May 3rd, 2007:

· Earnings lifted by one-off asset sales and lower tax
· Company still faces big problems at Nigerian wells

Terry Macalister
Friday May 4, 2007

Shell turned the screw on its struggling arch-rival BP yesterday when it reported a 14% rise in first-quarter net profits at $6.9bn (£3.47bn). It was higher than the City expected and a notable result compared with the 17% fall in earnings BP reported last week.

Shell’s profits were boosted by lower taxes and gains on one-off investment sales, as well as higher refining margins. These compensated for a 6.3% slump in core oil and gas production due to problems in Nigeria and slower sales due to the relatively warm winter. read more

May 4, 2007
Carl Mortished, International Business Editor

Twenty foreign workers were snatched by kidnappers in the Niger Delta yesterday as Royal Dutch Shell, a major oil producer in the region, said that it had lost 188,000 barrels per day of Nigerian production in the first quarter of the year and gave warning that its global hydrocarbon output for the year would be depressed because of the continuing security problems at its operation in Nigeria.

Shell raised its first quarter earnings by 14 per cent to $6.9 billion (£3.47 billion) as the strength in its refining and chemicals businesses more than offset weak oil output and lower prices. read more

The Anglo-Dutch oil group’s first-quarter performance improvement came despite a weaker result from its core unit

May 3, 2007
Joe Bolger

Royal Dutch Shell, the oil group, has reported a rise in profits in spite of a weaker performance from its core exploration and production unit.

The group today reported higher group profits, helped by stronger performances from its chemicals and gas and power businesses.

Group earnings, on a “current cost of supply” basis, excluding changes in the value of stocks, rose 14 per cent to $6.9 billion, against the first quarter of last year. City analysts had, on average, expected earnings of $5.6 billion. read more

May 3, 2007, 1:48PM

By TOBY STERLING AP Business Writer
© 2007 The Associated Press

AMSTERDAM, Netherlands — Royal Dutch Shell PLC, Europe’s biggest oil company, said Thursday its first-quarter earnings rose 5.7 percent, despite falling oil prices and declining profit at its production and refining arms.

Net income rose to $7.28 billion from $6.89 billion in the year-ago period, while sales fell 3.3 percent to $73.5 billion.

The main reason Shell’s results improved was due to the good performance of the stock market. The company’s corporate financing arm reported earnings of $801 million, up from $227 million last year, due mostly to the “realization of gains on the sale of the equity portfolio held by the group insurance companies.” read more

Thu May 3, 2007 5:21 PM BST

CALGARY, Alberta, May 3 (Reuters) – Two more Shell Canada Ltd.’s [SHC.TO] senior executives have announced their retirement following Royal Dutch Shell Plc’s (RDSa.L: Quote, Profile , Research) acquisition and privatization of its Canadian unit.

Cathy Williams, Shell Canada’s chief financial officer, and Ian Kilgour, senior vice-president of exploration and production, will retire in June, the company said on Thursday.

The announcement comes after the Anglo-Dutch oil major wrapped up the C$8.7 billion ($7.8 billion) purchase of the minority shareholding in its Canadian unit last month. read more

By Fred Pals and Stephen Voss

May 3 (Bloomberg) — Royal Dutch Shell Plc, Europe’s biggest oil company, reported an unexpected increase in first- quarter profit on a surge in revenue from refining crude and making chemicals.

Net income climbed to $7.28 billion, or $1.15 a share, from $6.89 billion, or $1.05, in the year-earlier period, The Hague- based company said today. Profit excluding one-time costs and gains was $6.6 billion, higher than the median estimate of $5.61 billion in a Bloomberg survey of nine analysts. read more

The Associated Press
Published: May 3, 2007

AMSTERDAM, Netherlands: Royal Dutch Shell PLC, Europe’s biggest oil company, reported a rise in first-quarter earnings Thursday, despite falling oil prices and declining profits at its production and refining arms.

Net income rose to US$7.28 billion (€5.34 billion), up 5.7 percent from US$6.89 billion, while sales fell 3.3 percent to US$73.5 billion (€53.9 billion).

Oil production fell 7.9 percent to 3.5 million barrels of oil per day.

Shell also reported a loss of 80,000 barrels a day at its Nigerian operations, which were shut down due to violent protests, including kidnapping of Shell workers by rebel groups seeking a larger share of oil profits. read more

Published: May 03, 2007

THREE senior garda officers are to investigate complaints alleging brutality and other improper behaviour by gardai, arising from violent incidents during protests at the Shell terminal in north Mayo.

A total of 16 complainants have made formal application to the Garda Complaints Board for investigation against 25 officers, including local superintendent Joe Gannon.

All the complaints are understood to have arisen from clashes between protesters and gardai at the Bellanaboy terminal late last year. read more

Aine Ryan
Published: May 03, 2007

The next minister for the marine could refuse to issue a consent for the new route of the Corrib gas pipeline since the proposed refinery at Bellanaboy is situated in a drinking-water catchment and thus breaches the code of practice, the oral hearing was told yesterday.

It was the 11th day of the Environmental Protection Agency’s (EPA) oral hearing into the issuing of an integrated pollution prevention control licence for the gas project.

Leo Corcoran of An Taisce said the new route would require new consents under the Gas Act 2002 or the Strategic Infrastructure Act and it was the prerogative of the incoming minister, as gas regulator, to issue these. read more

Lorna Siggins, Western Correspondent
Published: May 03, 2007

The Garda Complaints Board has confirmed that three senior officers are investigating a series of complaints about Garda behaviour during protests against the Shell Corrib gas refinery in north Mayo.

Some 16 complaints filed by 15 individuals are being investigated in relation to alleged incidents involving over 20 gardaI, most of which are said to have occurred late last year.

The majority of the complaints are being handled by Det Supt Michael Jackson, but Garda Commissioner Noel Conroy has appointed Chief Supt Paul Hargadon of Garda Headquarters and Chief Supt Gerry Mahon, head of the Clare division, to investigate two complaints that relate to Supt Joe Gannon of Belmullet Garda station. Last night Supt Gannon said he was “happy to let due process take its course” in relation to the complaints. read more

LONDON, May 3 /PRNewswire-FirstCall/ — The Board of Royal Dutch Shell plc today announced an interim dividend in respect of the first quarter of 2007 of $0.36 per A and B share, an increase of 14% over the US dollar dividend for the same period in 2006.

On February 2, 2007 the Board announced that effective from the first quarter 2007 dividends will be declared in US dollars. Royal Dutch Shell’s dividend policy of growing dividend at least in line with inflation over a number of years has not changed. Going forward the inflation level will be based on inflation levels in global, developed, economies, rather than a blend of European inflation rates. Dividend growth going forward will be measured in US dollars. read more

EXTRACT: Late last year, Mr. Putin forced BP rival Royal Dutch Shell PLC to cede its controlling stake in an oil and natural-gas project in the Russian Far East to state-controlled OAO Gazprom, and take junior-partner status.

THE ARTICLE

First Among Hayward’s Challenges:
Move Beyond the Browne Fallout

By BENOÎT FAUCON, CHIP CUMMINS and GUY CHAZAN
May 3, 2007; Page A12

Hastily installed as BP PLC’s new chief executive Tuesday after his famed predecessor resigned amid a personal scandal, Tony Hayward faces a host of immediate challenges that will determine how fast the U.K. oil giant can regain direction and repair its battered reputation. read more

Thursday 3 May 2007

Royal Dutch Shell’s first quarter 2007 CCS earnings were $6.9 billion compared to $6.1 billion a year ago. CCS earnings per share increased by 17% versus the same quarter a year ago.

From 2007 onwards the Group is declaring its dividends in US dollars rather than in euros. A first quarter 2007 dividend has been announced of $0.36 per share, an increase of 14% over the US dollar dividend for the same period in 2006.

$0.5 billion or 0.2% of Royal Dutch Shell shares were bought back for cancellation during the quarter. read more

Thu May 3, 2007 7:14 AM BST

LONDON, May 3 (Reuters) – Royal Dutch Shell Plc beat forecasts to report a 14 percent rise in net profit on Thursday.

Shell said in a statement its current cost of supply net profit, which strips out changes in the value of inventories, was $6.932 billion.

Excluding non-operating items which amounted to a net gain of $371 million, the result was $6.56 billion.

A Reuters poll of 13 analysts last week gave an average forecast of $5.57 billion for Shell’s first-quarter current cost of supply (CCS) net income, excluding non-operating items, down from $5.98 billion in the same period last year. read more

By Fred Pals and Stephen Voss

May 3 (Bloomberg) — Royal Dutch Shell Plc, Europe’s biggest oil company, said profit unexpectedly rose as it earned more from its chemicals division and from refining crude into gasoline and diesel.

Net income climbed to $7.28 billion in the first quarter from $6.89 billion in the year-earlier period, The Hague-based company said in a statement on its web site. Profit excluding certain one-time costs and gains was $6.6 billion. Analysts had estimated earnings of $5.61 billion on that basis, according to the median projection from a Bloomberg survey of nine analysts. read more

Thursday May 3, 2007

It is sad to reflect that the right to privacy, once believed to be inviolate for the rich and famous, is no longer to be enjoyed even by those who seek to keep their personal lives wholly separate from their high-profile positions at the top of the meritocratic occupational ladder. Yet even they must tell the truth to a court of law, especially if they are attempting to prevent publication of what they deem to be harmful disclosures about what they do out of office hours. Where the stark choice is between embarrassment and perjury there should be no hesitation in deciding that truth must prevail over the potential shame and ignominy of publication.
Bill Jackson
Nottingham read more

• BG Group, the UK’s third-largest gas producer, is expected to report first-quarter profit fell about 27pc from a year earlier because of lower natural gas prices.

• Royal Dutch Shell is still “potentially interested” in a bigger role in developing Iran’s Yadavaran oil field, three years after losing a bid for a stake in the project to China Petroleum & Chemical Corp.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/05/03/cxbloom03.xml

May 3, 2007
James Harding

Tony Hayward will present his plans for a reshuffle of the top team at BP when he attends his first board meeting as chief executive in Washington next week.

After the traumatic departure of Lord Browne of Madingley on Tuesday, at the end of a year of deteriorating morale at one of Britain’s biggest companies, Mr Hayward is looking to refresh the executive leadership and reassert a focus on safety. Mr Hayward’s first week in the chief executive’s job is expected to include a meeting with President Bush in the US capital. read more

May 3, 2007
Martin Waller

What news emerged from Shell after the departure of Lord Browne of Madingley from its rival BP? You would have thought that the phone lines would have been buzzing. Not so, because I hear the Shell telephone system collapsed on Tuesday afternoon and although people could phone in, no one could phone out. Doubtless the system failed under the weight of calls from gossipy Shell staffers.

Odd, the entries you get when you Google Suited and Booted, the gay website where Lord Browne of Madingley met his nemesis. I couldn’t get on because of our corporate firewall, but there is a West Country music producer. (There is also a City outfitters on Moorgate, I am told, apparently with no website.) And there is this, a flyer for an anarchist demonstration last Tuesday, when protesters were to disguise themselves as City types, which doesn’t seem to have taken place. read more

Diesel, kerosene hits N120, N70 per litre over uncertainties ….Shell reports fire on Yorla well 16

By Hector Igbikiowubo
Thursday, May 03, 2007

LAGOS—PRICES of Diesel and Kerosene have hit an unprecedented high of N120 and N70 per litre respectively, largely spiked by the uncertainties over the outcome of the Nigerian electoral process, with no respite in sight yet for hapless consumers.

The Shell Petroleum Development Company (SPDC) has expressed grave concern over a fire incident at its Yorla well 16, one of its non-producing oil wells in the Ogoni area. read more

Thu May 3, 2007 3:33 AM BST

SYDNEY, May 3 (Reuters) – Royal Dutch Shell Plc has shut down its 125,000 barrels per day (bpd) Geelong refinery in Australia for scheduled maintenance work from Thursday for up to 10 weeks, an industry source said.

“The maintenance starts today and the plant will remain shut for about eight to 10 weeks,” said the source, who declined to be identified.

The work, which will stop all crude processing at the plant in the eastern state of Victoria, is for maintenance of the plant’s crackers — units which process heavier oil such as fuel oil into lighter and more profitable products such as diesel and gasoline. read more