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May 29th, 2004:

The Sun Herald: Shell shuts pumps in parts of South

May 29th, 2004
by John Donovan.
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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.

 

Tom Russell, owner of Russell’s Service Center on Scenic Drive in Pass Christian, said a number of customers asked him about the problem. “Ours comes out of Mobile,” he said. “This is different gas altogether. I doubt if anybody in this part of the country picks up in Norco anymore.” read more

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

May 29th, 2004
by John Donovan.
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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 gas reserves.

 

Even as it sought to restore its reputation, Shell suffered another blow when a U.S. refinery said it had supplied Shell gas stations in parts of Louisiana and Florida with gasoline with potentially damaging amounts of sulfur.

 

Shell’s revised net income for 2003 was $12.50 billion, compared with the original $12.70 billion that it announced in February, before the full extent of its reserves problems emerged. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

The Scotsman: Troubled Shell’s board bonuses axed

May 29th, 2004
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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 reports released yesterday, after months of delay in the wake of the reserves overstatement, also showed that two of the three directors who were sacked had no contractual right to a severance payoff. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell withholds bonuses from ousted directors

May 29th, 2004
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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 Watts, the former chairman, and Walter van de Vijver, the exploration chief, had missed out on potential bonuses worth £843,021 and £563,000 respectively. Sir Philip also failed to qualify for £752,000 worth of long-term incentives.   read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Oil price bubble will burst, but fear of shortage remains

May 29th, 2004
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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 oil stockpiles in America. On this occasion, the statistic was worth traders waiting for.

 

Instead of rising, as predicted, stocks fell on the week, which had been set up symbolically in advance as the start of America’s summer driving season. This time, at least, the oil bulls were proved right. When routine reports become staged occasions, however, you can be sure that you are in the middle of a speculative bubble.   read more

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Shell Discloses a Large Pay Package for Its Former Chairman

May 29th, 2004
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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 2003, according to annual reports filed on Friday in London and Amsterdam.

 

The reports also showed that the company’s proven annual reserves were overstated by about one-fifth in each of the last six years.

 

Shell, the third-largest oil and gas company, had been viewed as one of world’s most conservative energy companies. In January, however, the company shocked investors by cutting its estimates for proven oil and gas reserves by 20 percent. Since then, it has hired scores of outside advisers to investigate the discrepancy, and has ousted three top executives. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

More Oil Co Reserves Shocks Unless Rules Tighten -Banker

May 29th, 2004
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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 & Co (SIC.XX).

 

Talking to Dow Jones Newswires on the sidelines of a two-day workshop on oil depletion in Berlin this week, Simmons said: “At the moment exploration and production disclosure amounts to little more than ‘just trust us.’ No other industry gets away with this. We need a new set of disclosures. Without more transparency there’s going to be another bombshell along the lines of Shell .” read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Ousted Shell Executives Won’t Get 2003 Bonuses

May 29th, 2004
by John Donovan.
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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.

 

Former Chairman Sir Philip Watts received his annual salary of £865,000 ($1.56 million or €1.27 million) last year, the report said. But the Shell remuneration committee decided Mr. Watts should miss out on an annual bonus — typically worth the same as his yearly pay. It also said he wasn’t entitled to 50% of stock options granted in 2001 as the company hadn’t met performance targets. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Daily Telegraph: Watts’ pension pot tops £10m

May 29th, 2004
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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 than £10m – a 25pc increase on last year.

 

The £88,000 increase in his pension entitlement comes after Sir Philip saw his annual salary boosted from £746,000 in 2002 to £843,000 in 2003. Under the group’s final salary pension scheme, his pension is also increased for every year he served. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

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

May 29th, 2004
by John Donovan.
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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 management, it spurted. See how we’ve scrapped Sir Philip Watts’ incentive shares!

 

Let’s not feel too sorry for Sir Philip. Shell may have suddenly developed a sense of fiscal responsibility and a love of proper procedure, but Sir Philip will still find £568,000 pumping its way into his bank account each year when he retires. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

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

May 29th, 2004
by John Donovan.
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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 Fund – the first ethical fund in Europe for retail investors – celebrates its 20th birthday on 1 June. When launched, it was treated with suspicion. Cynics nicknamed it the Brazil fund – because you had to be nuts to invest in it. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

The Independent: Sacked Shell chief keeps 1m options

May 29th, 2004
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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 a £2m increase in his pension pot last year to more than £10m.

 

Sir Philip’s basic pay went up in 2003 by £98,000 or 13 per cent to £843,000. However, he received no annual bonus. He has also forfeited £752,000 worth of performance shares in Shell’s long-term incentive plan and 232,500 share options granted in 2001 because of the company’s below-average financial performance. However, the share options are worthless anyway because their exercise price is more than a pound above Shell’s current market price. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

The Guardian: Apologetic Shell promises culture change

May 29th, 2004
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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 paid no bonuses last year to his predecessor or other executives in the wake of the reserves debacle.

The report, published after a two-month delay, said Sir Philip Watts, who was ousted as chairman in March, had seen his pay almost halved last year because of the 23% downgrade in the group’s reserves.
 read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

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

May 29th, 2004
by John Donovan.
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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 and gas reserves.

 

Yet even as it sought to restore its battered reputation, Shell suffered another blow when a U.S. refinery said it had supplied Shell gas stations in parts of Louisiana and Florida with gasoline that contained potentially damaging amounts of sulfur. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell goes for the ultimate in transparency

May 29th, 2004
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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 Transport and Trading, the UK arm of the Anglo-Dutch oil and gas group, this year’s featured shell is the Rhysota, which one can see right through. Unfortunately, its spiral looks remarkably like liquid going down a plughole. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

BBC News: Disgraced Shell bosses lose bonus

May 29th, 2004
by John Donovan.
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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 also states that two of the three directors who were sacked have no right to a pay-off.

 

Shell shocked investors when it announced it had overstated reserves by 20% and has made four downgrades. The decision not to pay bonuses appears to be Shell’s attempt to draw a line under the scandal. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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