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Posts from ‘April, 2004’

APRIL 2004 ROYAL DUTCH SHELL NEWS

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The Times: Revival in the pipeline?

The Times: Revival in the pipeline?

 April 29, 2004

By Richard Irving, Business News Editor

Shell has shocked investors again, this time by revealing profits far better than they had hoped for.

For most of 2004, Shell has found buyers for its shares as elusive as its “proven” oil reserves.

It was not so long ago, in June last year, that the stock was trading near parity with BP shares at a little over 400p.

Yesterday Shell shares closed at 386.75p, more than 20 per cent below the price of BP stock.
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Forbes.com: S&P says it may still cut Shell’s debt rating

Forbes.com: S&P says it may still cut Shell’s debt rating

Reuters, 04.29.04, 12:02 PM ET

NEW YORK, April 29 (Reuters) – Standard & Poor’s on Thursday said it may still cut its rating on Royal Dutch/Shell after the Anglo-Dutch oil group reported first-quarter financial results at the top range of expectations.

S&P said that although some of the quarter’s news was positive, including a sharp reduction in debt to $11.7 billion from $18.2 billion, there were also negatives, such as an erosion in oil and gas production and a planned $14.5 billion to $15 billion capital spending program for 2004 and 2005.
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royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Scotsman: Embattled Shell lifted by 9% rise in profits

The Scotsman: Embattled Shell lifted by 9% rise in profits

29 April 04

THE tide appeared to turn in Shell’s favour today as the troubled oil giant cheered analysts by reporting a nine per cent hike in quarterly profits.

The company, which has seen its reputation battered by a series of oil reserve downgrades, also bowed to investor pressure and restarted its share buyback programme.

Net profits for the first three months of the year rose ahead of market expectations to some £2.4 billion – despite the company recording a decline in oil output.
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royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Yahoo.com: Shell 1Q Net Falls 16%, Announces $2B Buyback

Yahoo.com: Shell 1Q Net Falls 16%, Announces $2B Buyback

By Mark Long Of DOW JONES NEWSWIRES

Thursday April 29 04

LONDON (Dow Jones)–Royal Dutch/Shell Group (RD, SC) Thursday said its first-quarter net profit dropped 16% from a year earlier’s record result that was skewed higher by more than $1 billion in special credits.

The beleaguered Anglo-Dutch oil giant also moved to win back wary investors with a plan to buy back $2 billion worth of its own shares this year, and said it would boost spending on exploration for oil and gas.
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royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Bloomberg.com: Shell Reports Drop in First-Quarter Earnings as Output Falls

Bloomberg.com: Shell Reports Drop in First-Quarter Earnings as Output Falls

April 29 (Bloomberg) — Royal Dutch/Shell Group, which faces regulator probes and investor lawsuits after cutting oil and gas reserves three times, said first-quarter profit fell 16 percent from a year ago as output declined.

Net income dropped to $4.43 billion from $5.31 billion a year ago, the company, based in London and The Hague, said in a PRNewswire statement. Profits from asset sales were smaller than in the year-earlier period.
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royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Financial Times: Shell ‘had systems in place’ to hear fears over reserves

Financial Times: Shell ‘had systems in place’ to hear fears over reserves

 By Carola Hoyos

Published: April 29 2004 5:00 | Last Updated: April 29 2004 5:00

A senior Royal Dutch/Shell executive has insisted that there were systems in place for any director to raise concerns over the oil group’s reserves position with the board.

John Hofmeister, Shell’s director of human resources, told the Financial Times that the issue could have been raised “through audit, human resources or the non-executive process” if it was not being addressed under normal reporting lines.
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royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Financial Times: Hollywood or bust . . . or For a Few Barrels More

Financial Times: Hollywood or bust . . . or For a Few Barrels More

By John Gapper
Published: April 27 2004 5:00 | Last Updated: April 27 2004 5:00

Posted 29 April 04

In mid-2001, Walter van de Vijver succeeded Sir Philip Watts as chief executive of Shell’s exploration and production unit . . . Virtually from [that] time, the two engaged in a pointed dialogue …

In a December 2003 memo entitled Script for Walter . . . the assumption was made that 2.3bn barrels of proved reserves were non-compliant . . . Mrvan de Vijver immediately e-mailed one of its authors: ‘This is absolute dynamite, not at all what I was expecting and needs to be destroyed.’ – Report of Davis, Polk & Wardwell to Shell’s group audit committee. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

London Evening Standard: Huge profits at battered Shell

London Evening Standard: Huge profits at battered Shell

Sally Hamilton,

29 April 2004

SCANDAL-hit energy giant Shell finally gained respite from its reserves crisis today by stunning the City with huge profits for the first three months of the year and announcing a $2bn (£1.13bn) share buyback.

Shares in the troubled Anglo-Dutch group leapt 12 1/2p to 399 3/4p, catapulting it to the top of the FTSE 100 risers in early trade and a high since it revealed the reserves debacle in January.

Profits rose 9% to $4.2bn for the quarter to March, above City expectations.
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Royal Dutch Shell News Wednesday 28 April, 2004

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Royal Dutch Shell News Tuesday 27 April, 2004

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Royal Dutch Shell News Monday 26 April, 2004

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Royal Dutch Shell News Sunday 25 April, 2004

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Royal Dutch Shell News Saturday 24 April, 2004

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Royal Dutch Shell News Friday 23 April, 2004

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Royal Dutch Shell News Thursday 22 April, 2004

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