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Posts from ‘May, 2004’

Mail on Sunday: £150m bonanza for Shell auditors

Mail on Sunday: £150m bonanza for Shell auditors   Patrick Tooher, 30 May 2004 Posted 31 May 04   ACCOUNTANTS who failed to spot Shell’s massive overbooking of reserves were paid more than £150m in the past five years by the embattled oil giant.   Most of the fees paid to KPMG and PwC were […]

BARRON’SOnline.com: Winds of Fortune

BARRON’SOnline.com: Winds of Fortune MONDAY, MAY 31, 2004 By JACQUELINE DOHERTY With oil at $40 a barrel, windmills and solar panels are getting a second look IT USED TO BE A QUAINT DREAM of the granola and Birkenstock crowd: widespread use of windmills and solar panels to generate electricity. But now, lured by the potential […]

News.com.au: Shell cuts earnings $285m

News.com.au: Shell cuts earnings $285m By Bruce Stanley in London May 31, 2004 ROYAL Dutch/Shell Group has reduced its annual earnings by $US203 million ($285 million). This was revealed in an annual report delayed by two months due to the scandal arising from the company’s downgrading of its oil and gas reserves. Yet even as […]

The Business: Benchmark Column: Shell

The Business: Benchmark Column: Shell Edited by Grant Clelland 30 May 04 The oil industry is still essentially run by geologists, so Shell’s executives will have a ready analogy for the periodic tremors the seismic upheaval of Shell’s 3.9bn barrel reserves downgrade in January is still throwing out. Last week’s 120m barrel downgrade, Shell’s fourth […]

Shell UK bosses join push for single board

The Business: Shell UK bosses join push for single board   By Richard Orange 30 May 2004   DIRECTORS of Shell Transport and Trading, the British side Anglo-Dutch oil giant Royal-Dutch-Shell, have swung behind investors pushing for the company to unify its two boards.   A UK fund manager involved in meetings with directors on […]

Hostages Are Released After Saudi Crisis Ends

The Wall Street Journal: Hostages Are Released After Saudi Crisis Ends   Associated Press May 30, 2004 3:44 a.m.   Saudi Arabia — Saudi authorities freed American, European and other foreign hostages Sunday after a shooting rampage turned into a daylong standoff, and a Saudi security official said the lead attacker was in custody and […]

Shell chief faces investors’ wrath over reform at annual meeting

The Independent: Shell chief faces investors’ wrath over reform at annual meeting   By Tim Webb 30 May 2004   Leading shareholders in Anglo-Dutch company Shell are threatening to vote against the chairman, Jeroen van der Veer, at its Dutch annual shareholder meeting next month.   Under Dutch listing rules, companies must ask shareholders to […]

The Andrew Davidson Interview: Life’s a gas for BG supreme

The Times: The Andrew Davidson Interview: Life’s a gas for BG supreme   30 May 04   Frank Chapman is the man his rivals would like to poach. But the man who loves sailing says he has already plotted a course for the next nine years    SIZE, says Frank Chapman, looking as lean and […]

The Observer: Don’t vote before you read this

The Observer: Don’t vote before you read this   Sunday May 30, 2004   Heather Connon hears fighting talk from bosses of two very pugnacious shareholder activists   ‘Vote often, vote early and vote on an informed basis’ is a motto that Sarah Wilson hopes will become universally accepted. Wilson is founder and managing director […]

The Observer: Shell’s ground zero

The Observer: Shell’s ground zero Sunday May 30, 2004 The reserves scandal has left the Anglo-Dutch oil giant a long way behind its rivals. Dogged by difficulties in Nigeria and elsewhere, can it ever catch up, asks Oliver Morgan On Friday morning there were loud thumps across the City as oil giant Shell’s hefty annual […]

Saudi horror sparks fears of oil crisis

The Observer: Saudi horror sparks fears of oil crisis   · Militants hold 50 hostages · £4 gallon looms as battle rages   Nick Mathiason and Mark Townsend Sunday May 30, 2004   Oil prices are set to surge after al-Qaeda gunmen killed at least 16 people, including a Briton, and seized 50 hostages yesterday […]

Shell Oil replaces sulfur-tainted gasoline

news-press.com: Shell Oil replaces sulfur-tainted gasoline   Staff and wire reports Published by news-press.com on May 30, 2004   Shell Oil interrupted or stopped the sale of gasoline at more than 500 stations in the South because of high levels of sulfur that can damage vehicle fuel gauges and make an empty tank appear full. […]

The Scotsman: Shell

The Scotsman: Shell   Posted 30 May 04   THE oil industry is still essentially run by geologists, so Shell’s executives will have a ready analogy for the periodic tremors the seismic upheaval of Shell’s 3.9 billion barrel reserves downgrade in January is still throwing out.   Last week’s 120 million barrel downgrade, Shell’s fourth […]

Former SEC leader Levitt notes irony in Shell’s troubles

Houston Chronicle: Former SEC leader Levitt notes irony in Shell’s troubles   Associated Press May 29, 2004, 7:03PM Posted 30 May 04   Sometimes a selection of keynote speakers for a high-profile conference is all luck.   Former Securities and Exchange Commission Chairman Arthur Levitt kicked off accounting firm KPMG’s annual energy conference last week […]

The Sun Herald: Shell shuts pumps in parts of South

The Sun Herald: Shell shuts pumps in parts of South   By ALAN SAYRE THE ASSOCIATED PRESS Posted on Sat, May. 29, 2004   New Orleans on empty   Shell stations on the Coast were not affected by the problem at the Norco refinery because the gas they sell comes from the Mobile area.   […]

Arizona Republic: Shell reduces earnings for ’03 by $203 million

Arizona Republic: Shell reduces earnings for ’03 by $203 million   Associated Press May. 29, 2004 12:00 AM   LONDON – The Royal Dutch/Shell Group of Cos. on Friday reduced its 2003 earnings by $203 million in an annual report delayed by two months due to a scandal involving the downgrading of its oil and […]

The Scotsman: Troubled Shell’s board bonuses axed

The Scotsman: Troubled Shell’s board bonuses axed   MARTIN FLANAGAN CITY EDITOR Sat 29 May 2004   STORM-tossed Shell, the subject of regulatory investigations on both sides of the Atlantic for the overstated oil reserves scandal, dispensed with annual bonuses last year as a result, it emerged yesterday.   The British/Dutch oil giant’s twin annual […]

Shell withholds bonuses from ousted directors

The Times: Shell withholds bonuses from ousted directors   By Ingrid Mansell May 29, 2004     SHELL yesterday sought to assuage shareholder anger over its reserves misreporting scandal by revealing that it had withheld more than £2.5 million worth of bonuses from its ousted senior directors.   The Anglo-Dutch oil major said Sir Philip […]

Oil price bubble will burst, but fear of shortage remains

The Times: Oil price bubble will burst, but fear of shortage remains   By Graham Searjeant May 29, 2004    ON WEDNESDAY, the markets paused in suspended animation, waiting for that crucial figure. It was not the rate of interest, output, employment or the election result. It was the routine weekly totting-up of petrol and […]

Shell Discloses a Large Pay Package for Its Former Chairman

The New York Times: Shell Discloses a Large Pay Package for Its Former Chairman   By HEATHER TIMMONS   Published: May 29, 2004   LONDON, May 28 – Sir Philip B. Watts, the ousted chairman of the Royal Dutch/Shell Group, was awarded a pay and option package worth more than £5.84 million ($10.7 million) in […]

More Oil Co Reserves Shocks Unless Rules Tighten -Banker

The Wall Street Journal: More Oil Co Reserves Shocks Unless Rules Tighten -Banker   DOW JONES NEWSWIRES May 28, 2004 5:05 a.m. Posted 29 May 04   BERLIN — The oil industry faces more reserves downgrade shocks unless disclosure regulations are radically overhauled, said Matthew Simmons, chief executive and chairman of investment bank Simmons & […]

Ousted Shell Executives Won’t Get 2003 Bonuses

The Wall Street Journal: Ousted Shell Executives Won’t Get 2003 Bonuses   Associated Press May 28, 2004 12:10 p.m. Posted 29 May 04   LONDON — None of the Royal Dutch/Shell Group senior executives ousted after a furor over oil reserves will receive annual bonuses for 2003, the Anglo-Dutch conglomerate said in its annual report. […]

Daily Telegraph: Watts’ pension pot tops £10m

Daily Telegraph: Watts’ pension pot tops £10m   By David Litterick 29/05/2004   Former Shell chairman Sir Philip Watts will retire on an annual pension of £568,000 after seeing his salary increase by 13pc last year, it emerged yesterday.   The oil giant’s annual report shows that Sir Philip’s pension pot is now worth more […]

The Telegraph: Shell’s Sir Philip still connected to the pipeline

The Telegraph: Shell’s Sir Philip still connected to the pipeline   29 May 04 After months of refusing to explain itself, Shell turned on the PR gushers yesterday. The oil giant was positively dripping as it put the best possible gloss on the company’s annual report, which had (finally) arrived. Look! No bonuses for senior […]

The Independent: Where to invest and still have a clear conscience

The Independent: Where to invest and still have a clear conscience   Jenne Mannion 29 May 2004   Doubts over the profitability of ethical investments are quashed by funds’ returns   Ethical investing has blossomed since it was introduced to investors in the UK exactly 20 years ago next Tuesday.   The Isis Stewardship Growth […]

The Independent: Sacked Shell chief keeps 1m options

The Independent: Sacked Shell chief keeps 1m options   By Michael Harrison 29 May 2004   The disgraced former chairman of Royal Dutch/Shell, Sir Philip Watts, is to be allowed to retain more than a million share options granted to him last year. He will also be entitled to a £568,000 income in retirement after […]

The Guardian: Apologetic Shell promises culture change

The Guardian: Apologetic Shell promises culture change David Gow Saturday May 29, 2004 Shell’s long-delayed annual report – a 125-page document riddled with apologies and admissions of blame – was finally made public yesterday. Jeroen van der Veer, Shell’s new chairman, promised radical cultural change within the oil group as it confirmed that it had […]

San Jose Mercury News: Shell Reduces Earnings by $203 Million

San Jose Mercury News: Shell Reduces Earnings by $203 Million   BRUCE STANLEY Associated Press Posted 29 May 2004   LONDON – Royal Dutch/Shell Group of Cos. reduced its 2003 earnings by $203 million Friday, in an annual report delayed by two months due to the scandal arising from the company’s downgrading of its oil […]

Shell goes for the ultimate in transparency

Financial Times: Shell goes for the ultimate in transparency   By Clay Harris in London Posted 29 May 04    Royal Dutch/Shell’s new emphasis on transparency begins on the cover of its 2003 annual report, finally published on Friday after a two-month delay because of the group’s reserves cuts and management upheaval.   For Shell […]

BBC News: Disgraced Shell bosses lose bonus

BBC News: Disgraced Shell bosses lose bonus Posted 29 May 04    Sir Phillip Watts lost his bonus while the oil reserves row was at its height.   Disgraced Shell bosses have lost their bonuses, following the scandal over oil and gas reserves.   In its annual report, already delayed by months, the oil giant […]

Shell Says It’s Reviewing Timing of Canada Reserves Revision

Bloomberg.com: Shell Says It’s Reviewing Timing of Canada Reserves Revision May 28 (Bloomberg) — Royal Dutch/Shell Group, Europe’s second- largest oil company, said it is reviewing the timing of revisions to some proved natural gas reserves in Canada, after cutting its holdings four times this year. Shell is looking into the timing of the removal […]

Shell boss missed £2m payout

London Evening Standard: Shell boss missed £2m payout Steve Hawkes, 28 May 2004 SIR Philip Watts missed out on almost £2m of lucrative stock options* and incentives in his final year at Shell. But details of a pay-off for the former chairman are notably absent from the oil giant’s mammoth annual report, published today after […]

Raised Sulfur Levels in Gas Reported

The New York Times: Raised Sulfur Levels in Gas Reported By THE ASSOCIATED PRESS Published: May 28, 2004 SARASOTA, Fla. (AP) — A Houston-based oil refinery is asking the Shell and Texaco stations it supplies to stop selling regular and mid-grade gasoline that was shipped through the Port of Tampa or Broward County’s Port Everglades. […]

Tiny SEC Staff Monitors Data on Oil Reserves

The Wall Street Journal: Tiny SEC Staff Monitors Data on Oil Reserves Amid Lawyers and Accountants, Two Petroleum Engineers Plumb The Depths of Corporate Claims By MICHAEL SCHROEDER Staff Reporter of THE WALL STREET JOURNAL Posted 27 May 04 (originally published 12 March 04) WASHINGTON — Hundreds of lawyers and accountants at the Securities and […]

Shell Annual Report: Co Vows To Regain Trust Of Shareholders

The Wall Street Journal: Shell Annual Report: Co Vows To Regain Trust Of Shareholders   DOW JONES NEWSWIRES May 28, 2004 3:12 a.m.   LONDON — Royal Dutch/Shell Group (RD, SC), humbled by a reserves scandal that saw four top executives dismissed, said in its delayed annual report Friday that “rebuilding credibility” and “regaining trust” […]

Oiling the machinery of war

The Observer: Oiling the machinery of war By Eric Watkins Posted 28 May 2004 The governments of the US and the UK have always insisted that oil had nothing to do with the invasion of Iraq. But few Iraqis are convinced of that, and many have sought to prevent control of their oil by what […]

Shell pipped to the best in-house tax team gong

The Guardian: City diary  Adam Jay Thursday May 27, 2004 Disappointment at Tuesday night’s LexisNexis UK Tax Awards, where Shell was pipped to the best in-house tax team gong by BT. The oil giant (not quite as giant as we thought a few months back) denies it was asked to consider standing in if no […]

Shell temporarily shuts down 106 stations

HeraldTribune.com: Shell temporarily shuts down 106 stations   The Associated Press Posted 27 May 2004   NEW ORLEANS — Shell has temporarily halted the sale of gasoline at 106 of its Shell and Texaco gas stations in the greater New Orleans area after discovering high levels of sulfur in the fuel.   The company detected […]

Kansas, other states’ pension funds involved in Shell litigation

Newsday.com: Kansas, other states’ pension funds involved in Shell litigation   By JOHN HANNA Associated Press Writer Posted 27 May 04   TOPEKA, Kan. — Public pension funds in eight states, including Kansas, are battling affiliates of the Royal Dutch/Shell Group of Cos. in federal court, alleging that the conglomerate misled investors about its oil […]

Shell Says Bought Back 1.2 Mlllion Own Shares

The Wall Street Journal: Shell Says Bought Back 1.2 Million Own Shares DOW JONES NEWSWIRES May 26, 2004 2:06 a.m. Edited Press Release AMSTERDAM — The “Shell ” Transport and Trading Company, p.l.c. (RD) announced Wednesday that on 25 May, 2004 it purchased for cancellation 1,200,000 ordinary shares at a price of 401.52 pence per […]

Shell wipes 120m more barrels from reserves

The Scotsman: Shell wipes 120m more barrels from reserves JIM STANTON DEPUTY BUSINESS EDITOR Posted 25 May 04 Key points • Downward revision is fourth this year • Firm’s reserves 4.47bn barrels lower than thought • Company subject of probe by US watchdog Key quote “I am assuming this is the final drawing of the […]

Royal Dutch/Shell trims its 2002 reserves again

Houston Oil & Gas Journal: Royal Dutch/Shell trims its 2002 reserves again Posted 26 May 2004 By OGJ editors HOUSTON, May 25 — Royal Dutch/Shell Group has cut its proved oil and natural gas reserves estimate for the fourth time this year, and the company Monday reported a total reserves downgrade of 4.47 billion boe […]

Daily Mail: Vanishing reserves

Daily Mail: Vanishing reserves By Alex Brummer 25 May 2004 CAN anyone be sure of Shell? The blue-chip oil giant has been forced to cut its oil reserve levels for the fourth time this year as it has come under pressure from regulators and auditors to clean up its accounts. As a result, the company […]

Reserves Crisis Flares At Shell

Ananova.com: Reserves Crisis Flares At Shell   The reserves crisis at Shell has resurfaced with the oil giant restating its stocks for the fourth time this year.   Shell shocked the City by announcing ahead of its annual report on Friday that it was lowering its reserves by a further 120m barrels.   The downgrade […]

Shell cuts reserves for fourth time

The Times: Shell cuts reserves for fourth time   Posted 25 May 2004   Shell has, for the fourth time this year, downgraded its estimate of its proven oil reserves, citing the need to comply with North American accounting practice.   The Anglo-Dutch company said that stocks equivalent to 103 million barrels of oil would […]

Shell Legal Director ‘kept in the dark’

The Times: Shell Legal Director ‘kept in the dark’ 25 May 2004 BEAT HESS, the legal director to Royal Dutch/Shell, has revealed that he was kept in the dark about the looming crisis over the booking of oil reserves until the eleventh hour. In his first interview since Shell was plunged into a major difficulty […]

Shell shock will be hard to dispel

The Times: Shell shock will be hard to dispel   25 May 04   SIR PHILIP WATTS may be expecting that his lawyers can prise a farewell of £1 million or more out of Shell but the company should refuse to hand it over until he hands back the missing oil.   Two restatements of […]

Toronto Star: Oil giant Shell downgrades reserves again

Toronto Star: Oil giant Shell downgrades reserves again 25 May 2004 LONDON—The Royal Dutch/Shell Group of Cos. downgraded the size of its proven oil and gas reserves yesterday for the fourth time this year as the oil giant continued to stumble over a scandal that shocked the markets and forced the resignation of three top […]

Shell forced to make fourth downgrade

The Guardian: Shell forced to make fourth downgrade   Terry Macalister Tuesday May 25, 2004   Oil stocks reduced again – as are 2003 profit figures   The reserves scandal that has been dogging Shell all year was back on centre stage yesterday as the company downgraded its figures for the fourth time. The Anglo-Dutch […]

Daily Telegraph: Shell slices still more off proven reserves

Daily Telegraph: Shell slices still more off proven reserves   By Christopher Hope (Filed: 25/05/2004)   Shell yesterday cut its oil and gas reserves for the fourth time in under five months and admitted it could not rule out further cuts.                                                                       The company also confirmed that it had not yet decided the final […]

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