Today’s news comes out of Canada and their oil sands.
Royal Dutch Shell reported low 3Q numbers; hit by low oil prices and monetary losses related to suspended projects in the Arctic and Canadian oil sands.
They took a huge $7.9 billion in write-offs, including $2.6 billion for the dry hole drilled in Alaska’s Arctic waters, $2 billion related to the suspension of the Carmon Creek oil sands project, and $3.7 billion due to lower oil and gas price forecasts.
They will be shelving both the Carmon Creek oil sands project in Alberta and an offshore oil exploration project in Alaska. The projects are not providing the company with suitable returns according to CEO Ben Van Beurden.
Good luck to Shell in all their endeavors. Note they are only shelving the projects not dropping them out-right.
We are expecting a turn-around in the market here soon and when that happens, there will be a strong need for our Earthmoving Equipment; until then we will continue to track the market’s ups and downs.
*All information from this story was taken from mining.com.
