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Posts from ‘April, 2004’

National Post: Shell Canada distances itself from parent company reserves estimates scandal

National Post: Shell Canada distances itself from parent company reserves estimates scandal  JAMES STEVENSON Canadian Press Friday, April 30, 2004 Shell Canada president and CEO Linda Cook speaks with the media after the company’s annual meeting in Calgary on Friday. (CP/Jeff McIntosh) CALGARY (CP) – Shell Canada Ltd. distanced itself from the reserve reporting problems […]

BUSINESS WEEK: FSA LOOKS AT SHELL EMAILS

BUSINESS WEEK: FSA LOOKS AT SHELL EMAILS By Alan Lodge Apr 29 2004 Posted 30 April 04 Probe into oil giant after `lying’ revelations THE Financial Services Authority has launched its own probe into oil giant Shell. The move comes after it emerged former executives had lied about the company’s oil and gas reserves for […]

TheMotleyFool.co.uk: Shell Fishing

TheMotleyFool.co.uk: Shell Fishing By David Kuo (TMFDragon) April 29, 2004 They say that one of the best times to invest in a blue chip firm is when the company is on its knees. In the case of Shell the scandal-hit oil giant is not just on its knees, it is writhing on the ground in […]

The Times: CITYLAW – Shell

The Times: CITYLAW – Shell Published 27 April 04 Posted 30 April 04 SHELL has drafted in Cravath Swaine & Moore to fight off claims by the US Securities & Exchange Commission – although the firm helped to write the report that led to the regulators’ probe in the first place. Cravath, the energy company’s […]

Financial Times: OBSERVER: Shell game

Financial Times: OBSERVER: Shell game Apr 30, 2004 Shell’s new executives made investors twitchy this week. Until late Wednesday afternoon the company’s first quarter earnings were to be discussed in a conference call by Tim Morrison, acting chief financial officer, alone. The last time Shell chatted about its earnings was on January 9, when it […]

Financial Times: Lex COLUMN: Royal Dutch/Shell

Financial Times: Lex COLUMN: Royal Dutch/Shell Apr 30, 2004 Surprises from Royal Dutch/Shell are not normally prefaced with the word “welcome”. Fortunately for shareholders its reserves debacle has played out against a backdrop of high oil and gas prices. First-quarter earnings are strong, enabling the oil group to announce a $2bn share buyback and an […]

Financial Times: Strong results a respite for Shell

Financial Times: Strong results a respite for Shell By Carola Hoyos and Friederike Tiesenhausen Cave Published: April 30 2004 5:00 | Last Updated: April 30 2004 5:00 Royal Dutch/Shell, the embattled energy group, gained some respite from its reserves worries yesterday, reporting strong first-quarter figures and promising investors a $2bn (£1.13bn) share buy-back programme this […]

Financial Times: Shell reassures with upbeat results

Financial Times: Shell reassures with upbeat results By Carola Hoyos and Friederike Tiesenhausen Cave in London Published: April 30 2004 5:00 | Last Updated: April 30 2004 5:00 Royal Dutch/Shell, the embattled energy group, yesterday gained some respite from its reserves worries by reporting strong first-quarter figures and promising investors a $2bn share buy-back programme […]

The Times: Shell share buyback looks slick move

The Times: Shell share buyback looks slick move 30 April 04 SHELL’S vanishing oil reserves did not amount to a death sentence for the company. It was still left with an awful lot of oil and gas at a time when prices for both are strong. But the rapturous reception that greeted the buoyant profit […]

The Times: Shell set to step up disposal of assets

The Times: Shell set to step up disposal of assets By Carl Mortished, International Business Editor April 30, 2004 SHELL is expected to accelerate a multibillion-dollar programme of asset sales in an effort to meet the cost of adopting a dramatic policy U-turn of handing cash back to investors. The oil company yesterday revealed a […]

Daily Telegraph: Shell pledges to buy back $2bn shares

Daily Telegraph: Shell pledges to buy back $2bn shares  By Christopher Hope, Business Correspondent (Filed: 30/04/2004) Shell, the embattled oil and gas giant, yesterday announced plans to buy back $2billion-worth of its shares and said that plans to reform its unwieldy corporate structure were progressing speedily. Shell said that it would spend $2billion on its […]

The Guardian: Shell woos investors with $2bn buyback

The Guardian: Shell woos investors with $2bn buyback Terry Macalister Friday April 30, 2004 Scandal-hit Shell yesterday won back some of its lost favour with investors by announcing plans to launch a $2bn (£1.1bn) share buyback programme – something it had recently shunned. Shares in the Anglo-Dutch oil company rebounded more than 3% to 399p, […]

The Independent: Movement at Shell

The Independent: Movement at Shell 30 April 04 Like a supertanker in mid-ocean, it takes an awfully long time for a bureaucratic monolith such as Royal Dutch/Shell to change course. But yesterday it showed the first signs in months that someone may actually have their hand somewhere in the rough vicinity of the tiller. The […]

The Independent: Shell fights back with $2bn share buy-back programme

The Independent: Shell fights back with $2bn share buy-back programme By Michael Harrison, Business Editor 30 April 2004 Royal Dutch/Shell, the crisis-stricken oil group, sought to regain investor confidence yesterday by unveiling a $2bn (£1bn) share buy-back programme. Reporting better-than-expected first-quarter profits, the oil giant also pledged that its exploration and production strategy would be […]

The Scotsman: Oil giant proves it’s still a winner

The Scotsman: Oil giant proves it’s still a winner MARTIN FLANAGAN CITY EDITOR Fri 30 Apr 2004 Clearly, with these sorts of profits, to talk about Shell in the same voice as Enron and Parmalat is nonsense I SUGGESTED here yesterday that Shell would be very lucky if the market focused on its first-quarter trading […]

New York Times: Shell to buy back $2 billion in stock

New York Times: Shell to buy back $2 billion in stock By HEATHER TIMMONS April 30, 2004 LONDON — The Royal Dutch/Shell Group said on Thursday that it would buy back $2 billion of its shares this year, the latest sign that the company is trying to placate shareholders after months of criticism. Shell has […]

APRIL 2004 ROYAL DUTCH SHELL NEWS

APRIL 2004 ROYAL DUTCH SHELL NEWS Thursday 1 April, 2004  The Guardian: BP shareholders strike oil The Washington Times: Shell officials said warned of problems The Wall Street Journal: Shell Estimate Ignored Warnings Yahoo News: Shell warned in 2000 of possible overestimation of reserves Forbes.com: Nigeria says Shell cut 1.9 bln bbls of its reserves […]

The Times: Revival in the pipeline?

The Times: Revival in the pipeline?  April 29, 2004 By Richard Irving, Business News Editor Shell has shocked investors again, this time by revealing profits far better than they had hoped for. For most of 2004, Shell has found buyers for its shares as elusive as its “proven” oil reserves. It was not so long […]

Forbes.com: S&P says it may still cut Shell’s debt rating

Forbes.com: S&P says it may still cut Shell’s debt rating Reuters, 04.29.04, 12:02 PM ET NEW YORK, April 29 (Reuters) – Standard & Poor’s on Thursday said it may still cut its rating on Royal Dutch/Shell after the Anglo-Dutch oil group reported first-quarter financial results at the top range of expectations. S&P said that although […]

The Scotsman: Embattled Shell lifted by 9% rise in profits

The Scotsman: Embattled Shell lifted by 9% rise in profits 29 April 04 THE tide appeared to turn in Shell’s favour today as the troubled oil giant cheered analysts by reporting a nine per cent hike in quarterly profits. The company, which has seen its reputation battered by a series of oil reserve downgrades, also […]

Yahoo.com: Shell 1Q Net Falls 16%, Announces $2B Buyback

Yahoo.com: Shell 1Q Net Falls 16%, Announces $2B Buyback By Mark Long Of DOW JONES NEWSWIRES Thursday April 29 04 LONDON (Dow Jones)–Royal Dutch/Shell Group (RD, SC) Thursday said its first-quarter net profit dropped 16% from a year earlier’s record result that was skewed higher by more than $1 billion in special credits. The beleaguered […]

Bloomberg.com: Shell Reports Drop in First-Quarter Earnings as Output Falls

Bloomberg.com: Shell Reports Drop in First-Quarter Earnings as Output Falls April 29 (Bloomberg) — Royal Dutch/Shell Group, which faces regulator probes and investor lawsuits after cutting oil and gas reserves three times, said first-quarter profit fell 16 percent from a year ago as output declined. Net income dropped to $4.43 billion from $5.31 billion a […]

Financial Times: Shell ‘had systems in place’ to hear fears over reserves

Financial Times: Shell ‘had systems in place’ to hear fears over reserves  By Carola Hoyos Published: April 29 2004 5:00 | Last Updated: April 29 2004 5:00 A senior Royal Dutch/Shell executive has insisted that there were systems in place for any director to raise concerns over the oil group’s reserves position with the board. […]

Financial Times: Hollywood or bust . . . or For a Few Barrels More

Financial Times: Hollywood or bust . . . or For a Few Barrels More By John Gapper Published: April 27 2004 5:00 | Last Updated: April 27 2004 5:00 Posted 29 April 04 In mid-2001, Walter van de Vijver succeeded Sir Philip Watts as chief executive of Shell’s exploration and production unit . . . […]

London Evening Standard: Huge profits at battered Shell

London Evening Standard: Huge profits at battered Shell Sally Hamilton, 29 April 2004 SCANDAL-hit energy giant Shell finally gained respite from its reserves crisis today by stunning the City with huge profits for the first three months of the year and announcing a $2bn (£1.13bn) share buyback. Shares in the troubled Anglo-Dutch group leapt 12 […]

Royal Dutch Shell News Wednesday 28 April, 2004

Royal Dutch Shell News Wednesday 28 April, 2004 Daily Mail: Shell attacked from all sides (recommended) TheStarOnline: Shell to cut cost by outsourcing work to Malaysia, India Financial Times: Shell to cut up to 30% of IT jobs worldwide Bloomberg.com: Shell, After Reserve Cuts, May Post Drop in Quarterly Earnings Financial Times: Triple-A loses some […]

Royal Dutch Shell News Tuesday 27 April, 2004

Royal Dutch Shell News Tuesday 27 April, 2004 The Scotsman: Now Shell auditors are in the firing line Al-Jazeera: Shell Oil Lies – A tip of the iceberg as World Oil crisis looms? The Times: Class action splits the global investors The Times: Will firing staff help Shell’s cause? The Wall Street Journal: Total/Sibneft The […]

Royal Dutch Shell News Monday 26 April, 2004

Royal Dutch Shell News Monday 26 April, 2004 The Independent: Oil giant retreats back into its Shell BusinessWeek.com: Can Shell Put Out This Oil Fire? Financial Times: UK watchdog drills at Shell Financial Times: Another hair-raiser from Shell Financial Times: Rotten boroughs, poison pills, odd proxies Globe&Mail.com: AGMs likely to focus on gushing cash, new […]

Royal Dutch Shell News Sunday 25 April, 2004

Royal Dutch Shell News Sunday 25 April, 2004 Sunday Telegraph: Why Shell’s three resignations are the first of many Sunday Telegraph: Brands count but companies don’t Sunday Telegraph: Anglo-Dutch rows Sunday Telegraph: Shell in the path of a legal whirlwind The Observer: Boom time for Wall St as Shell fights back The Observer: Dutch helm […]

Royal Dutch Shell News Saturday 24 April, 2004

Royal Dutch Shell News Saturday 24 April, 2004 The Guardian: FSA to investigate Shell’s reserve overstatement The Guardian: When holes appear below the line Daily Telegraph: Shell’s lies over reserves spark FSA investigation Daily Telegraph: Are there really any reserves out there? Daily Telegraph: Peer who hopes to clear up the spill Daily Telegraph: The […]

Royal Dutch Shell News Friday 23 April, 2004

Royal Dutch Shell News Friday 23 April, 2004 Sacked Shell boss ‘escorted from HQ’ The Times: Shell: A very British kind of scandal: why Shell is no Enron The Times: Waffle about values won’t tame the bully boss The Times: SEC in U-turn on oil reserves reporting Financial Times: An independent chairman at Shell Group […]

Royal Dutch Shell News Thursday 22 April, 2004

Royal Dutch Shell News Thursday 22 April, 2004 ChannelNewsAsia.com: Moody’s cuts ‘AAA’ debt rating of Shell subsidiaries The Guardian: Shell shocks shake the City Daily Telegraph: Shell suffers second cut to credit rating Financial Times: Criminal authorities step up US Shell probe Forbes.com Shell’s Watts was fired face to face, escorted away Investors.com: Exxon, Halliburton, […]

Royal Dutch Shell News Wednesday 21 April, 2004

Royal Dutch Shell News Wednesday 21 April, 2004 Business Report: Shell, the model of probity, must start from ground up Houston Chronicle: Analysts say Shell should repair internal culture The Scotsman: Shell’s reputation left in tatters The Scotsman: Shell faces 15 US lawsuits Tallahassee.com: Shell shaken by execs’ dishonesty on holdings TheStarOnline: Shell report exposes […]

Royal Dutch Shell News Tuesday 20 April, 2004

Royal Dutch Shell News Tuesday 20 April, 2004 The Independent: Shell hopes to draw line under fiasco of reserves The Independent: Lies, cover-ups, fat cats and an oil giant in crisis ChannelNewsAsia: Shell name dragged through mud after explosive report: “The closely guarded reputation of Royal Dutch/Shell was left in tatters as British newspapers accused […]

Royal Dutch Shell News Monday 19 April, 2004

Royal Dutch Shell News Monday 19 April, 2004 Daily Telegraph: Shell to report on reserves debacle Reuters: High-flyer Boynton loses grip at Shell Shell News & Media releases :The report to the Group Audit Committee and the reserves recategorisation review Telegraph.co.uk: Shell finance chief quits in oil reserve crisis Reuters: Shell says nothing ruled in/out […]

Royal Dutch Shell News Sunday 18 April, 2004

Royal Dutch Shell News Sunday 18 April, 2004 The New York Times: Shell Pays a Price for Overstating Reserves The Sunday Times: Shell finance chief’s role in doubt The Sunday Telegraph: Boynton’s future hangs in balance Mail on Sunday: Shell finance chief faces axe Mail on Sunday: Boss accused over Polaroid failure The Scotsman: Shell […]

Royal Dutch Shell News Saturday 17 April, 2004

Royal Dutch Shell News Saturday 17 April, 2004 The Times: Shell chiefs meet as new allegations emerge in US The New York Times: Shell Executives Discuss Internal Review The Independent: Shell board studies crunch report on oil reserves fiasco Financial Times: Shell aims to unveil report next week Financial Times: Unsure of Shell The Daily […]

Royal Dutch Shell News Friday 16 April, 2004

Royal Dutch Shell News Friday 16 April, 2004 The New York Times: Shell Officer Said to Have Ordered Report Destroyed The Independent: Shareholder concern as Shell board meets The Wall Street Journal: Shell Boards Meet to Consider Further Action on Reserve Cuts Reuters.com: Shell board discuss probe into reserves cut Financial Times: The trying Dutchman

Royal Dutch Shell News Thursday 15 April, 2004

Royal Dutch Shell News Thursday 15 April, 2004 The Scotsman: Ousted Shell chief claims he tried to warn on reserves The Guardian: ‘Witch-hunt threatens Shell’s stability’ The New York Times: Ex-Officers and Board at Odds Over Investigation at Shell The Daily Telegraph: I warned Shell, says sacked reserves chief The Daily Telegraph: Shell suit that […]

Royal Dutch Shell News Wednesday 14 April, 2004

Royal Dutch Shell News Wednesday 14 April, 2004 The Independent: Hold Shell but BP is oil sector pick BBC News: Shell executive was ‘forced out’ The New York Times: Ex-Shell Executive Says He Questioned Reserves Financial Times: Deposed Shell executive breaks his silence London Evening Standard: Sacked Shell chief hits back Sky News: SHELL: slip, […]