Falling oil prices are forcing Royal Dutch Shell to cut back investment by some $15bn over the next three years.
Shell also said profits for the last three months of 2014, had risen to $4.2bn compared with $2.2bn in the same period a year earlier.
Full year earnings also rose to $19bn in 2014, up from $16.7bn in the previous year.
The company said it had sold some $15bn in assets over the last year before the markets had weakened.
Shell chief executive Ben van Beurden said: “We are taking a prudent approach here and we must be careful not to over-react to the recent fall in oil prices.
“Shell is taking structured decisions to balance growth and returns.”