- "This is clearly a disappointing exploration outcome," said Marvin Odum, Shell's (RDS.A, RDS.B) director of the Upstream Americas unit. The company had spent $7B targeting finds it though could be 10x greater than the amount of oil and gas produced thus far in the North Sea.
- Though there were signs of oil and gas in the Burger J well in Alaska's Chukchi Sea, they weren't enough to warrant further production, and the well will be plugged and abandoned.
- Though the move could be a negative for Q3 earnings thanks to impairment charges, one analyst says the move to abandon the expensive search makes sense with $50 oil.
- The stock is higher by $0.7% in London action.