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FORM 6-K

UNITED STATES

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of

Commission File Number: 1-32575

Royal Dutch Shell plc

England and Wales

30, Carel van Bylandtlaan, 2596 HR The Hague

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):                     

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):                     

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o                No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82-                    

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SIGNATURES
Exhibit 99.1 - Regulatory release
Exhibit 99.2 - Royal Dutch Shell plc three month period ended March 31, 2006 Unaudited Condensed Interim Financial Report

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Royal Dutch Shell plc

Exhibit
No.		Description
99.1		Regulatory release.
99.2		Royal Dutch Shell plc—Three month period ended March 31, 2006 Unaudited Condensed Interim Financial Report.

This Unaudited Condensed Interim Financial Report contains the Unaudited Condensed Consolidated Interim Financial Statements of the Registrant and its consolidated subsidiaries for the three month period ended March 31, 2006 and the Operational and Financial Review and Results of Operations in respect of such period. The Unaudited Condensed Consolidated Interim Financial Statements, including condensed notes, are presented on the same basis that such information was announced by press release on May 4, 2006, that was furnished to the Commission by the Registrant on Form 6-K (furnished to the Commission on May 4, 2006). This Report on Form 6-K contains the Unaudited Condensed Interim Financial Report with additional information required to keep current our registration statement on Form F-3, including a condensed reconciliation to U.S. GAAP, not included in the May 4, 2006 press release.

This Report on Form 6-K is incorporated by reference into

a)	the Registration Statement on Form F-3 of Royal Dutch Shell plc and Shell International Finance B.V. (Registration Numbers 333-126726 and 333-126726-01); and
b)	the Registration Statement on Form S-8 of Royal Dutch Shell plc (Registration Number 333-126715).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorised.

ROYAL DUTCH SHELL PLC

By:	MICHIEL BRANDJES /S/

Date: May 9, 2006

 

Exhibit 99.1

Three month period ended March 31, 2006

On May 4, 2006, Royal Dutch Shell plc (“Royal Dutch Shell”) released the Unaudited Condensed Interim Financial Report for the three month period ended March 31, 2006 of Royal Dutch Shell and its consolidated subsidiaries (collectively, the “Shell Group”). This report includes the Unaudited Condensed Consolidated Interim Financial Statements, including condensed notes, for the Shell Group on the same basis that such information was announced by press release on May 4, 2006.

Contact — Investor Relations
UK:		Gerard Paulides		+44 20 7934 6287
Europe:		Tjerk Huysinga		+31 70 377 3996
USA:		Harold Hatchett		+1 212 218 3112
Contact — Media
UK, International:		Shell Media Contact		+44 20 7934 3505
The Netherlands:		Shell Media Contact		+31 70 377 8750

Table of Contents

Exhibit 99.2

Royal Dutch Shell plc

Three month period ended March 31, 2006

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Contents

		Page
UNAUDITED CONDENSED INTERIM FINANCIAL REPORT		1
OPERATIONAL AND FINANCIAL REVIEW FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2006		2
CONDENSED CONSOLIDATED STATEMENT OF INCOME		6
CONDENSED CONSOLIDATED BALANCE SHEET		7
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY		8
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS		9
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS		10

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Unaudited Condensed Interim Financial Report

This report contains:

(1)	An Operational and Financial Review and Results of Operations with respect to Royal Dutch Shell plc, a publicly-listed company incorporated in England and Wales and headquartered and tax resident in The Netherlands (“Royal Dutch Shell”) and its consolidated subsidiaries (collectively, with Royal Dutch Shell, the “Shell Group”) for the three month period ended March 31, 2006; and
(2)	Unaudited Condensed Consolidated Interim Financial Statements for the three month periods ended March 31, 2006 and 2005.

In this report “Group” is defined as Royal Dutch Shell together with all of its consolidated subsidiaries. The expressions “Shell”, “Group”, “Shell Group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to the Group or Group companies in general. Likewise, the words “we”, “us” and “our” are also used to refer to Group companies in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. The expression “Group companies” as used in this Report refers to companies in which Royal Dutch Shell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise a controlling influence. The companies in which the Group has significant influence but not control are referred to as “associated companies” or “associates” and companies in which the Group has joint control are referred to as “jointly controlled entities”. In this Report, associates and jointly controlled entities are also referred to as “equity accounted investments”.

This report contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, ”intend”, “may”, “plan”, “objectives”, “outlook”, “probably”, ”project”, “will”, “seek”, “target”, “risks”, “goals”, “should” and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, project delay or advancement, approvals and cost estimates; and (m) changes in trading conditions. All forward-looking statements contained in this Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this Report. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Report.

Please refer to the Annual Report on Form 20-F for the year ended December 31, 2005 for a description of certain important factors, risks and uncertainties that may affect the businesses of the Shell Group.

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Operational and Financial Review for the three month period ended
March 31, 2006

Unification of Royal Dutch and Shell Transport

Presented under IFRS (unaudited)

		$ million
		Three months ended
		March 31,
		2006				2005
Income from continuing operations			7,016				7,020
Income/(loss) from discontinued operations			–				(214	)
Income for the period			7,016				6,806
Attributable to minority interest			123				131
Income attributable to Shareholders of Royal Dutch Shell plc			6,893				6,675

Three months ended March 31, 2006

Exploration & Production

Liquids realisations were 31% higher than a year ago, exceeding increases in marker crude Brent of 30% and WTI of 27%. Outside the USA gas realisations increased by 30% and in the USA gas realisations increased by 40%.

First quarter 2006 production was 3,746 thousand barrels of oil equivalent (boe) per day, reflecting the partial shut-in production in Nigeria due to civil disturbances and deferred production in the Gulf of Mexico as a result of the 2005 hurricanes. Excluding the impacts of the deferred Gulf of Mexico production and lower entitlements due to higher hydrocarbon process, production was 1% higher than a year ago.

Gas & Power

LNG earnings increased mainly as a result of strong LNG prices, LNG marketing activities and dividends received and also from LNG sales volumes. LNG volumes of 3 million tonnes were up 4% compared to the first quarter in 2005 due to the start of Trains 4 and 5 at Nigeria LNG (Shell share 26%) and the new Qalhat LNG project in Oman (Shell indirect share 11%), supported by strong demand in Asia Pacific.

Marketing and trading earnings were driven by favourable conditions in Continental European markets and also in the USA, including gas storage optimization and higher prices and volumes.

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Oil Products

In Manufacturing, Supply and Distribution, refining margins declined in Asia Pacific, Europe and the US West Coast partly offset by higher US Gulf Coast margins. Refinery utilisation on an Equivalent Distillation Capacity basis declined to 77.1% compared to 81.4% in the first quarter of 2005, mainly due to higher levels of planned and unplanned downtime in 2006. Refinery intake declined 4.8% compared to the first quarter of 2005. In Marketing including Lubricants and B2B, earnings increased compared to the same period a year ago. The increase is mainly due to higher margins in Retail, Commercial Fuels and Lubricants. Marketing sales volumes declined 3.6% compared to volumes in the first quarter of 2005 including the impact from divested volumes of 1.4%.

Chemicals

Operating rates were unchanged at 85% reflecting a reduction in unplanned downtime and higher levels of planned outages. Overall sales volumes were 1% higher reflecting lower margin trading volume increases, which more than offset lower sales of first line derivatives.

In the USA ethylene margin realisations for Shell’s oil based feedstock crackers were negatively impacted by market conditions.

Corporate and other

Portfolio developments for the three months ended March 31, 2006

Exploration & Production

In Nigeria, the first phase of the deepwater Erha field (Shell share approximately 44%) started up in April 2006, with production to ramp up to 150 thousand boe per day over time.

In Canada, Shell acquired heavy oil acreage and will evaluate and assess enhanced and new heavy oil technologies to potentially develop these resources.

In Australia, Shell acquired acreage in the Carnarvon Basin through offshore block (WA-374-P) in the Greater Gorgon Area (Shell Share 25%) and in the Browse Basin through the permit area WA-371-P in the Caswell Sub-basin (Shell share 100%).

In Norway, Shell and Statoil have signed an agreement to work towards developing a large project using carbon dioxide (CO₂) for enhanced oil recovery offshore. The concept involves capturing CO₂ from power generation and utilising it to enhance oil recovery, resulting in increased energy production.

Gas & Power

Also in India, a new technology centre will be opened by Shell in Bangalore in 2006, to be staffed over time by more than 1,000 technical professionals. This centre complements the main existing centres in the USA and Europe and will deliver high-end technical studies, projects and technical services for Shell globally, as well as supporting Shell’s interests in India.

Oil Products

An agreement was signed to acquire Koch Materials China (Hong Kong) Limited, a bitumen manufacturing and marketing business in China. The deal increases Shell’s bitumen production more than doubling the size of Shell’s Bitumen business in China to 6,600 tons per day, representing around 20% of Shell Bitumen global volume.

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Chemicals

Liquidity and capital resources

Three months ended March 31, 2006

Cash and cash equivalents amounted to $12.8 billion at the end of the period (2005: $10.1 billion). Total short and long-term debt amounted to $12.5 billion (2005: $13.7 billion).

Capital investment for the three months ended March 31, 2006 was $4.2 billion (including the minority share of Sakhalin) of which $3.6 billion was invested in the Exploration & Production and Gas & Power segments. Capital investment in the same period 2005 (including the minority share of Sakhalin) was $3.2 billion of which $2.7 billion was invested in the Exploration & Production and Gas & Power segments. Organic capital investment is planned to be around $19 billion for 2006, and around $21 billion for 2007.

Gross proceeds from divestments in the three month period to March 31, 2006 were $0.5 billion compared to $1.1 billion a year ago.

Dividends of €0.25 per share were declared on May 4, 2006 in respect of the first quarter. These dividends are payable on June 14, 2006. In the case of the Class B shares, the dividends will be payable thorough the dividend access mechanism and are expected to be treated as UK-source rather than Dutch-source. See the Annual Report on Form 20-F for additional information on the dividend access mechanism.

During the first quarter 2006 $1.5 billion or 0.7% of Royal Dutch Shell shares bought back for cancellation. We expect to exceed $5 billion of share buybacks in 2006, subject to market conditions and the capital requirements of the Group.

Recent developments

BlackRock is an oil sands producer with operations located exclusively in Canada. BlackRock is pursuing full-cycle exploration and development opportunities in heavy oil in western Canada. Current operations are located in three heavy-oil regions: the Peace River oil sands, the Cold Lake oil sands and the Lloydminster area.

Full details of the Shell Canada offer will be included in a take-over bid circular and related documents which will be filed with securities regulators. The offer is subject to regulatory approvals and other customary conditions contained in the formal offer documents, including the tendering of at least two-thirds of BlackRock’s outstanding commmon shares on a fully-diluted basis.

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Royal Dutch Shell plc

Three month period ended March 31, 2006

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			$ million
			Three months ended March 31,
			2006				2005
Revenuea				75,964				72,156
Cost of sales				61,922				58,565
Gross profit				14,042				13,591
Selling, distribution and administrative expenses				3,413				3,539
Exploration				281				261
Share of profit of equity accounted investments				1,823				1,573
Net finance costs and other (income)/expense				(155	)			70
Income before taxation				12,326				11,294
Taxation				5,310				4,274
Income from continuing operations				7,016				7,020
Income/(loss) from discontinued operations (see Note 6)				–				(214	)
Income for the period				7,016				6,806
Income attributable to minority interest				123				131
Income attributable to Shareholders of Royal Dutch Shell plc				6,893				6,675
Basic earnings per share (see Note 4)
	Continuing operations			1.06				1.02
	Discontinued operations			–				(0.03	)
Diluted earnings per share (see Note 4)
	Continuing operations			1.05				1.02
	Discontinued operations			–				(0.03	)

a	Revenue is stated after deducting sales taxes, excise duties and similar levies of $16,709 million in the first quarter 2006 and $17,912 million in the first quarter 2005.

The Notes on pages 10 to 16 are an integral part of these Condensed Consolidated Interim Financial Statements.

	Royal Dutch Shell plc
	Unaudited Condensed Interim Financial Report

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				$ million
				March 31,				Dec 31,
				2006				2005
ASSETS
Non-current assets
	Intangible assets				4,444				4,350
	Property, plant and equipment				88,537				87,558
	Investments:
		equity accounted investments			18,153				16,905
		financial assets			3,929				3,672
	Deferred tax				2,393				2,562
	Prepaid pension costs				2,742				2,486
	Other				4,667				4,091
					124,865				121,624
Current assets
	Inventories				21,600				19,776
	Accounts receivable				60,801				66,386
	Cash and cash equivalents				12,767				11,730
					95,168				97,892
Total assets					220,033				219,516
LIABILITIES
Non-current liabilities
	Debt				7,347				7,578
	Deferred tax				11,061				10,763
	Retirement benefit obligations				5,926				5,807
	Other provisions				7,708				7,385
	Other				4,550				5,095
					36,592				36,628
Current liabilities
	Debt				5,185				5,338
	Accounts payable and accrued liabilities				62,350				69,013
	Taxes payable				11,047				8,782
	Retirement benefit obligations				289				282
	Other provisions				1,599				1,549
					80,470				84,964
Total liabilities					117,062				121,592
EQUITY
Equity attributable to Shareholders of Royal Dutch Shell plc					95,501				90,924
Minority interest					7,470				7,000
Total equity					102,971				97,924
Total liabilities and equity					220,033				219,516

The Notes on pages 10 to 16 are an integral part of these Condensed Consolidated Interim Financial Statements.

Royal Dutch Shell plc

Unaudited Condensed Interim Financial Report	7

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Condensed Consolidated Statement of Changes in Equity

																														$ million
		Equity attributable to shareholders of Royal Dutch Shell plc
		Ordinary				Preference
		share				share				Treasury				Other				Retained								Minority				Total
		capital				capital				shares				reservesa				earnings				Total				interest				equity
At January 1, 2006			571				–				(3,809	)			3,584				90,578				90,924				7,000				97,924
Income/(expense) recognised directly in equity			–				–				–				703				–				703				26				729
Income for the period			–				–				–				–				6,893				6,893				123				7,016
Total recognised income/(expense) for the period			–				–				–				703				6,893				7,596				149				7,745
Capital contributions from minority shareholders			–				–				–				–				–				–				365				365
Effect of Unification			–				–				–				154				–				154				–				154
Dividends paid			–				–				–				–				(1,838	)			(1,838	)			(44	)			(1,882	)
Treasury shares: net sales/(purchases) and dividends received			–				–				91				–				–				91				–				91
Shares repurchased for cancellation			(9	)			–				–				9				(1,498	)			(1,498	)			–				(1,498	)
Share-based compensation			–				–				–				72				–				72				–				72
At March 31, 2006			562				–				(3,718	)			4,522				94,135				95,501				7,470				102,971
At January 1, 2005			584				20				(4,187	)			8,865				80,788				86,070				5,313				91,383
IAS 32/39 transition			–				(20	)			–				823				(7	)			796				–				796
At January 1, 2005 (after IAS 32/39 transition)			584				–				(4,187	)			9,688				80,781				86,866				5,313				92,179
Income/(expense) recognised directly in equity			–				–				–				(1,712	)			–				(1,712	)			74				(1,638	)
Income for the period			–				–				–				–				6,675				6,675				131				6,806
Total recognised income/(expense) for the period			–				–				–				(1,712	)			6,675				4,963				205				5,168
Capital contributions from minority shareholders			–				–				–				–				–				–				206				206
Effect of Unification			–				–				–				–				–				–				–				–
Dividends paid			–				–				–				–				(4,776	)			(4,776	)			(47	)			(4,823	)
Treasury shares: net sales/(purchases) and dividends received			–				–				143				–								143				–				143
Shares repurchased for cancellation			(1	)			–				–				–				(500	)			(501	)			–				(501	)
Share-based compensation			–				–				–				43				–				43				–				43
At March 31, 2005			583				–				(4,044	)			8,019				82,180				86,738				5,677				92,415

a	See Note 3.

The Notes on pages 10 to 16 are an integral part of these Consolidated Financial Statements.

	Royal Dutch Shell plc
	Unaudited Condensed Interim Financial Report

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			$ million
			Three months ended
			March 31,
			2006				2005
Cash flow from operating activities:
Income for the period				7,016				6,806
Adjustment for:
	Current taxation			5,015				4,311
	Interest (income)/expense			232				160
	Depreciation, depletion and amortisation			2,812				3,155
	(Profit)/loss on sale of assets			(185	)			(558	)
	Decrease/(increase) in net working capital			(1,979	)			(1,551	)
	Share of profit of equity accounted investments			(1,823	)			(1,359	)
	Dividends received from equity accounted investments			1,060				992
	Deferred taxation and other provisions			578				(392	)
	Other			(507	)			303
Cash flow from operating activities (pre-tax)				12,219				11,867
Taxation paid				(4,395	)			(3,187	)
Cash flow from operating activities				7,824				8,680
Cash flow from investing activities:
Capital expenditure				(3,819	)			(2,934	)
Investments in equity accounted investments				(231	)			(188	)
Proceeds from sale of assets				506				1,008
Proceeds from sale of equity accounted investments				8				50
Proceeds from sale of/additions to financial assets				(40	)			(24	)
Interest received				234				190
Cash flow from investing activities				(3,342	)			(1,898	)
Cash flow from financing activities:
Net increase/(decrease) in debt				(345	)			(725	)
Interest paid				(361	)			(254	)
Change in minority interest				360				351
Net issue/(repurchase) of shares				(1,344	)			(500	)
Dividends paid to:
	Shareholders of Royal Dutch Shell plc			(1,838	)			(4,776	)
	Minority interest			(44	)			(47	)
Treasury shares: net sales/(purchases) and dividends received				91				143
Cash flow from financing activities				(3,481	)			(5,808	)
Currency translation differences relating to cash and cash equivalents				36				(93	)
Increase/(decrease) in cash and cash equivalents				1,037				881
Cash and cash equivalents at beginning of period				11,730				9,201
Cash and cash equivalents at end of period				12,767				10,082

The Notes on pages 10 to 16 are an integral part of these Condensed Consolidated Interim Financial Statements.

Royal Dutch Shell plc

Unaudited Condensed Interim Financial Report	9

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Notes to the Condensed Consolidated Interim Financial Statements

1. Unification of Royal Dutch and Shell Transport

2. Basis of preparation

Certain new IFRS and interpretations have been published which are not mandatory for 2006; these are not expected to have an impact on the accounting policies of the Shell Group, although they may result in changes in future disclosures.

3. Other reserves

$ million

Capital

Share

Share

Merger

redemption

premium

plan

reservea

reserve

reserve

reserve

Other

Total

At January 1, 2006

3,444

13

–

351

(224

)

3,584

Cumulative currency translation differences

–

–

–

–

317

317

Unrealised gains/(losses) on securities

–

–

–

–

255

255

Unrealised gains/(losses) on cash flow hedges

–

–

–

–

131

131

Income/(expense) recognised directly in equity

–

–

–

–

703

703

Effect of Unification

–

–

154

–

–

154

Shares repurchased for cancellation

–

9

–

–

–

9

Share-based compensation

–

–

–

72

–

72

At March 31, 2006

3,444

22

154

423

479

4,522

At January 1, 2005

5,373

–

–

173

3,319

8,865

IAS 32/39 transitionb

823

823

At January 1, 2005 (after IAS 32/39 transition)

5,373

–

–

173

4,142

9,688

Cumulative currency translation differences

–

–

–

–

(1,655

)

(1,655

)

Unrealised gains/(losses) on securities

–

–

–

–

(23

)

(23

)

Unrealised gains/(losses) on cash flow hedges

–

–

–

–

(34

)

(34

)

Income/(expense) recognised directly in equity

–

–

–

–

(1,712

)

(1,712

)

Effect of Unification

–

–

–

–

–

–

Shares repurchased for cancellation

–

–

–

–

–

–

Share-based compensation

–

–

–

43

–

43

At March 31, 2005

5,373

–

–

216

2,430

8,019

a	The merger reserve was established as a consequence of the Unification described in Note 1. It relates primarily to the difference between the nominal value of Royal Dutch Shell plc shares issued and the nominal value of Royal Dutch Petroleum Company and Shell Transport and Trading Company Limited shares received.
b	See Note 7.

4. Earnings per share

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5. Information by business segment

Three months ended March 31, 2006

																							$ million
			Exploration &																Corporate and								Total
			Production				Gas & Power				Oil Products				Chemicals				Other				Eliminations				Shell Group
																							2006
Revenue
	Third party			6,515				4,904				55,913				8,420				212								75,964
	Inter-segment			8,983				496				695				1,146				–				(11,320	)			–
Total				15,498				5,400				56,608				9,566				212				(11,320	)			75,964
Segment result				7,445				423				2,377				204				(101	)							10,348
Share of profit of equity accounted investments				977				369				441				41				(5	)							1,823
Net finance costs and other (income)/expense																												(155	)
Taxation																												5,310
Income from continuing operations																												7,016
Income/(loss) from discontinued operations				–				–				–				–				–								–
Income for the period																												7,016

Three months ended March 31, 2005

																							$ million
			Exploration &																Corporate and								Total
			Production				Gas & Power				Oil Products				Chemicals				Other				Eliminations				Shell Group
																							2005
Revenue
	Third party			4,565				3,277				55,996				8,026				292								72,156
	Inter-segment			7,275				370				1,568				748				–				(9,961	)			–
Total				11,840				3,647				57,564				8,774				292				(9,961	)			72,156
Segment result				5,528				197				3,477				804				(215	)							9,791
Share of profit of equity accounted investments				719				325				527				98				(96	)							1,573
Net finance costs and other (income)/expense																												70
Taxation																												4,274
Income from continuing operations																												7,020
Income/(loss) from discontinued operations				–				–				–				(214	)			–								(214	)
Income for the period																												6,806

The information above is provided in accordance with IAS 14 Segment Reporting. Operating segment results are appraised by management on the basis of income including equity accounted investments and certain net finance costs and other (income)/expense and after tax, and this forms the basis of the discussion of segment results in the Operational and Financial Review (OFR). The table below reconciles the foregoing segment information to the information used for management reporting and is consistent with how the information will be presented in the Shell Group’s annual Financial Statements to comply with SFAS 131.

Income for the period by segment — Three months ended March 31, 2006

$ million
		Exploration &																Corporate and				Total
		Production				Gas & Power				Oil Products				Chemicals				Other				Group
																		2006
Segment result — IAS 14			7,445				423				2,377				204				(101	)			10,348
Share of profit of equity accounted investments			977				369				441				41				(5	)			1,823
Net finance costs and other (income)/expense			82				(98	)			16				3				(158	)			(155	)
Taxation			4,597				125				699				59				(170	)			5,310
Discontinued operations			–				–				–				–				–				–
Segment result — OFR			3,743				765				2,103				183				222				7,016

Income for the period by segment — Three months ended March 31, 2005

$ million
		Exploration																Corporate
		&				Gas &				Oil								and				Total
		Production				Power				Products				Chemicals				Other				Group
																		2005
Segment result — IAS 14			5,528				197				3,477				804				(215	)			9,791
Share of profit of equity accounted investments			719				325				527				98				(96	)			1,573
Net finance costs and other (income)/expense			58				4				17				(2	)			(7	)			70
Taxation			3,234				42				936				241				(179	)			4,274
Discontinued operations			–				–				–				(214	)			–				(214	)
Segment result — OFR			2,955				476				3,051				449				(125	)			6,806

6. Discontinued operations

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7. Implementation of IAS 32 and IAS 39 Financial Instruments

		$ million
Investments: financial assets			1,018
Non-current assets: deferred tax			5
Current assets			42
Non-current liabilities: deferred tax			(195	)
Non-current liabilities: debt			(20	)
Current liabilities			(54	)
			796

Preference share capital of $20 million was recategorised as debt on January 1, 2005 on the adoption of IAS 32 and 39.

8. Ordinary share capital

$ million
		March 31,				December 31,
		2006				2005
Allotted, called up and fully paid
Class A ordinary shares			329				333
Class B ordinary shares			233				233
Euro deferred shares			–				5
Sterling deferred			–				–
			562				571

The number of shares outstanding at March 31, 2006 and December 31, 2005, were as follows:

shares of€ 0.07 each														shares of £1 each
		Class A				Class B				Euro deferred				Sterling deferred
Shares outstanding at March 31, 2006			3,895,450,000				2,759,360,000				–				50,000
Shares outstanding at December 31, 2005			3,935,625,000				2,759,360,000				62,280,114				50,000

Dividends of €0.25 per share were declared on May 4, 2006 in respect of the first quarter. These dividends are payable on June 14, 2006. In the case of the Class B shares, the dividends will be payable thorough the dividend access mechanism and are expected to be treated as UK-source rather than Dutch-source. See the Annual Report on Form 20-F for additional information on the dividend access mechanism.

9. Reconciliation from IFRS to US GAAP in 2006

Reconciliation of statement of income from IFRS to US GAAP for Three months ended March 31, 2006

$ million
																		Cumulative
										Retirement				Share based				translation								Reversals of
		IFRS				Reclassificationsa				benefits				compensation				differences				Impairments				Impairments				Other				US GAAP
Revenue			75,964				–				–				–				–				–				–				(21	)			75,943
Cost of sales			61,922				(147	)			152				8				17				11				(92	)			–				61,871
Gross profit			14,042				147				(152	)			(8	)			(17	)			(11	)			92				(21	)			14,072
Selling, distribution and administrative expenses			3,413				–				92				–				–				–								(3	)			3,502
Exploration			281				–				–				–				–				–				–				–				281
Research and development			–				233				–				–				–				–				–				–				233
Share of profit of equity accounted investments			1,823				–				1				–				–				–				8				4				1,836
Net finance costs and other income			(155	)			(86	)			–				–				–				–				–				(1	)			(242	)
Income before taxation			12,326				–				(243	)			(8	)			(17	)			(11	)			100				(13	)			12,134
Taxation			5,310				–				(85	)			(2	)			–				(3	)			–				33				5,253
Income attributable to minority interest																															123				123
Income from continuing operations			7,016				–				(158	)			(6	)			(17	)			(8	)			100				(169	)			6,758
Income/(loss) from discontinued operations			–				–				–				–				–				–				–				–				–
Cumulative effect of change in accounting policy			–				–				–				–				–				–				–				–				–
Income for the period			7,016				–				(158	)			(6	)			(17	)			(8	)			100				(169	)			6,758
Attributable to minority interest			123				–				–				–				–				–				–				(123	)
Income attributable to shareholders of Royal Dutch Shell plc			6,893				–				(158	)			(6	)			(17	)			(8	)			100				(46	)			6,758

a

Reclassifications are differences in line item allocation under IFRS but do not affect income compared with that shown under US GAAP. They mainly comprise impacts from reporting 1) all jointly controlled entities using the equity method, 2) the results of equity accounted investments on a single line (therefore after net finance costs and tax), 3) accretion expense arising on asset retirement obligations as net finance costs rather than as cost of sales, and 4) research and development within cost of sales.

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Earnings per share under US GAAP

							$
			Three months ended
			March 31,
			2006				2005
Earnings per share				1.04				1.09
	Continuing operations			1.04				0.95
	Discontinued operations			–				0.06
	Cumulative effect of change in accounting policy			–				0.08
Diluted earnings per share				1.03				1.09
	Continuing operations			1.03				0.95
	Discontinued operations			–				0.06
	Cumulative effect of change in accounting policy			–				0.08

Reconciliation of balance sheet from IFRS to US GAAP as at March 31, 2006

																								$ million
								Retirement								Reversals of
				IFRS				benefits				Impairments				Impairments				Investments				Other				US GAAP
ASSETS
Non-current assets
	Intangible assets				4,444				304				–				–				–				(8	)			4,740
	Property, plant and equipment				88,537				–				652				(54	)			–				(65	)			89,070
	Investments:
		equity accounted investments			18,153				97				–				(340	)			–				38				17,948
		financial assets			3,929				–				–				–				(814	)			43				3,158
	Deferred tax				2,393				(765	)			(3	)			–				–				(106	)			1,519
	Other				7,409				5,309				–				–				–				(210	)			12,508
					124,865				4,945				649				(394	)			(814	)			(308	)			128,943
Current assets
	Inventories				21,600				–				–				–				–				–				21,600
	Accounts receivable				60,801				–				–				–				–				(37	)			60,764
	Cash and cash equivalents				12,767				–				–				–				–				–				12,767
					95,168				–				–				–				–				(37	)			95,131
Total assets					220,033				4,945				649				(394	)			(814	)			(345	)			224,074
LIABILITIES
Non-current liabilities
	Debt				7,347				–				–				–				–				(207	)			7,140
	Deferred tax				11,061				1,168				213				(119	)			–				(39	)			12,284
	Provisions				13,634				(79	)			–				–				–				(142	)			13,413
	Other				4,550				–				–				–				–				246				4,796
					36,592				1,089				213				(119	)			–				(142	)			37,633
Current liabilities
	Debt				5,185				–				–				–				–				(12	)			5,173
	Accounts payable, accrued liabilities and provisions				64,238				(49	)			–				–				–				(13	)			64,176
	Taxes payable				11,047				–				–				–				–				5				11,052
					80,470				(49	)			–				–				–				(20	)			80,401
Total liabilities					117,062				1,040				213				(119	)			–				(162	)			118,034
Minority interest																									7,476				7,476
Equity attributable to shareholders of Royal Dutch Shell plc					95,501				3,890				436				(275	)			(814	)			(174	)			98,564
Minority interest					7,470				15				–				–				–				(7,485	)
Total equity					102,971				3,905				436				(275	)			(814	)			(7,659	)			98,564
Total liabilities and equity					220,033				4,945				649				(394	)			(814	)			(345	)			224,074

Accumulated Other Comprehensive Income under US GAAP comprises the following amounts:

$ million
		At March 31,
		2006
Currency translation differences			55
Unrealised gains on securities			929
Unrealised gains on cash flow hedges			(253	)
Minimum pension liability			(2,271	)
			(1,540	)

Royal Dutch Shell plc

Unaudited Condensed Interim Financial Report	13

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10. Reconciliations from IFRS to US GAAP in 2005

Reconciliation of statement of income from IFRS to US GAAP for Three months ended March 31, 2005

																																										$ million
																						Cumulative
																						currency												Major
						Discontinued								Retirement				Share based				translation								Reversals of				inspection
		IFRS				operationsa				Reclassificationsb				benefits				compensation				differences				Impairments				impairments				costs				Other				US GAAP
Revenue			72,156				(188	)			–				–				–				–				–				–				–				(58	)			71,910
Cost of sales			58,565				256				(16	)			63				3				(2	)			10				(7	)			–				(107	)			58,765
Gross profit			13,591				(444	)			16				(63	)			(3	)			2				(10	)			7				–				49				13,145
Selling, distribution and administrative expenses			3,539				(29	)			–				21				–				–				–				–				–				(94	)			3,437
Exploration			261				–				–				–				–				–				–				–				–				–				261
Research and development			–				–				93				–				–				–				–				–				–				–				93
Share of profit of equity accounted investments			1,573				(214	)			–				1				–				–				–				11				–				17				1,388
Net finance costs and other income			70				(1	)			(77	)			–				–				–				–				–				–				(17	)			(25	)
Income before taxation			11,294				(628	)			–				(83	)			(3	)			2				(10	)			18				–				177				10,767
Taxation			4,274				(36	)			–				(36	)			4				–				(58	)			–				–				5				4,153
Income attributable to minority interest																																							191				191
Income from continuing operations			7,020				(592	)			–				(47	)			(7	)			2				48				18				–				(19	)			6,423
Income/(loss) from discontinued operations			(214	)			592				–				–				–				–				–				–				–				–				378
Cumulative effect of change in accounting policy			–				–				–				–				–				–				–				–				554				–				554
Income for the period			6,806				–				–				(47	)			(7	)			2				48				18				554				(19	)			7,355
Attributable to minority interest			131				–				–				–				–				–				60				–				–				(191	)
Income attributable to shareholders of Royal Dutch Shell plc			6,675				–				–				(47	)			(7	)			2				(12	)			18				554				172				7,355

a	The definition of activities classified as discontinued operations differs from that under US GAAP. Under IFRS equity accounted or other investments are not excluded from this classification, but the activity must be a separate major line of business or geographical area of operations. As a result, all of the items presented as discontinued operations in 2005 and 2006 under US GAAP are included within continuing operations under IFRS.
b	Reclassifications are differences in line item allocation under IFRS but do not affect income compared with that shown under US GAAP. They mainly comprise impacts from reporting 1) all jointly controlled entities using the equity method, 2) the results of equity accounted investments on a single line (therefore after net finance costs and tax), 3) accretion expense arising on asset retirement obligations as net finance costs rather than as cost of sales, and 4) research and development within cost of sales.

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Reconciliation of balance sheet from IFRS to US GAAP as at December 31, 2005

																												$ million
								Employee								Reversals of
				IFRS				benefits				Impairments				impairments				Investments				Othera				US GAAP
ASSETS
Non-current assets
	Intangible assets				4,350				304				–				–				–				(10	)			4,644
	Property, plant and equipment				87,558				–				663				(148	)			–				(66	)			88,007
	Investments:
		equity accounted investments			16,905				97				–				(352	)			–				35				16,685
		financial assets			3,672				–				–				–				(780	)			42				2,934
	Deferred tax				2,562				(779	)			(3	)			–				–				(21	)			1,759
	Other				6,577				5,455				–				–				–				(276	)			11,756
					121,624				5,077				660				(500	)			(780	)			(296	)			125,785
Current assets
	Inventories				19,776				–				–				–				–				–				19,776
	Accounts receivable				66,386				–				–				–				–				(31	)			66,355
	Cash and cash equivalents				11,730				–				–				–				–				–				11,730
					97,892				–				–				–				–				(31	)			97,861
Total assets					219,516				5,077				660				(500	)			(780	)			(327	)			223,646
LIABILITIES
Non–current liabilities
	Debt				7,578				–				–				–				–				(210	)			7,368
	Deferred tax				10,763				1,240				217				(121	)			–				(6	)			12,093
	Provisions				13,192				(181	)			–				–				–				(160	)			12,851
	Other				5,095				–				–				–				–				251				5,346
					36,628				1,059				217				(121	)			–				(125	)			37,658
Current liabilities
	Debt				5,338				–				–				–				–				(10	)			5,328
	Accounts payable, accrued liabilities and provisions				70,844				(47	)			–				–				–				(34	)			70,763
	Taxes payable				8,782				–				–				–				–				6				8,788
					84,964				(47	)			–				–				–				(38	)			84,879
Total liabilities					121,592				1,012				217				(121	)			–				(163	)			122,537
Minority interest																									7,006				7,006
Equity attributable to Shareholders of Royal Dutch Shell plc					90,924				4,050				443				(379	)			(780	)			(155	)			94,103
Minority interest					7,000				15				–				–				–				(7,015	)
Total equity					97,924				4,065				443				(379	)			(780	)			(7,170	)			94,103
Total liabilities and equity					219,516				5,077				660				(500	)			(780	)			(327	)			223,646

a	Includes the impact of the effect of transition to IFRS on cumulative currency translation differences.

The Condensed Consolidated Interim Financial Statements of Shell Group are prepared in accordance with IFRS, which differs in certain respects from US Generally Accepted Accounting Principles (US GAAP).

Discontinued operations

Reclassifications

Retirement benefits

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these amounts are amortised, therefore equity under US GAAP at December 31, 2005 is higher. Under IFRS, the use of the fair value of pension plan assets (rather than market-related value under US GAAP) to calculate annual expected investment returns and the changed approach to amortisation of investment gains/losses can be expected to increase volatility in income going forward as compared to past IFRS and US GAAP results.

Share-based compensation

Cumulative currency translation differences

Impairments

Reversal of impairments

Major inspection costs – change in accounting policy

Financial instruments

Other

Cash flow statement

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Appendix

Ratio of earnings to fixed charges

Three months ended March 31,						Years ending December 31,
		2006				2005				2004				2003				2002				2001
Ratio of Earnings to Fixed Charges (US GAAP basis)			24.10				27.76				17.56				15.91				11.71				18.52
Ratio of Earnings to Fixed Charges (IFRS basis)			20.87				23.81				19.60				–				–				–

For the purposes of this table, “earnings” consists of pre-tax income from continuing operations before adjustment for minority interest and income from equity investees plus fixed charges (excluding capitalized interest) less undistributed earnings of equity investees, plus distributed income from equity interests. “Fixed charges” consists of expensed and capitalized interest plus interest within rental expenses plus preference security dividend requirements of consolidated subsidiaries.

Capitalization and indebtedness

IFRS basis

			$ million
			March 31,
			2006
Equity
Total equity attributable to shareholders of Royal Dutch Shell plc				95,501
Total finance debt
Short-term finance debt				5,185
Long-term finance debta				4,585
	Total finance debtb			9,770
Total capitalization				105,271

US GAAP basis

			$ million
			March 31,
			2006
Equity
Ordinary share capital				562
Treasury shares				(3,718	)
Retained earnings				99,386
Additional paid in capital				3,874
Other comprehensive income				(1,540	)
	Total equity			98,564
Total finance debt
Short-term finance debt				5,173
Long-term finance debta				4,378
	Total finance debtb			9,551
Total capitalization				108,115

a	Long-term finance debt excludes $2.8 billion of certain long-term commitments included in amounts due to banks and other credit institutions.
b	As of March 31, 2006, the Shell Group had outstanding guarantees related to Shell Group associates of $2.7 billion, of which $1.8 billion related to guarantees in respect of financial indebtedness. $8.8 billion of the finance debt of the Shell Group was unsecured.