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Posts from ‘July, 2004’

JULY 2004 ROYAL DUTCH SHELL NEWS

JULY 2004 ROYAL DUTCH SHELL NEWS Thursday 1 July, 2004 Planet Ark: Shell world record wells pump gas from 2 miles deep The Daily Telegraph: Movers and shakers: “Peter Voser” The Times: BP heads for SEC clash over reserves The Times: Time to clean up oil accounting: “SHELL’s nightmare” Daily Telegraph: Shell cheer down Mexico […]

The Guardian: British watchdog catches up with US hare

The Guardian: British watchdog catches up with US hare “Shell faces the prospect of a string of civil actions from shareholders who feel duped.” Shell case is a rare example of the FSA applying American-style rapid justice – but why the transatlantic gulf in size of fines? Edmond Warner Saturday July 31, 2004 It is […]

The Guardian: See Shell

The Guardian: See Shell Ian Wylie Saturday July 31, 2004 Many students try to makes themselves more attractive to employers by gaining work experience as well as a good degree. But oil giant Shell claims to offer two programmes that go beyond the average work placement. In its Gourami Business Challenge, teams of undergraduates battle […]

New Zealand City: Fuel price hike expected says Shell

New Zealand City: Fuel price hike expected says Shell Oil company not surprised production problems in Russia can drive up world fuel prices-expected to happen here too 31 July 2004 It is no surprise to one major oil company that production problems in Russia can drive up world fuel prices. US light crude has hit […]

UK Market Regulator Earns Stripes With Shell Fine

The Wall Street Journal: UK Market Regulator Earns Stripes With Shell Fine “”The Shell case, by raising the stakes so dramatically for the FSA, is kind of another way of rattling the handcuffs.” By JACK GRONE Of DOW JONES NEWSWIRES July 30, 2004 11:07 a.m. Posted 31 July 04 LONDON — The U.K.’s Financial Services […]

Shell Transport And Trading Buys Back 2M Shares

The Wall Street Journal: Shell Transport And Trading Buys Back 2M Shares read more

Shell SEC Deal Fails To Solve Governance Issues – Lawyer

The Wall Street Journal: Shell SEC Deal Fails To Solve Governance Issues – Lawyer “accuses executives and board members of numerous wrongdoings – including breach of fiduciary duty and fraud” DOW JONES NEWSWIRES July 30, 2004 5:27 a.m. Posted 31 July 04 LONDON — Royal Dutch/Shell Group’s (RD, SC) agreement to pay a fine to […]

Moody’s Cuts Deer Park Refining L-T Rating To A2

The Wall Street Journal: Moody’s Cuts Deer Park Refining L-T Rating To A2 “The long-term rating downgrade primarily reflects the impact of Moody’s downgrade in May 2004 of Deer Park’s 50% owner, Shell Oil Company” DOW JONES NEWSWIRES July 30, 2004 5:48 p.m. Posted 31 July 04 The following is a press release from Moody’s […]

Moody’s Cuts Motiva Enterprises L-T Debt To A2

The Wall Street Journal: Moody’s Cuts Motiva Enterprises L-T Debt To A2 “The long-term rating downgrade primarily reflects the impact of Moody’s downgrade in May 2004 of Motiva’s 50% owner, Shell Oil” DOW JONES NEWSWIRES July 30, 2004 4:44 p.m. Posted 31 July 04 The following is a press release from Moody’s Investors Service: New […]

Moody’s Confirms Aa1 Ratings Of Royal Dutch Shell Entities

The Wall Street Journal: Moody’s Confirms Aa1 Ratings Of Royal Dutch Shell Entities “the negative outlook reflects uncertainties”: “Another factor implicit in the negative outlook” DOW JONES NEWSWIRES Posted 31 July 04 The following is a press release from Moody’s Investors Service: New York, July 30, 2004 — Moody’s Investors Service confirmed the Aa1 long-term […]

The Guardian: A slap on the wrist for Shell

The Guardian: A slap on the wrist for Shell “Nor can it yet draw a line under the costs of the affair. That lies with the US justice department and the American courts.” Reserves fine won’t dent bottom line Friday July 30, 2004 Posted 31 July 2004 The $120m it cost Royal Dutch/ Shell to […]

The Guardian: Shell fined £84m over reserves scandal

The Guardian: Shell fined £84m over reserves scandal “Shell is facing a criminal investigation by the US department of justice, ongoing inquiries by the Dutch financial market regulator and the Euronext stock exchange as well as litigation in the US” Mark Milner Friday July 30, 2004 Posted 31 July 2004 Royal Dutch/Shell said yesterday it […]

Shell fighter begins the big clean-up

Financial Times: Shell fighter begins the big clean-up “it could itself become a bid target”; “if you get it hopelessly wrong, then people start sniffing around.”: “In answer to a question about whether they are sniffing now, he said: “You will have to ask the sniffers.” By Deborah Hargreaves Jul 30, 2004 Jeroen van der […]

Settling the bill but not the issues

FT: Settling the bill but not the issues “companies also tend to look to their more reputable peers, of which Shell used to be one. This is no longer the case.”: “whether a management that lied to its biggest shareholders would have any compunction doing the same to Nigerian villagers.” Published: July 30 2004 5:00 […]

Shell files revised statement with SEC

FT: Shell files revised statement with SEC The revision was necessary because of the Dutch-UK oil and gas group’s serial restatements of proved reserves earlier this year. By Clay Harris Published: July 3 2004 5:00 | Last Updated: July 3 2004 5:00 Royal Dutch/Shell late yesterday filed its revised 20-F financial statement for 2002 with […]

An ocean of difference across the Atlantic

FT: An ocean of difference across the Atlantic “It still faces a regulatory inquiry in the Netherlands, potential criminal investigation by the US Justice Department and myriad class action suits. They form a pretty powerful deterrent against following Shell’s abuse of the markets.” By Martin Dickson Published: July 30 2004 5:00 | Last Updated: July […]

Daily Mail: Shell is beached in the past

Daily Mail: Shell is beached in the past “there are deep-seated problems at Shell that go far beyond fiddling the numbers to make the reserves look better than they were.”: “exploration and production look dire” (ShellNews.net) Alex Brummer, Daily Mail 30 July 2004 N THE context of Shell’s enormous profits of £4.7bn over the first […]

New York Times: Shell to Pay $150 Million in Settlement on Reserves

New York Times: Shell to Pay $150 Million in Settlement on Reserves “Separately, the Commodity Futures Trading Commission said… Shell’s energy trading unit, Coral Energy Resources, had agreed to pay $30 million to settle accusations that it submitted false price data to publishers” By HEATHER TIMMONS Published: July 30, 2004 LONDON, July 29 – The […]

Shell to Pay $150 Million in Penalties

The Wall Street Journal: Shell to Pay $150 Million in Penalties “Shell also has arranged with U.S. authorities to grant Dutch and British employees special diplomatic safe passage to and from American shores” (ShellNews.net) Oil Titan Agrees to Settle With U.S., U.K. Authorities For Overstating Its Reserves By ALMAR LATOUR and CHIP CUMMINS Staff Reporters […]

Daily Telegraph: Shell to pay watchdogs £80m for oil reserves row

Daily Telegraph: Shell to pay watchdogs £80m for oil reserves row “but warned it could not put a figure on the cost of investor lawsuits.” By Caroline Muspratt (Filed: 30/07/2004) Royal Dutch/Shell has agreed to pay more than £80m to regulators to settle investigations into the oil giant’s overstatement of reserves, but warned it could […]

Daily Telegraph: It’s a big bite for bureaucrats

Daily Telegraph: It’s a big bite for bureaucrats “Shell shareholders are writing the cheques and, as the American lawyers get going, they will be writing more and bigger ones.” City comment Edited by Neil Collins, City Editor (Filed: 30/07/2004) Even given the salaries at the Financial Services Authority (pay peanuts and you get. . .) […]

The Boston Globe: Shell to pay $151m to settle misstatements

The Boston Globe: Shell to pay $151m to settle misstatements “fails to hold personally accountable the corporate insiders who perpetrated the fraud,” By Associated Press July 30, 2004 LONDON — The Royal Dutch/Shell Group of Cos. agreed to pay a $120 million penalty to US authorities for misstating its oil and gas reserves. Shell disclosed […]

SINGAPORE PRESS: GIC Buys 5% Of Malaysia Shell Refining

SINGAPORE PRESS: GIC Buys 5% Of Malaysia Shell Refining Friday July 30, 9:24 AM SINGAPORE (Dow Jones)–The Government of Singapore Corp. has bought another substantial stake in a listed company in Malaysia amid signs of warmer bilateral ties between the two countries, the Business Times reports. The investment arm of the Singapore government has emerged […]

Shell’s road to redemption remains a long one

The Independent: Shell’s road to redemption remains a long one “An extradition battle involving Shell’s former chairman Sir Phil Watts would provide splendid entertainment but it would also guarantee plenty more bad headlines” Michael Harrison’s Outlook: 30 July 2004 Two down, only six to go. The settlements Shell announced yesterday with the Securities and Exchange […]

UK and US regulators team up and levy £83m in penalties

Financial Times: UK and US regulators team up and levy £83m in penalties “more robust policing since the Enron scandal broke in 2001.” By Andrew Parker in London and Adrian Michaels in New York Jul 30, 2004 The fines meted out to Royal Dutch/Shell yesterday by the authorities on both sides of the Atlantic are […]

Rescued by fuel sales and refining

Financial Times: Rescued by fuel sales and refining “fails to mask the problems in Shell’s basic business of finding and producing oil.” By James Boxell Jul 30, 2004 Shell is reaping the benefits, like its international peers, of record oil prices as demonstrated by net adjusted earnings of $3.8bn (£2.1bn) in the second quarter of […]

Setting the scene

Financial Times: Setting the scene “Shell expects hostile takeover bids from BP and ExxonMobil within the next few months. These bids will be followed by a successful ‘white knight’ bid from Total” By Clay Harris Jul 30, 2004 Royal Dutch/Shell has long been known for its “scenario” planning. Mudlark’s man at the downstream end of […]

The Washington Times: Shell agrees on penalty to settle charges

The Washington Times: Shell agrees on penalty to settle charges “While trying to put the scandal behind it, Shell reported a 16 percent increase in underlying second-quarter profits thanks to higher oil prices.” Posted 30 July 04 New York, NY, Jul. 29 (UPI) — Royal Dutch/Shell has agreed to pay $150 million to settle alleged […]

Shell gets hefty fine for reserves fiasco

Business Report: Shell gets hefty fine for reserves fiasco “The SEC found the Anglo-Dutch group had violated reporting, record-keeping and anti-trust rules” Posted 30 July 2004 London – Energy multinational Shell said Thursday it had been fined $120 million (R753.6 million) by the Securities and Exchange Commission in the United States following the fiasco regarding […]

Shell pays huge penalties to regulators

AccountancyAge.com: Shell pays huge penalties to regulators “Shell also confirmed that it breached market abuse provisions of the FSA’s Financial Services and Markets Act 2000” By Kevin Reed Posted 30 July 04 The Royal Dutch/Shell Group has agreed massive payouts to both the Financial Services Authority and the US Securities and Exchange Commission as investigations […]

US watchdog shows its teeth

Financial Times: US watchdog shows its teeth “Shell”; “Parmalat”; “Enron” By Emiliya Mychasuk in London Posted 30 July 04 The Securities and Exchange Commission, the US chief regulator, is set to chalk up two important settlements this week alone, as a result of a string of probes into accounting related issues. Ahead of the $120m […]

Shell pays $151m to watchdogs

Financial Times: Shell pays $151m to watchdogs “Thursday’s announcement has no bearing on the civil and criminal cases against individuals linked to the company.” By Carola Hoyos, James Boxell and Deborah Hargreaves in London and Adrian Michaels in New York Posted 30 July 04 Royal Dutch/Shell on Thursday paid $151m in fines to draw a […]

Shell agrees to pay fines of £83m

The Times: Shell agrees to pay fines of £83m “continuing criminal investigation by the US Department of Justice.”: “Both Euronext and AFM, the Dutch securities institute, are also investigating Shell” By Carl Mortished, International Business Editor July 30, 2004 SHELL will pay fines totalling £83 million to UK and US stock market regulators as a […]

The Times: Shell and BASF set to sell $6bn plastics business

The Times: Shell and BASF set to sell $6bn plastics business “first strategic move for the Anglo-Dutch oil company since becoming mired in its oil reserves scandal in January.” By Carl Mortished, International Business Editor July 30, 2004 SHELL and BASF, the German chemical company, are preparing to sell Basell, a $6 billion (£3.3 billion) […]

Simple solutions are best for Shell

The Times: Simple solutions are best for Shell “One of the world’s most trusted investments lost its credibility and its top credit rating.”: “directors and top managers were the authors of Shell’s misfortunes” By Patience Wheatcroft July 30, 2004 SHELL shareholders have suffered enough. They have seen oil prices booming, yet their own fortunes have […]

BG’s bet on Bolivian gas could help it to breeze past oil majors

The Times: BG’s bet on Bolivian gas could help it to breeze past oil majors By Angela Jameson 29 July 2004 OIL prices soar and another energy company reports record profits. Sounds like a familiar story but at BG Group there is something different going on. Of course, BG has benefited from the high oil […]

BG investigated over Kazakhstan customs duties

The Times: BG investigated over Kazakhstan customs duties “BG is talking to the Kazakhstan Energy Minister to try to settle the deal on the terms agreed with the partners Eni, ExxonMobil, Shell and Total.” By Angela Jameson, Industrial Correspondent July 29, 2004 BG GROUP, the oil and gas producer, is being investigated by the Kazakhstan […]

BP ‘risking its reputation’ in Russian oil deal

The Times: BP ‘risking its reputation’ in Russian oil deal By Dominic Kennedy July 29, 2004 BP WAS accused yesterday of gambling with its reputation by buying into a Russian oil company part-owned by the Chelsea football club boss Roman Abramovich. The warning came from the Liberal Democrat Treasury spokesman Vincent Cable, an oil expert, […]

BG soothes fears over Kazakhstan tax inquiry

The Independent: BG soothes fears over Kazakhstan tax inquiry: “BG had planned to sell its stake to its partners, who include Shell, Exxon-Mobil, Total and ENI, until the government stepped in.” By Michael Harrison Business Editor 29 July 2004 BG, the oil and gas exploration group, yesterday shrugged off an investigation by the Kazakhstan government […]

BG burns as bright as sector’s giants

Financial Times: BG burns as bright as sector’s giants: Royal Dutch/Shell is also expected to report impressive earnings today as a result of higher oil prices. By James Boxell Jul 29, 2004 BG Group continued to match its bigger rivals yesterday as it reported a sharp rise in second-quarter profit on the back of record […]