Royal Dutch Shell

Ticker RDSB

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As of 16:11 17 Jul 2018
Market cap. Pound sterling
100,528.86 million
As of 16:11 17 Jul 2018

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Church shines light on Shell and climate change

Today Programme

BBC Radio 4

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Royal Dutch Shell is holding its annual general meeting at the Hague on Tuesday and among the investors it will face will be the Church of England.

The Church is pushing oil companies to do more to combat climate change.

Adam Matthews, head of engagement for the church commissioners and pensions board tells the BBC's Today programme: "Something really quite significant is happening in the oil and gas sector.

"You've got companies like Shell and Total acknowledging their responsibility for all their emissions and this really happened at the end of last year."

He says: "We having a debate now across the oil and gas sector that we actually need targets from all oil and gas companies that sets them on a path that it is accordance with the climate change agreement that was reached in Paris."

Oil shares weigh on FTSE 100

FTSE 100

The FTSE 100 has given up early gains and is trading slightly lower at 7,564.

Shares in BP and Shell are both down around 1%. They have been hit by falling oil prices - Brent Crude is down 1.4% so far today.

Other fallers include Standard Chartered, which is down 1.7% and Sainsbury which is down 1.6%.

Shell sells stake in Canadian energy firm

Shell logo

Royal Dutch Shell is selling its stake in Canadian Natural Resources, raising around $3.3bn.

Canadian Natural is a big producer of natural gas and crude oil.

Shell plans to use the funds to lower its debt.

Shell sees profits surge

Shell sign
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Royal Dutch Shell has reported a 42% rise in profits (measured as net income attributable to shareholders based on current cost of supplies).

The $5.3bn reported profit was higher than analysts had predicted.

Chief Executive Ben van Beurden put the good numbers down at least in part to the oil price, which is at a three year peak of $75 a barrel.

"Shell's strong earnings this quarter were underpinned by higher oil and gas prices, the continued growth and very good performance of our Integrated Gas business, and improved profitability in our Upstream business."

Shell to pull out of New Zealand after 100 years

Royal Dutch Shell logo
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Royal Dutch Shell is pulling out of New Zealand after more than 100 years.

The firm is selling its oil and gas operations to Austria’s OMV – a company that's chasing business in Australasia – for $578m (£415m).

The move comes as part of Shell’s aim to divest some $30bn worth of assets by the end of this year.

Vienna-based OMV has been in New Zealand since 1999.

Nigeria oil corruption trial postponed

Shell and ENI logos
Campaigners say this could become one of the biggest corporate corruption trials in history

A corruption trial involving oil giants Shell and Eni's business dealings in Nigeria, which was due to begin in a court in the Italian city of Milan today, has been postponed.

The judge said it would be transferred to another Milan court to avoid further delays.

The case involves the purchase of an offshore oil block in Nigeria for $1.3bn (£1bn) in 2011.

It is alleged a large part of the payment went not to the Nigerian state but to Nigerian politicians as a bribe.

The companies deny wrongdoing, saying they acquired the rights in accordance with Nigerian law.

Anti-corruption watchdog Global Witness says it could be one of the biggest corporate corruption trials in history.

The companies are also facing charges in Nigeria over the case, which concerns Nigeria's OPL-245 - an offshore oilfield estimated to hold 9bn barrels of crude oil - secured by Shell and Eni in 2011.