LONDON — Royal Dutch Shell said on Thursday that earnings in the fourth quarter of 2014 rose as improved performance in marketing and refining offset the effects of lower oil prices. But there were also troubling signs, including a slowdown in the replacement rate of oil and gas reserves.
Shell, the first of the major oil companies to report for the quarter, said that the average price it received for oil, about $72 a barrel, was 25 percent lower than in the year-earlier quarter, and that prices for natural gas were 12 percent lower. The lower prices contributed to a 30 percent fall in exploration and production earnings. The slump is likely to worsen this year because prices are now in the range of $50 a barrel.
–
Shell, which sold $2.2 billion in exploration and production assets in the fourth quarter as it trimmed positions in shale gas in the United States, said a strategic review of its global portfolio was now underway. That could lead to further divestments and write-offs.
