Royal Dutch Shell said its natural gas trading business overcame supply disruptions to post “significantly higher” earnings for the fourth quarter compared with the previous three months amid record gas prices – but oil product sales were less buoyant.
The energy company said the "high liquid natural gas spot price environment" gave the company a boost, according to a trading update ahead of its fourth-quarter results on February 3, making it one of the few winners during the energy crisis gripping Britain and wider Europe.
However, when it came to oil product sales, the FTSE 100 listed company expects to post a loss as it is hit by "seasonal trends, the demand impact due to the Omicron virus and foreign exchange impacts in Turkey” after a plunge in the Turkish lira.
The company also expects its oil business to be affected by maintenance at its Scotford refinery in Canada as well as the "Hurricane Ida recovery efforts in Norco", Louisiana.
Natural gas and electricity prices around the world have risen sharply since the middle of last year on tight gas supplies and higher demand as economies rebounded from the Covid-19 pandemic with benchmark European gas and Asian LNG prices hitting all-time highs in the fourth quarter.
Shell, like its rivals, suffered a huge loss in 2020 when the Covid-19 pandemic slashed energy demand and sent crude prices plummeting and the focus shifted to a net zero future.
Shell has a large global portfolio of natural gas, which is supplied by pipeline or carried in its liquefied form by ocean-going vessels.
Despite soaring prices, earnings from the fuel fell short in the third quarter because of production problems in several locations.
However, the company said it had overcome these challenge, allowing it to benefit from a rally in which gas prices more than tripled in 2021 when demand surged as economies reopened from lockdowns.
This combined with lower supplies from Russia sent wholesale gas prices to record highs, which led to the collapse of more than 25 energy providers in Britain.
There are now fears of a cost-of-living crisis with average UK household bills expected to more than double in April when the domestic price cap goes up, putting pressure on the government to step in to protect consumers.
Shell's profits may fuel further calls from the UK's Labour Party for a windfall tax to be applied on energy companies in an effort to ease the cost-of-living crunch.
Separately, Shell is distributing $7 billion to shareholders from the sale agreed last year of its assets in the shale-oil-rich US company Permian Basin to rival ConocoPhillips.
The company said it would distribute the remaining $5.5bn of the proceeds in the form of share buybacks.
Later this month, Shell will move its head office from The Hague to London, scrapping its dual share structure in the process and changing its name to Shell – as it moves to simplify its structure and shift its tax residence from the Netherlands.
The news comes after Shell shareholders voted overwhelmingly last month to switch the location of the group's headquarters after a century and drop Royal Dutch from the name.
Europe's biggest energy company said the move will also speed up its transition from fossil fuels that cause climate change.
UAE currency: the story behind the money in your pockets
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
match info
Manchester United 3 (Martial 7', 44', 74')
Sheffield United 0
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
SPECS
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The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
UAE currency: the story behind the money in your pockets
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
UAE currency: the story behind the money in your pockets
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
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Brief scores:
Toss: Nepal, chose to field
UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23
Nepal 132-7: Jora 53 not out; Zahoor 2-17
Result: UAE won by 21 runs
Series: UAE lead 1-0
Scoreline
Ireland 16 (Tries: Stockdale Cons: Sexton Pens: Sexton 3)
New Zealand 9 (Pens: Barrett 2 Drop Goal: Barrett)
The Greatest Royal Rumble card as it stands
50-man Royal Rumble
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Casket match The Undertaker v Chris Jericho
John Cena v Triple H
Matches to be announced
WWE World Heavyweight Championship, Raw Tag Team Championship, United States Championship and the Cruiserweight Championship are all due to be defended
The specs: 2018 Jaguar F-Type Convertible
Price, base / as tested: Dh283,080 / Dh318,465
Engine: 2.0-litre inline four-cylinder
Transmission: Eight-speed automatic
Power: 295hp @ 5,500rpm
Torque: 400Nm @ 1,500rpm
Fuel economy, combined: 7.2L / 100km
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UAE currency: the story behind the money in your pockets
THE DETAILS
Solo: A Star Wars Story
Dir: Ron Howard
Starring: Alden Ehrenreich, Emilia Clarke, Woody Harrelson
3/5
