Shell pulls out of Arctic drilling in 2014.

FT: Royal Dutch Shell is to suspend its controversial drilling in Arctic waters off Alaska as part of a multibillion-dollar scaling back of spending on new projects under Ben van Beurden, chief executive.”
“The Anglo-Dutch oil major said on Thursday that a recent US appeals court decision challenging the granting of licences in the Chukchi Sea off northwest Alaska had prompted it to suspend plans for further exploration in the area.
….The company said capital spending that totalled $46bn last year, including $8bn of acquisitions, would fall as much as $9bn to $37bn this year. Mr van Beurden said the belt-tightening would be marked by “hard choices on new projects, reduced growth investment and more asset sales”.
….His remarks came two weeks after Shell, Europe’s biggest oil group by market value, issued its first profit warning in 10 years.
On Thursday Shell confirmed quarterly earnings had fallen to £2.9bn for the fourth quarter of 2013, $1bn less than previous consensus estimates and down by nearly half on the $5.6bn on the same period the previous year.”