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Image courtesy of Royal Dutch Shell.

Editor’s Note: An earlier version of this story incorrectly stated that Shell had announced further headcount reductions at its Houston office.

Royal Dutch Shell will cut $15 billion in global spending over the next three years as it prepares for prolonged oil price weakness.

The cuts will include cancelling and shelving some projects through 2017 although the company has not disclosed the projects that will be affected by the plan.

“We are taking a prudent approach here and we must be careful not to over-react to the recent fall in oil prices,” van Beurden said.

Shares in the Anglo-Dutch supermajor fell nearly four points Thursday after the company’s fourth quarter 2014 adjusted net income missed analysts expectations by over 20 percent.

The company’s fourth quarter upstream income dropped 30 percent from last year to $1.73 billion due to plummeting oil prices.

Shell reported an adjusted net income of $3.3 billion for the fourth quarter of 2014, up 12 percent from $2.9 billion over last year.

“Our strategy is delivering with good performance on our three themes of financial performance, capital efficiency and project delivery. These will remain Shell’s priorities in 2015, as we continue to balance growth and returns,” CEO Ben van Beurden said.