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Posts from ‘June, 2004’

sg.biz.yahoo.com: Shell New Zealand Approves Pohokura Gas Field

sg.biz.yahoo.com: Shell New Zealand Approves Pohokura Gas Field Edited Press Release Wednesday June 30, 5:56 PM LONDON (Dow Jones)–Shell New Zealand said Wednesday that it has formally given the green light to the development of the Pohokura gas field, when it signed off the Final Investment Decision (FID). Shell New Zealand Exploration and Production Commercial […]

AccountingWEB.com: Pension Funds Sue Shell Seeking Damages, Governance Changes

AccountingWEB.com: Pension Funds Sue Shell Seeking Damages, Governance Changes Posted 30 June 04 Two pension funds filed suit Friday against more than two dozen directors and officers of the Royal Dutch/Shell Group and their accounting and audit firms PricewaterhouseCoopers International and KPMG International. The suit follows the company downgrading its proven oil and natural gas […]

Expatica News: Shell: 85pc of written off reserves exist

Expatica News: Shell: 85pc of written off reserves exist 30 June 2004 AMSTERDAM — Shell chairman Jeroen van der Veer expects that 85 percent of the oil reserves the Anglo-Dutch energy company wrote off earlier this year will later be restored to the multinational’s accounts. The Dutchman said at a shareholders meeting in Scheveningen this […]

New York Times: Oil Firms Differ with on SEC Gas Reserves

New York Times: Oil Firms Differ with on SEC Gas Reserves By REUTERS Published: June 29, 2004 Posted 30 June 04 LONDON/OSLO (Reuters) – The oil and gas reserves controversy sparked by Royal Dutch/Shell’s shock January downgrade took a new turn on Tuesday as two of Shell’s partners in a Norwegian gas field differed over […]

Business Day: Grindrod, BP and Shell in R350m BEE deal

Business Day: Grindrod, BP and Shell in R350m BEE deal By Lynn Bolin 30 June 04 Listed South African shipping group Grindrod Ltd (GND) and its subsidiary Unicorn Shipping have teamed up with global oil giants BP and Shell to facilitate a 350 million rand empowerment deal for black empowerment shipping group Southern Tankers. The […]

Shell Survives Shareholder Rebellion

Planet Ark: Shell Survives Shareholder Rebellion “Not only has Shell been overstating its oil reserves, it has exaggerated its social and environmental performance too” UK: June 30, 2004 THE HAGUE/LONDON – Embattled oil giant Royal Dutch/Shell survived a shareholder rebellion this week, but not before almost 40 percent of its Dutch stock was voted against […]

Ormen Lange highlights broader issues

Financial Times: Ormen Lange highlights broader issues “in the wake of the scandal at Royal Dutch/Shell” By James Boxell Jun 30, 2004 BP’s share of the Ormen Lange gas field is estimated to be worth the equivalent of 180m barrels of oil – a drop in the ocean for a company that yesterday confirmed it […]

BP has more in reserve

The Independent: BP has more in reserve “prompting CSFB to advise a switch out of Royal Dutch Shell” Tue 29 June 2004 By Phill Cozens, Stockmarket Correspondent BP improves 5p to 495p as it reports a 23 million barrel rise in proved reserves, prompting CSFB to advise a switch out of Royal Dutch Shell, 4p […]

Shell Says SEC Questioned 30 In Reserves Probe

The Wall Street Journal: Shell Says SEC Questioned 30 In Reserves Probe Investigators from the SEC and the Justice Department have teamed up in the probe” By ALMAR LATOUR, MARK LONG and CHIP CUMMINS Staff Reporters of THE WALL STREET JOURNAL June 29, 2004; Page A2 Posted 30 June 04 Royal Dutch/Shell Group said 30 […]

BP, Norsk-Hydro Differ in Booking Field’s Reserves

The Wall Street Journal: BP, Norsk-Hydro Differ in Booking Field’s Reserves By CHIP CUMMINS Staff Reporter of THE WALL STREET JOURNAL June 30, 2004; Page A2 LONDON — Further muddying the water for energy investors, two large European companies took drastically different tacks in booking reserves from the same natural-gas field after months of discussion […]

Investors stunned by Shell revelation

Daily Telegraph: Investors stunned by Shell revelation By Christopher Hope, Business Correspondent (Filed: 30/06/2004) Major shareholders in Shell, the Anglo-Dutch oil giant, yesterday reacted with astonishment to the news that Shell’s Dutch chairman knew there was a problem with its reserves two months before its British chairman was told. Aad Jacobs told shareholders at Royal […]

BP torments Shell with oil reserves revision

The Independent: BP torments Shell with oil reserves revision By Michael Harrison, Business Editor 30 June 2004 BP admitted yesterday that it too had misled investors about the size of its oil and gas reserves. Unlike its rival Shell, however, BP has been underestimating them. In a filing to the US Securities and Exchange Commission, […]

BP surprises with upward adjustment

Financial Times: BP surprises with upward adjustment By James Boxell in London Jun 30, 2004 BP yesterday surprised the markets with a slight upward adjustment of its estimates of reserves. Europe’s biggest oil group had to recalculate its UK-approved figures to bring them into line with US Securities and Exchange Commission guidelines. The issue of […]

JUNE 2004 ROYAL DUTCH SHELL NEWS

JUNE 2004 ROYAL DUTCH SHELL NEWS Tuesday 1 June, 2004 Business Times Singapore: Ousted Shell chief gets generous pay and option deal Package worth 5.8m, excluding severance deal, says annual report Daily Telegraph: Highest paid chief executives The Wall Street Journal: Shell’s Ex-Chairman Got Pay Raise in 2003 The Guardian: Saudi siege fallout threatens oil […]

Still Shell-shocked

The Independent: Still Shell-shocked: “a company which is obviously still in denial” They went to listen to Big Ron, but sadly, answers came there none. No one expected the chairman of Shell Transport & Trading, Lord Oxburgh (Ron, apparently, to his fellow directors) to have the mating habits of the grey whale at his fingertips […]

The Independent: Investors lambast Shell over ousted chairman’s £1m pay-off

The Independent: Investors lambast Shell over ousted chairman’s £1m pay-off the £1.06m pay-off for Sir Philip Watts proved that, even under new leadership, the company was still living in “a parallel universe” By Michael Harrison, Business Editor 29 June 2004 Shell received a mauling yesterday from shareholders over the “scandal” of the £1m pay-off for […]

Dutch circus act stretches out to a record six hours

The Independent: Dutch circus act stretches out to a record six hours “Appropriately, the Dutch shareholders’ meeting was held in the Circus theatre” By Guy Thornton 29 June 2004 Appropriately, the Dutch shareholders’ meeting was held in the Circus theatre in the seaside resort of Scheveningen, near to The Hague. Appropriate, as the meeting had […]

The Times: Masters of understatement

The Times: Masters of understatement “Today Credit Suisse First Boston was advising investors to switch to BP instead of Shell despite BP’s being 80p more costly than Shell’s” BP was too humble today when it dismissed a 23 million barrel write-up in its reserves as “immaterial”. By Mike Verdin June 29, 2004 Sometimes less is […]

Investors snub Shell in vote on liability

The Times: Investors snub Shell in vote on liability “Pointing to Sir Mark Moody-Stuart, a former chairman of Shell’s CMD who sits on the Shell Transport board, Mr Pal said: “When this scandal came up, Sir Mark was present. Why did he allow this departure from Shell’s business principles? He should resign from all his […]

Toronto Star: Oil giant’s brass beg for pardon and time

Toronto Star: Oil giant’s brass beg for pardon and time: Contrition expressed at Royal Dutch/Shell: Reserve-booking fiasco stays at centre stage Jun. 29, 2004. LONDON—Royal Dutch/Shell Group’s top brass, chastened by this year’s reserves-booking fiasco, have begged shareholders for forgiveness and time to revamp the Anglo-Dutch oil giant. At twin annual general meetings yesterday in […]

Shell’s game

Financial Times: Shell’s game By Clay Harris Jun 29, 2004 Perhaps the most surprising vote at Shell’s annual meeting came on the question used to test the electronic voting system. Should Sol Campbell’s apparent headed winner in England’s match against Portugal have been allowed to stand? Some 58 per cent of the Shell shareholders voting […]

Score of Shell

Financial Times: Score of Shell Jun 29, 2004 The main theatre in the Dutch seaside resort of Scheveningen had on offer the Disney musical The Lion King. But Royal Dutch/Shell shareholders who attended yesterday’s delayed annual meeting there were treated to a rather less uplifting performance, as directors of the embattled oil giant struggled to […]

Shell apologises to angry shareholders

Financial Times: Shell apologises to angry shareholders “When somebody is asked to leave under a shadow and yet paid a huge amount of money, it is usually to keep them quiet isn’t it?” By Ian Bickerton, James Boxell and Sundeep Tucker Jun 29, 2004 Nearly six months have passed since Royal Dutch/ Shell issued its […]

Shell chief ‘was told in advance’ of problems

Financial Times: Shell chief ‘was told in advance’ of problems By FT reporters Published: June 28 2004 12:25 | Last Updated: June 28 2004 13:25 The most senior non-executive director of Royal Dutch Petroleum, the larger arm of Royal Dutch/Shell, knew of an “imminent problem” with the booking of oil reserves two months before the […]

Shell chairman to view problems at Sapref, says activist

Business Report (SA): Shell chairman to view problems at Sapref, says activist “Shareholders are tired of Shell’s lying and spinning”: “a chorus of disillusionment over its integrity and transparency” June 29, 2004 By Samantha Enslin and Sapa – AFP Durban – Shell chairman Ron Oxburgh had conceded that there were problems at the SA Petroleum […]

Business Report: SEC probe quizzes 30 Shell employees

Business Report: SEC probe quizzes 30 Shell employees June 29, 2004 The Hague – Thirty employees of Anglo-Dutch oil company Royal Dutch/Shell Group had so far been questioned by the US Securities and Exchange Commission (SEC), which was investigating improper reserves disclosure, company executives said. They were being quizzed at the group’s annual meeting yesterday, […]

Testy Annual Meeting Focuses on Shell’s Scandal

The New York Times: Testy Annual Meeting Focuses on Shell’s Scandal “A few of Shell’s top executives mislead shareholders and the financial world, he said. ”In the United States they’d have been taken away in handcuffs.” By GREGORY CROUCH Published: June 29, 2004 THE HAGUE, June 28 – At its first annual meeting since it […]

The Guardian: Shell investors vent fury on ‘incompetent’ board

The Guardian: Shell investors vent fury on ‘incompetent’ board “This company is giving world class salaries to non-executives for a world class scandal.” Terry Macalister Tuesday June 29, 2004 Small shareholders seized the first public opportunity to vent their anger with the Shell board, accusing it of incompetence and of rewarding failure, at yesterday’s annual […]

Daily Telegraph: Shell’s board survive: No wonder Shell is in such a mess

Daily Telegraph: Shell’s board survive: No wonder Shell is in such a mess Here’s another lord in a lather. Oxburgh of Liverpool was probably out of breath when he arrived at the House of Lords for yesterday’s science and technology select committee meeting. For the previous four hours, the non-executive chairman of Shell’s UK business […]

Daily Telegraph: Shell boards survive as showdown evaporates

Daily Telegraph: Shell boards survive as showdown evaporates By Christopher Hope, Business Correspondent (Filed: 29/06/2004) Shell’s embattled boards came through two stormy annual meetings in Britain and the Netherlands yesterday but a promised showdown with institutional investors failed to materialise. In London, Lord Oxburgh of Liverpool, Shell’s UK chairman, was forced to deny there had […]

Houston Chronicle: Royal Dutch-Shell fuels doubts

Houston Chronicle: Royal Dutch-Shell fuels doubts June 29, 2004, THE HAGUE, NETHERLANDS – For the first time since it became engulfed in an oil reserve scandal, the Royal Dutch-Shell Group of Companies on Monday tried to contain the fury of shareholders at its annual meeting, but the company may have made things worse after an […]

Business Report: take one share to Shell AGM

Business Report: take one share to Shell AGM By Edward West June 28, 2004 Cape Town – One share in Royal Dutch/Shell bought for £0.25 (R2.80) has enabled two environmental activists from South Africa, Desmond D’Sa and Ardiel Soeker, to attend the oil multinational’s annual meeting (AGM) in London today, where they will join a […]

Oil & Gas Journal: Pension funds sue Shell brass, auditors, seeking damages, policy changes

Oil & Gas Journal: Pension funds sue Shell brass, auditors, seeking damages, policy changes Judy Clark Associate Editor 28 June 2004 HOUSTON, June 28 — In a move that could indirectly impact a number of companies, two US-based pension funds filed suit Friday against 27 directors and officers of the Royal Dutch/Shell Group and their […]

The New York Times: Shell Asks Shareholders for Forgiveness

The New York Times: Shell Asks Shareholders for Forgiveness By THE ASSOCIATED PRESS Published: June 28, 2004 LONDON (AP) — The leaders of the Royal Dutch/Shell Group of Cos., chastened by this year’s reserves booking fiasco, asked shareholders for forgiveness on Monday and time to revamp the Anglo-Dutch oil giant. At two annual general meetings […]

The New York Times: Shell Survives Shareholder Rebellion

The New York Times: Shell Survives Shareholder Rebellion “Not only has Shell been overstating its oil reserves, it has exaggerated its social and environmental performance too” By REUTERS Published: June 28, 2004 THE HAGUE/LONDON (Reuters) – Embattled oil giant Royal Dutch/Shell survived a shareholder rebellion on Monday, but not before almost 40 percent of its […]

PRESS RELEASE FROM FRIENDS OF THE EARTH 28 JUNE 2004

PRESS RELEASE FROM FRIENDS OF THE EARTH 28 JUNE 2004 Shell Directors Promise to Visit Fenceline Communities Jun 28 2004 Shell directors, under fire for polluting communities and damaging people’s health, promised to visit some of the affected areas when challenged by community representatives at the AGM in London today (Monday). People from Texas, Louisiana, […]

Shell repeats commitment to end Nigeria gas flaring by 2008

MLive.com: Shell repeats commitment to end Nigeria gas flaring by 2008 The Associated Press 28/06/04 LONDON (Dow Jones/AP) — Royal Dutch/Shell Group Monday reiterated a commitment to end the process of flaring off natural gas from oil projects in Nigeria by 2008. The company said it has spent about $2 billion to date on infrastructure […]

The Guardian: Shareholders vent anger over Shell scandal

The Guardian: Shareholders vent anger over Shell scandal Mark Tran Monday June 28, 2004 Shell, the embattled Anglo-Dutch oil giant, today suffered further humiliation when 40% of Dutch investors voted against a routine resolution. The vote, which is essentially an expression of confidence in the management, is usually a formality for Dutch firms, making a […]

The Times: Shell investors reject key proposal

The Times: Shell investors reject key proposal From AFP in London and The Hague June 28, 2004 Royal Dutch Shell survived a shareholder rebellion on Monday, but not before investors representing almost 40 per cent of its Dutch stock voted against a key resolution in The Hague, rejecting the annual proposition that accepts that the […]

SKY NEWS: INVESTORS ARE DISGUSTED

SKY NEWS: INVESTORS ARE DISGUSTED 28 June 04 Shell shareholders have shown their disapproval at the company’s disastrous year of reserves downgrades and management sackings. At the firm’s annual meeting in London, 10% voted against the group’s executive remuneration package. Shell made four reserves downgrades since January, and the crisis sparked the departure of three […]