Royal Dutch Shell plc .com Rotating Header Image

Posts on ‘August 31st, 2005’

Storm over the oil industry

Financial Times: Storm over the oil industry

In one company, Shell, the recruitment problems go all the way to the top: analysts think that Europe’s second biggest energy group – which had a reputation as a training ground for the industry’s brightest – lacks qualified candidates eventually to fill top rank posts such as chief executive and head of exploration and production. Concern over filling such posts is seen as a drag on the company’s share price

Posted Wednesday 31 August 2005

EXTRACTS FROM ARTICLE

read more

U.S. District Judge John Bissell approved a $90 million settlement for Shell employees

New Jersey Law Journal: U.S. “District Judge John Bissell in Newark, N.J., approved a $90 million settlement for current and former employees of Royal Dutch Shell, who had alleged that Shell violated its fiduciary duty by misstating oil reserve totals, causing its stock to nosedive. The settlement, in “In re Royal Dutch/Shell Transport ERISA Litigation, CV-04-1398,” allows them to recoup 78 percent of their losses.”

Wednesday 31 August 2005

3rd Circuit: Employees May Sue Under ERISA When Company’s Stock Crashes

3rd Circuit resolves standing issue that has divided federal courts

Lisa Brennan

New Jersey Law Journal

08-30-2005

Participants in 401(k) plans face a smorgasbord of options, some riskier than others. Now, those who invested in company stock only to see it plummet have been handed a procedural remedy.

A federal appeals court has ruled that participants can sue when their company’s alleged fiduciary violations harm only those who chose the stock option.

read more

Pricing pressure builds as oil majors count the cost of Katrina

Financial Times: Pricing pressure builds as oil majors count the cost of Katrina

“The Mars platform, one of the Gulf’s biggest producers of oil and gas, has sustained some damage, Royal Dutch Shell, the operator, said. But not only production wells have been affected. Exploration rigs, of which there are almost no spares available worldwide because of surging demand from oil companies keen to cash in on the high oil prices, were also within the path of Katrina.”

By Carola Hoyos in London, Sheila McNulty in Houston and Victor,Mallet in Jakarta

Published: August 31 2005

As the oil industry yesterday assessed damage done by Hurricane Katrina to rigs, pipelines and refineries in the Gulf of Mexico, pressure continued to build on oil and gas prices.

“At some point the relentless drumbeat of news driving oil and gas prices higher is sure to stop, but we gave up holding our breath about two years ago,” said Ken Sill, head of CSFB’s oilfield services and equipment research group. “Katrina is just another example of how life interferes with plans and projections in the energy complex – uncertainty remains a constant.”

read more

Shell U.S. Capline Oil Pipeline Shut After Hurricane

BLOOMBERG: Shell U.S. Capline Oil Pipeline Shut After Hurricane

“The Capline pipeline transports up to 1.2 million barrels a day of crude oil from the Gulf of Mexico and imported from overseas. It runs more than 650 miles (1,040 kilometers) from St, James, Louisiana to Patoka, Illinois, according to Shell.”

Wednesday 31 August 2005

Aug. 31 (Bloomberg) — Royal Dutch Shell Plc, Europe’s second-biggest oil company, said its Capline crude oil pipeline connected to Gulf of Mexico offshore production was shut because of power failures after Hurricane Katrina swept through the area.

“The Shell-operated Capline Pipeline system did not incur damage from Hurricane Katrina, but is currently down due to multiple pump stations that are without power,” Shell said in a statement on its Web site dated yesterday.

read more

Tougher teeth needed

Financial Times: Tougher teeth needed

“Why should Royal Dutch/Shell have been hit for £17m for market abuse while the largest fine for mis-selling was a mere £1.9m handed out to Lloyds TSB for the precipice bonds affair?”

Wednesday 31 August 2005

By Martin Dickson

Published: August 31 2005

The Financial Services Authority barks a lot about mis-selling of products but does it have enough bite?

Which? the consumer campaigning association, thinks not.

In a paper published yesterday, it calls on the FSA to impose fines so large on companies guilty of mis-selling that their profit is hit and big investors start making waves.

Fines by the FSA’s regulatory decisions committee are something of an evolving black art.

Why should Royal Dutch/Shell have been hit for £17m for market abuse while the largest fine for mis-selling was a mere £1.9m handed out to Lloyds TSB for the precipice bonds affair? True, Lloyds also made £98m in compensation payments but so it should. The arguments against larger corporate fines for really serious offences are that they hurt shareholders rather than their managerial agents and that they may undermine the UK’s culture of co-operation between the regulator and regulated.

read more

Rossport Five could face jail until October

The Mayo News Online (Ireland): Rossport Five could face jail until October

“The legal teams are talking, and are in continual contact, but there is little point calling for dialogue when one party are being extremist and are not going to give anything. Shell will not vacate the injunction because they wish to have recourse to this court order in the future. I don’t know if their intention is to imprison everyone in Rossport, but this is an appalling situation. Taking out full-page advertisements in newspapers is only PR.”

Wednesday 31 August 2005

NO movement seems likely in the ongoing case of the Rossport Five, with one leading opponent of the Corrib onshore pipeline admitting little progress is likely prior to October.

Wednesday of last week saw Cllr Henry Kenny, Cathaoirleach of Mayo County Council, meet the five imprisoned men in Cloverhill Prison, along with Cllr Paddy McGuinness, Fine Gael whip on the authority. The men had said they would purge their contempt of court if Shell E&P Ireland Ltd (SEPIL) were to remove the injunction which ultimately led to their incarceration, and there were fleeting hopes last week that enough common ground existed between the two sides’ respective legal teams to allow this to happen.

read more

Shell settles Class Action Lawsuit and undertakes ethics makeover

Royal Dutch Shell settles Class Action Lawsuit and undertakes ethics makeover

Wednesday 31 August 2005: 20.00 ET

By John Donovan

Shell today announced that a settlement has been reached with plaintiffs in a shareholder derivative actions arising out of Shell’s 2004 reserves recategorisation – the Shell reserves scandal.

The action alleged that named individual defendants and third parties including PRICEWATERHOUSECOOPERS and KPMG breached their fiduciary duties to the companies, abused their control over the Companies, aided and abetted breaches by others, and/or committed gross mismanagement and/or constructive fraud.

read more

ROYAL DUTCH SHELL NEWS HEADLINES AUGUST 2005

ROYAL DUTCH SHELL PLC NEWS HEADLINES AUGUST 2005

ShellNews.net: Royal Dutch Shell settles another US Class Action Lawsuit and undertakes ethics makeover: Wednesday 31 August 2005: 20.00 ET: READ

The Mayo News Online (Ireland: Rossport Five could face jail until October: “The legal teams are talking, and are in continual contact, but there is little point calling for dialogue when one party are being extremist and are not going to give anything. Shell will not vacate the injunction because they wish to have recourse to this court order in the future. I don’t know if their intention is to imprison everyone in Rossport, but this is an appalling situation. Taking out full-page advertisements in newspapers is only PR.”: Wednesday 31 August 2005: READ

read more

%d bloggers like this: