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Shell lowers investments due to slumping oil prices

Xinhua, January 29, 2015 Adjust font size:

Royal Dutch Shell lowered its forthcoming investments due to the falling oil prices despite its recorded rising profit in 2014, the Anglo-Dutch oil and gas company announced on Thursday.

Shell expects to bring down the organic capital investments over the next three years by more than 15 billion U.S. dollars (over 13.2 billion euros). This decline is related to the sharp fall in oil prices. Shell stated it has options to further reduce spending.

"We are taking a prudent approach here and we must be careful not to over-react to the recent fall in oil prices," explained CEO Ben van Beurden in a press release. "Shell is taking structured decisions to balance growth and returns."

Also on Thursday Shell announced the fourth quarter earnings at 4.2 billion U.S. dollars on a current cost of supplies (CCS) basis, compared with 2.2 billion for the same quarter one year earlier.

The full year CCS earnings were 19.0 billion U.S. dollars, while these CCS earnings were 16.7 billion U.S. dollars in 2013.

The CCS earnings excluding identified items were 3.3 billion U.S. dollars in the fourth quarter, compared with 2.9 billion in the same period in 2013, an increase of 12 percent.

The full year 2014 CCS earnings excluding identified items were 22.6 billion U.S. dollars, compared with 19.5 billion in 2013. Enditem