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July 3rd, 2004:

The New York Times: Shell Says It Overstated Profits by $276M

Jul 3rd, 2004
by John Donovan.
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The New York Times: Shell Says It Overstated Profits by $276M: “profits.. exaggerated..”; “inappropriate accounting..”-“resulted in profits being embellished”

By THE ASSOCIATED PRESS

Published: July 2, 2004

Posted 3 July 03

WASHINGTON (AP) — The Royal/Dutch Shell Group said Friday that the overstatement of its proven oil and gas reserves resulted in profits being exaggerated by $276 million, and that “inappropriate” accounting in other areas resulted in profits being embellished by an additional $156 million.

The revision followed an embarrassing series of disclosures that in total reduced the company’s reported reserves by nearly one-quarter and led to the departure of several 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.

Out of Asia . . . oil firm that aims to conquer the West

Jul 3rd, 2004
by John Donovan.
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The Times: Out of Asia . . . oil firm that aims to conquer the West

By Carl Mortished

July 03, 2004

A toehold in Wales is just the start for Petronas, a state company with global aims

YOU cannot see Milford Haven from the 82nd floor of the Petronas Towers in Kuala Lumpur. For Tan Sri Mohamed Hassan Marican, the chief executive of the Malaysian state oil company, whose office floats above the clouds, that must be a disappointment. As far as he is concerned, the horizon already extends as far as the Pembrokeshire coast.

Earlier this year Petronas acquired a toehold in Britain, joining BG Group and Petroplus, a Dutch company, in a project to erect a new piece of industrial kit on the site of an old refinery in the Welsh estuary. 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: Private Investor: Why do institutional shareholders get special treatment?

Jul 3rd, 2004
by John Donovan.
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The Independent: Private Investor: Why do institutional shareholders get special treatment? “the same disinformation for all”

By Sean O’Grady

03 July 2004

I regret to say that I did not turn up at the Shell annual general meeting on Monday. I do wish I had. It sounds like some of my fellow small shareholders made a spirited attempt to make the board explain what has been going on at the company lately. A Mr John Kennedy seems to have been a particularly impressive have-a-go hero. According to reports, he put this question to the board of directors: “I am quite sure you were in consultation with institutional shareholders, so why were private shareholders left out? I had to rely on the press!”. 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: Reality check

Jul 3rd, 2004
by John Donovan.
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The Guardian: Reality check

Barry Johnston, 26, set up his own company Scotrenewables – which is involved in wind turbines and marine renewable energy – after leaving Heriot-Watt University with a BEng and PhD

Interview by Eileen Sheridan

Saturday July 3, 2004

“I wanted to stand out from the crowd and make a difference. I wanted the freedom to shape my own future and, above all, to see renewable energy successful.

“I knew it would be very high risk, particularly in this industry which requires large capital investment up front. 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: Russia helps BP to 17% rise in production

Jul 3rd, 2004
by John Donovan.
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The Guardian: Russia helps BP to 17% rise in production: “in contrast to some of the recent missives from Shell”

Richard Wray

Saturday July 3, 2004

BP showed how its expansion into Russia has paid off yesterday by reporting a 17% rise in production over the past three months almost entirely due to the performance of its assets in the former Soviet Union.

The oil company said production over the second quarter will add up to the equivalent of about 3.95m barrels of oil a day, 17% up on the same period last year but down slightly from the 4m in the first three months of 2004.

Cutting out the impact of the company’s recently acquired Russian activities, however, would have left production at 3.06m barrels, down from the 3.253m produced in the second quarter last year. 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: Cairn raises £103m for exploration in India

Jul 3rd, 2004
by John Donovan.
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The Guardian: Cairn raises £103m for exploration in India: “Cairn bought its assets in the province from Shell last year for $7.2m (£4m) and its stock price has more than tripled since”

Richard Wray

Saturday July 3, 2004

Cairn Energy, the oil exploration firm that has seen its shares more than triple in value this year, yesterday raised just under £103m to fund the continued development of its operations in Rajasthan, western India.

Cairn bought its assets in the province from Shell last year for $7.2m (£4m) and its stock price has more than tripled since it reported its first discovery there in January.

Yesterday the company raised £102.9m in a placing priced at £13.70 a share. At the start of the year Cairn’s shares were changing hands at less than £4 each. 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: Is ethical saint or sinner?

Jul 3rd, 2004
by John Donovan.
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The Guardian: Is ethical saint or sinner?

As fund managers celebrate a notable anniversary, Tony Levene asks if a conscience makes sense when it comes to investment

Saturday July 3, 2004

This week marks the 20th anniversary of ethical investment. Back in 1984 Friends Provident launched its Stewardship fund, and since then the ethical investment world has blossomed.

Co-op Bank was next, pioneering ethical banking, followed by pension funds which excluded arms companies and tobacco manufacturers. Assets managed in ethical unit trusts have soared to nearly £5bn. 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.

CityWire.co.uk: Shell draws a blank after drilling several unsuccessful wells

Jul 3rd, 2004
by John Donovan.
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CityWire.co.uk: Shell draws a blank: “after drilling several unsuccessful wells”

By Dylan Lobo, Market Reporter

Posted 3 July 04

Shell faces a charge of £182 million in the second quarter after drilling several unsuccessful wells and completing extensive geological studies.

The failed wells were joint ventures with Enterprise Oil and include wells drilled in the North Sea and offshore Ireland. Shell (SHEL) said that reserves would be unaffected by the charge.

Shell offset the charge with news of the $530 million (£293 million) sale of Midwest refined product pipeline system and storage assets in the US to Buckeye Partners. The group also plans to sell its Peruvian service station network and industrial and marine fuels businesses. 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: Unilever governance: oil giant’s travails

Jul 3rd, 2004
by John Donovan.
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The Independent: Unilever governance: oil giant’s travails

3 July 04

As shell wrestles with corporate governance and structural reform, you might have thought that the oil giant’s travails would have prompted some soul searching at that other great Anglo Dutch behemoth based just across the river Thames, Unilever. Not a bit of it. The Unilever board is perfectly happy with the present dual domiciled nature of the company, and has no intention of changing it, or indeed altering by one jot the way the board is structured, functions and appoints its members. 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.

Shareholders must take care when seeking retribution

Jul 3rd, 2004
by John Donovan.
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The Times: Shareholders must take care when seeking retribution

PERSONAL INVESTOR

By Graham Searjeant

July 03, 2004

SETTING aside all those economic and political drawbacks, one group would justifiably have cheered to the rafters if the UK had joined the eurozone: Britain’s euro-multinationals.

Corporate life could have been easier at BAT, Pilkington, Diageo and many others. It would have been much easier at Unilever, Reed Elsevier and Shell, which have separate Dutch and British-quoted holding companies that survive in a single European market largely because of the remaining currency and legal differences. 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: Cairn raises £102m for India field

Jul 3rd, 2004
by John Donovan.
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Daily Telegraph: Cairn raises £102m for India field: “Cairn shares have more than tripled since January, and the finds on the former Shell site”

By Philip Aldrick (Filed: 03/07/2004)

Cairn Energy, the Scottish oil and gas exploration company, yesterday raised £102.9m to fund the development of its vast oil field in Rajasthan, northern India.

The cash was raised by way of a placing with institutions of 7.5m new shares at £13.70. The fundraising was twice oversubscribed and increased the share capital of the company by 5pc.

Cairn has made three major strikes in the 3,125 sq mile field and drilled 25 wells. Chief executive Bill Gammell said there was still “an awful lot of drilling to do. We’ve certainly got at least another 30 wells ahead of us.” 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.

Cairn Energy share placing set to raise £100m

Jul 3rd, 2004
by John Donovan.
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Financial Times: Cairn Energy share placing set to raise £100m: “fourfold jump in its share price”: “field it acquired from Shell”

By Friederike Tiesenhausen Cave

Jul 03, 2004

Cairn Energy yesterday cashed in on the fourfold jump in its share price since the start of the year by placing 7.5m shares to raise approximately £100m.

The Edinburgh-based company has become one of the outstanding successes on the London Stock Exchange this year after striking oil three times in Rajasthan, western India, in a field it acquired from Shell, the oil and gas group.

Bill Gammell, chief executive, said: “The proceeds of the placing will provide additional flexibility for ongoing operations, supporting accelerated development of existing discoveries and further exploration activities in Rajasthan.” 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 files revised 20-F with SEC

Jul 3rd, 2004
by John Donovan.
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Financial Times: Shell files revised 20-F with SEC

By Clay Harris

Jul 03, 2004

Royal Dutch/Shell late yesterday filed its revised 20-F financial statement for 2002 with the US Securities and Exchange Commission.

The revision was necessary because of the Dutch-UK oil and gas group’s serial restatements of proved reserves earlier this year. Shell downgraded its proven reserves by 4.47bn barrels, or 23 per cent, in four separate revisions starting in January.

The 20-F statement for 2003 was filed earlier this week. Shell said last night that all of the financial impact of the new SEC filings had been reflected in its 2003 annual report published in late May. Clay Harris, London. 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.

Washington Post: Shell Restates Profits

Jul 3rd, 2004
by John Donovan.
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Washington Post: Shell Restates Profits: “revision followed an embarrassing series of disclosures”

Saturday, July 3, 2004; Page E02

The Royal/Dutch Shell Group said the overstatement of its proven oil and gas reserves and inappropriate accounting in other business segments resulted in profits being exaggerated by $432 million in years before 2003.

The revision followed an embarrassing series of disclosures that reduced the company’s reported reserves by nearly one-quarter and led to the departure of several top executives. But because the oil giant also adopted some changes in how it will account for inventories, its newly reported net income for 2002 was actually higher than previously reported: $9.72 billion, up from $9.42 billion. It revised its 2001 net income to $10.35 billion, down from $10.85 billion. 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.

Toronto Star: Shell reduces profit over reserves $276 million U.S. overstatement

Jul 3rd, 2004
by John Donovan.
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Toronto Star: Shell reduces profit over reserves $276 million U.S. overstatement: “Filing reveals impact of debacle”: “inappropriate” accounting in other areas”

Jul. 3, 2004. 01:00 AM

WASHINGTON—The Royal/Dutch Shell Group says the overstatement of its proven oil and gas reserves resulted in profits being exaggerated by $276 million (U.S.).

Europe’s second-largest oil company also said yesterday that “inappropriate” accounting in other areas resulted in profits being embellished by an additional $156 million.

The embarrassing admissions follow a series of disclosures that in total reduced the company’s reported reserves by nearly a quarter and led to the departure of several 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.

Shell Details Overstated Profits: inappropriate accounting

Jul 3rd, 2004
by John Donovan.
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The Wall Street Journal: Shell Details Overstated Profits: inappropriate accounting

DOW JONES NEWSWIRES

July 2, 2004 7:50 p.m.

Posted 3 July 04

WASHINGTON (AP)–The Royal/Dutch Shell Group said Friday that the overstatement of its proven oil and gas reserves resulted in profits being exaggerated by $276 million, and that “inappropriate” accounting in other areas resulted in profits being embellished by an additional $156 million.

The revision followed an embarrassing series of disclosures that in total reduced the company’s reported reserves by nearly one-quarter and led to the departure of several 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.
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