LONDON—Royal Dutch Shell PLC on Thursday said it would abandon drilling in the U.S. Arctic, as it reported a 71% decline in fourth-quarter profit largely because of rising costs and lower oil and gas volumes.
The oil major’s decision to halt a project in offshore Alaska comes after a federal appeals court ruled last week that the U.S. government improperly relied on “inadequate information” in the process of awarding licenses for exploration there, which the company said Thursday “raises substantial obstacles to Shell’s plans.”
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