By BENOIT FAUCON
October 26, 2006 3:19 a.m.
LONDON — Royal Dutch Shell PLC said Thursday its third-quarter net earnings declined 34% as continued unrest in Nigeria, higher U.K. taxes and cost pressure more than offset a rise in oil prices.
Shell said net income fell to $5.94 billion, or 93 cents a share, compared with $9.03 billion, or $1.35 per share, in the same period a year earlier. But revenue rose 10% to $84.25 billion from $76.44 billion.
Third-quarter 2005 earnings had included divestment gains of some $1.7 billion related to the divestment of pipeline assets held through Gasunie NV in the Netherlands.
Third-quarter 2006 profit was hurt by lost Nigerian output, a 10-percentage-point rise in U.K. North Sea taxes and cost pressure.
Shell said average quarterly output was up 1% at 3.251 million barrels of oil equivalent a day, compared with 3.207 million barrels in the year-earlier period, as new projects such as Nigeria’s Bonga have come on stream within the past 12 months.
“Our earnings have proven to be resilient in the face of rising industry costs and weakening refining margins. Operating performance has been satisfactory. LNG growth has been impressive in the quarter, and our upstream volumes have grown despite the shut-downs in Nigeria,” said Chief Executive Jeroen van der Veer.
Shell’s exploration and production segment reported earnings of $3.74 billion compared with $4.98 billion a year earlier, while the gas and power unit saw earnings rise to $787 million from $556 million in the same quarter last year, which included gains of $94 million mainly related to divestments.
Write to Benoit Faucon at [email protected]
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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.
