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Royal Dutch Shell News Thursday, 28 April 2005

Apr 28th, 2005
by John Donovan.

Royal Dutch Shell News Thursday, 28 April 2005

FINANCIAL TIMES: Lex live: Royal Dutch/Shell: “…that pesky reserves problem is not going away.”: “Shell will need to keep running just to stand still” (ShellNews.net) 28 April 05

IPE.com (UK): Shell studies worldwide pension consolidation: “Oil giant Royal Dutch/Shell is running a feasibility study on the possibilities of merging its worldwide pension asset and investment advice departments. According to Shell spokesman Henk Bonder the initial focus is on combining the asset and investment advice departments of its UK and Dutch pension funds.”: “If possible, the rest of the 200 Shell pension funds in 65 countries worldwide could also be taking part.” (ShellNews.net) 28 April 05

THE WALL STREET JOURNAL: Royal Dutch/Shell Profits Are Stoked by Pricey Oil: “After an energy reserves-accounting scandal last year, Shell has re-invested heavily in its exploration and production business.” (ShellNews.net) 28 April 05

THE WALL STREET JOURNAL: Shell Net Profit +42% On High Oil, US Margins (ShellNews.net) 28 April 05

THE WALL STREET JOURNAL: Shell Exec:Oman Gvt In Talks With Occidental On Oil Field; “It could mean Shell losing its rights to develop the field, despite signing a deal with Oman to exploit its oil deposits for the next 40 years. A spokesman for Shell later confirmed that the talks concerned the right to develop the Mukhaizna field, which potentially holds 2.4 billion barrels of oil” (ShellNews.net) 28 April 05

Manchester Evening News (UK): Shell’s £1.6m an hour: “OIL giant Shell today announced it is making profits of £1.6 million every hour – as soaring petrol prices raise the threat of more fuel protests.” (ShellNews.net) 28 April 05

THE WALL STREET JOURNAL: Shell Fined GBP900,000 For North Sea 2003 Fatalities: Shell “has admitted to fundamental failures in health and safety management on Brent Bravo. This has been reflected in the penalties imposed by the court today,” (ShellNews.net) Posted 28 April 05

BLOOMBERG: Shell to Lose 10% of Oman Oilfield Acreage as Production Falls: “Royal Dutch/Shell Group will be forced to give up 10 percent of its oil and gas acreage in Oman, its biggest source of oil in the Middle East, as the government considers bringing in other companies to revive production.” (ShellNews.net) 28 April 05

THE SCOTSMAN: Shell Reports ‘Excellent First Quarter’: “Chief executive Jeroen van der Veer said: “The first quarter was an excellent start of the year for Shell.” (ShellNews.net) 28 April 05

London Evening Standard: Shell shares in oil profits glut: “This performance will also assuage concerns over Shell’s management and operative efficiency after the devastating reserves scandal last year.” (ShellNews.net) 28 April 05

FINANCIAL TIMES: Royal/Dutch Shell beats forecasts as profits rise 28%: “Shell is looking to recover from the scandal that led to it cutting its proved reserves by a third. It also replaced only one in five of the barrels of oil and gas it extracted last year.” (ShellNews.net) 28 April 05

BBC NEWS: Oil surge boosts Shell’s earnings: “Shell has sought to rebuild investor confidence after cutting its reserves estimates last year. On a number of occasions last year, Shell admitted that it had overstated its proven reserves, which saw the company being forced to oust its top directors.”: “The results are much better than expected, and we consider them as positive,” said Margarita Shevtsova, analyst at Bank Oyens & van Eeghen. (ShellNews.net) 28 April 05

BLOOMBERG: Shell First-Quarter Profit Rises 28% on Higher Oil, Gas Prices: “Shell paid $151.5 million in U.S. and U.K. fines, dismissed three executives and lost its top-tier credit rating. The U.S. Justice Department is conducting a criminal probe.” (ShellNews.net) 28 April 05

FINANCIAL TIMES: Shell fined after oil workers’ deaths: “Speaking outside court, Greg Hill, production director for Shell Exploration and Production in Europe, said: “It is clear that we had failures in our systems and we feel 100 per cent responsible for the deaths of these men.” (ShellNews.net) 28 April 05

THE NEW YORK TIMES: Court Fines Shell Over Workers’ Deaths: “A Scottish court on Wednesday fined oil giant Shell $1.7 million for the deaths of two workers on an offshore platform in the North Sea. Shell U.K. Limited, part of the Royal Dutch/Shell Group of Companies, had earlier pleaded guilty to three counts of breaching health and safety legislation in relation to the deaths of workers Sean McCue and Keith Moncrieff.”: “Shell’s European production director Greg Hill said the company accepted 100 percent responsibility for the men’s deaths.” (ShellNews.net) 28 April 05

THE LONDON TIMES: Shell fined £900,000 over deaths of North Sea workers: “THE oil company Shell was fined £900,000 yesterday following a “catalogue of failures” that led to the death of two offshore workers.”: “Jake Molloy of the offshore union OILC said of yesterday’s ruling: “It is a record for fines relating to offshore incidents in the UK, but you have to ask what level of fine delivers justice when a company is earning in excess of a million pounds an hour?” (ShellNews.net) 28 April 05

FINANCIAL TIMES: Held in reserve: “There is nothing sinister, however, about Brinded’s absence. This is a return to Shell’s normal practice for first and third quarters (at least when there’s no surprising news about reserves). It appears, then, that investors should begin to worry only if Brinded is unexpectedly present.” (ShellNews.net) 28 April 05

The Guardian (UK): Regulators: Business roundup: FSA names successor to Procter: “Mr Procter had been the FSA’s director of enforcement for four years. His tenure will be best remembered for a run of controversial cases. They included… the pounds 17m market abuse fine against Shell – the largest fine ever imposed by a British financial regulator, but still less than 0.2% of the oil group’s profits.” (ShellNews.net) 28 April 05

FINANCIAL TIMES: Fuel price protesters plan action at BP refinery: “Protesters have taken action such as picketing and go-slows outside refineries including ExxonMobil’s Fawley plant, which is Britain’s biggest. Royal Dutch/Shell plants in Stanlow in Cheshire and Jarrow, Tyne and Wear, have also been targeted…” (ShellNews.net) 28 April 05

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Posted in: Royal Dutch Shell Plc, Shell Oil Reserves Scandal.

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