Royal Dutch Shell PLC on Thursday said it would suspend 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.” “This is a disappointing outcome, but the lack of a clear path forward means that I am not prepared to commit further resources for drilling in Alaska in 2014,” Shell Chief Executive Ben van Beurden said. “We will look to relevant agencies and the court to resolve their open legal issues as quickly as possible.” Mr. van Beurden’s comments came in a statement accompanying […]