BREAKING: Shell Pulls Out of Summer Arctic Drilling Plans

January 30, 2014

The Shell conical drilling unit Kulluk sits aground on the southeast shore of Sitkalidak Island about 40 miles southwest of Kodiak City, Alaska, in 40 mph winds and 20-foot seas January 1, 2013. The Kulluk grounded following many efforts by tug and Coast Guard crews to tow the vessel to a safe harbor when it was beset by winter storm weather during a tow from Dutch Harbor, Alaska, to Everett, Wash. U.S. Coast Guard photo by Petty Officer 1st Class Sara Francis.

Petty Officer 1st Class Sara Fra

After reporting a 71% drop in fourth-quarter profits, Shell has decided to cut its exploration and development spending and drop summer plans to drill in the Arctic. This decision is also due in part to last week's 9th Circuit Court of Appeals ruling that the full range of environmental risk was not properly assessed by the US federal government. Shell's chief executiveBen van Beurden said,"This is a disappointing outcome, but the lack of a clear path forward means that I am not prepared to commit further resources for drilling in Alaska in 2014." Read more on The Guardian Additional coverage via Washington Post and New York Times

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