David Marino: 27 October 2015
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Company stops work at Carmon Creek facility in Alberta
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Halted oil-sands work follows Shell’s Arctic drilling exit
Royal Dutch Shell Plc made its second major strategic change in two months, announcing it will take a $2 billion charge to exit an oil-sands project in Alberta.
Shell is stopping construction on the 80,000 barrel-a-day Carmon Creek facility, the company said in a statement on its website Tuesday. The charge will be recorded in third-quarter earnings, which are due to be released Thursday.
The cancellation comes a month after Shell said it would stop drilling in the Arctic, where it spent $7 billion searching for oil. Shell is among several companies pulling back spending as oil prices linger below $50 a barrel, less than half of their 2014 high.
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