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Energy New Shell CEO: reducing US investment, exiting Texas’ Eagle Ford

New Shell CEO: reducing US investment, exiting Texas’ Eagle Ford

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Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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.

 

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