As earnings slide, Shell CEO says company faces "hard choices"
As Royal Dutch Shell saw its third quarter earnings slide, outgoing chief executive Peter Voser says the company will face “hard choices” in the next few quarters about where to invest capital.
From the Pittsburgh Business Times:
One of those potential projects, of course, is the proposed petrochemical plant for Beaver County. Shell hasn’t released a timeline, but a decision could be made sometime next year on whether to go ahead with the project. As the Pittsburgh Business Times reported in a front-page story Oct. 25 edition, it’s an open question whether it will be built.
Shell’s third-quarter earnings release didn’t mention the cracker. But it noted a reduction in net spending in 2014.
Voser is stepping down from Shell at the end of the year. Earlier this month he told the Financial Times Shell’s huge bet on U.S. shale was a big regret of his time as chief executive.
The proposed ethane cracker is one of the Corbett administration’s top economic development priorities for the state.