Royal Dutch Shell Plc (RDSA) , Europe’s largest oil company, said profit plunged 48 percent on exploration expenses and lower production. Profit excluding one-time items and inventory changes was $2.9 billion in the fourth quarter, down from $5.6 billion a year earlier. That matches the drop Shell forecast on Jan. 17 because of losses in the Americas, lower refining margins and production disruptions in Nigeria and elsewhere. “Its Americas growth strategy –- the home for 50 percent of past investment –- woefully underdelivering under the weight of dead capital,” Lucas Herrmann, a London-based analyst at Deutsche Bank AG, said before the earnings report. “Corporate change could release huge value.” Chief Executive Officer Ben van Beurden, who took over from Peter Voser this year, has accelerated asset sales with two deals announced this month. He must cut record spending to reduce costs and win investor confidence after […]