
The Associated Press
March 13, 2014 Updated 21 hours ago

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.

[Historic NY]

1. In other words complying with regulations...

and peoples increasing wariness about fracking is costing them more then they are yielding. Drill, baby drill isn't filling the coffers.

[WhiteTara]

2. They make it sound like a punishment

but it is really a blessing for the earth.