Ten years after the financial restructuring from which it was created, BG Group has notched another milestone: the tenth successive quarter in which the gas explorers earnings have beaten City forecasts.
But yesterdays overshoot was especially welcome at a time when economic weakness in Asia had raised concerns over the strength of its liquefied natural gas (LNG) division. This operation, which has provided the burner beneath BGs recent growth, has benefited from regional variations in LNG pricing, enabling it to divert cargoes at short notice from Western markets towards those in the Far East where spot rates are higher.
However, the last three months of 2008 proved a record quarter for LNG operating profits rose nearly threefold year-on-year to £456 million helping BGs earnings to beat consensus estimates by 15 per cent. That helps to explain why the companys fourth-quarter earnings were down just 26 per cent on their predecessor, against the 71 per cent and 49 per cent falls recorded by BP and Shell respectively.
Further, BG has been able to lock in last years high LNG rates under long-term contracts, such that 80 per cent of this years output and more than 70 per cent of next years has been forward sold. If there was a disappointment it was in the exploration and production division, where fourth-quarter volumes fell 4 per cent after temporary shutdowns in Egypt, Kazakhstan and the UK.
But BG reaffirmed its long-term target of raising production at a compound annual rate of between 6 per cent and 8 per cent between now and 2020. Last Octobers £2 billion purchase of Queensland Gas a far better buy than its aborted acquisition of compatriot Origin Energy should further that aim. So, too, should progress in Brazil, where BG has discovered a net three billion barrels of oil equivalent reserves over the past 18 months. The first production from its deepwater Tupi field, for example, should start to flow next year.
Tempus advised buy in October at 803p. At yesterdays £10.48, up 97p, or 14 times earnings, BG remains the stand-out long-term play among the London-listed leaders. Hold on.
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: 
MORE DETAILS:
A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
