The company recorded a $500 million charge in the fourth quarter as a result.
"Relative to our alternatives we felt for the forseeable future we've got better places to put our money," chief executive John Watson told investors on a fourth-quarter earnings call on Friday.
"We made the very difficult decision to not go forward with that project."
Watson's comments confirm Upstream's exclusive report last week that contractors were told to stop work on the project earlier in the month.
The
