Extract: Shell said it had booked a provision of $500 million, an amount it would be ready to pay to end a securities class action. It added that no settlement has been reached.
THE ARTICLE
By BENOIT FAUCON
July 27, 2006
LONDON — Royal Dutch Shell PLC Thursday posted a 40% rise in net profit for the second quarter as soaring oil prices more than offset barrels lost from unrest in Nigeria and a $500 million provision for class actions.
The world’s fourth-largest publicly traded oil and gas company by market capitalization posted a net profit of $7.32 billion, or $1.13 per share, for the three months ended June 30, compared to $5.24 billion, or 78 cents a share, for the same period last year.
Revenue rose 1% in the second quarter to $83.13 billion from $82.64 billion in the year-earlier period.
MORE ON EARNINGS
Take a peek at what to expect in the reports of other major companies.The quarterly earnings were impacted by a net charge of $232 million, which compared to a $545 million net charge in the second quarter of 2005.
Shell said it had booked a provision of $500 million, an amount it would be ready to pay to end a securities class action. It added that no settlement has been reached.
Shell’s profit got a boost from a 35% annual rise in industry-average oil prices during the second quarter, which averaged $69.53 a barrel for benchmark North Sea Brent crude compared with $51.63 a barrel a year earlier.
Total oil and natural-gas production, the cornerstone of the company’s earnings, dropped to 3.253 million barrels of oil equivalent a day, from a 3.526 million barrels-of-oil-equivalent-a-day average one year earlier.
Shell’s Nigerian output was 177,000 barrels of oil equivalent a day lower than last year after attacks from Niger Delta militants demanding a greater share of oil-revenue distribution for the local population disrupted operations.
Write to Benoit Faucon at [email protected]
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
