By Eduard Gismatullin – Oct 27, 2011 8:25 AM GMT+0100
Royal Dutch Shell Plc, Europes biggest oil company, said third-quarter profit doubled as energy prices rose and it ramped up projects from Qatar to Canada.
Net income increased to $7 billion from $3.5 billion a year earlier, The Hague-based Shell said today in a statement. Excluding one-time items and inventory changes, earnings beat analyst estimates.
Chief Executive Officer Peter Voser is seeking to boost output with a $100 billion investment plan through 2014, including the Pearl gas-to-liquids and Qatargas 4 liquefied natural-gas projects and an upgrade at an oil-sands project in Alberta. Shell has sold about $6.2 billion of assets this year, exceeding a $5 billion target.
We are making good progress against our targets, to deliver a more competitive performance, Voser said in the statement.
Adjusted earnings of $7 billion compared with the $6.6 billion mean estimate of 12 analysts surveyed by Bloomberg.
Shells Class A shares in London rose as much as 2.6 percent and were at 2,305 pence as of 8:08 a.m. local time. The stock is up 7.7 percent this year.
Earlier this week, BP Plc also reported profit that beat analyst estimates and increased an asset sales target by 50 percent to $45 billion. Statoil ASA, Norways biggest energy producer, said today that output rose for the first quarter in five as earnings fell on higher taxes. Exxon Mobil Corp., the largest U.S. oil company, will report results later today.
LNG Sales
LNG sales volumes increased 12 percent to 4.76 million tons from the year-earlier quarter, Shell said.
Overall production fell 2 percent to 3.012 million barrels of oil equivalent a day. New fields contributed about 270,000 barrels of oil equivalent a day.
Shells cash flow benefited from a 33 percent gain in U.K. gas futures and a 46 percent increase in Brent oil prices from the year-earlier quarter.
Shell received its first contribution from a $12 billion biofuels joint venture with Cosan SA Industria & Comercio in Brazil, it said today. It was involved in two exploration discoveries in French Guiana and Australia. Shell also secured new exploration projects in the Americas, Tanzania and New Zealand.
Of the 31 analysts that cover Shell, 24 recommend buying the shares and seven have hold ratings.
To contact the reporter on this story: Eduard Gismatullin in London at [email protected]
To contact the editor responsible for this story: Will Kennedy 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.
