Shell’s Voser Says Lower U.S. Gas, Oil Prices Curb Earnings

Royal Dutch Shell Plc Chief Executive Officer Peter Voser said lower North American crude and gas prices will curb earnings at Europe’s largest oil company.

Shell, which last year produced more gas than oil for the first time, scaled back investment in the U.S. after gas prices fell to a decade-low in April. Last year, the U.S. oil benchmark West Texas Intermediate averaged $94.15 a barrel, about 18 percent below Europe’s Brent oil, because of increased output and export capacity restrictions.