Economy

New Shell CEO: reducing US investment by 20 pct

AMSTERDAM (AP) — 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.

Related Headlines

  • Exxon earnings slip on lower production, refining

    Exxon Mobil said Thursday that its net income fell 4 percent in the fourth quarter as it produced less oil and natural gas and posted weaker refining results. Cost-cutting and ... 

  • Watchdog: Pipeline safety oversight inadequate

    The federal agency responsible for making sure states effectively oversee the safety of natural gas and other pipelines is failing to do its job, a government watchdog said ... 

  • Oil keeps rising, nears $107 on Iraq fighting

    The price of oil continued to climb Friday, nearing $107 a barrel as Iraq's widening insurgency fueled concerns that crude supplies from OPEC's No. 2 producer could be hurt. 

  • WINTER STORM

    Crude oil remains above $102

    The price of oil fell slightly but remained above $102 on Friday, underpinned by U.S. demand for heating oil during a winter that does not seem to want to end. Benchmark U.S. 

Find the best rates

Find your future job here