On February 3, 2015 4:09 am
By Andy Tully
Europe’s efforts to find alternatives to Russian oil and gas faced a new setback when Chevron Corp. announced its earnings had dropped dramatically in the fourth quarter of 2014 and was forced to drop plans to exploit Polish shale for gas and oil.
Chevron said Jan. 30 that the plunge in oil prices since June had caused its earnings for the quarter to fall by $3.5 billion, nearly 30 percent lower than the same period in 2013.
Dropping the project in Poland was a major blow to European efforts to exploit shale. Chevron had been the energy company most committed to such efforts, with a focus on Eastern Europe, drilling exploratory wells in Romania as well as in Poland and signing agreements to do the same in Lithuania and Ukraine.