Shell Halts Alberta Oil-Sands Project After Leaving Arctic
- Company stops work at Carmon Creek facility in Alberta
- Halted oil-sands work follows Shell's Alaska drilling exit
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Royal Dutch Shell Plc made its second major strategic change in as many months, saying it will take a $2 billion charge as it shelves an oil-sands project in Alberta after walking away from an Arctic drilling program.
Shell is halting work on the 80,000 barrel-a-day Carmon Creek drilling development after deciding the project couldn’t compete in its portfolio, the company announced in a statement Tuesday. The charge will be recorded in third-quarter earnings results, which are due to be released Thursday.