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May, 2004:

Raised Sulfur Levels in Gas Reported

May 28th, 2004
by John Donovan.
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The New York Times: Raised Sulfur Levels in Gas Reported

By THE ASSOCIATED PRESS

Published: May 28, 2004

SARASOTA, Fla. (AP) — A Houston-based oil refinery is asking the Shell and Texaco stations it supplies to stop selling regular and mid-grade gasoline that was shipped through the Port of Tampa or Broward County’s Port Everglades.

Motiva Enterprises says the fuel it provided to about 450 stations might contain too much sulfur, which wouldn’t affect engine performance but could cause faulty gas gauge readings.

“It may show you are full, but in fact you’re on empty,” said Helen Bow, a Motiva spokeswoman.
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Tiny SEC Staff Monitors Data on Oil Reserves

May 28th, 2004
by John Donovan.
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The Wall Street Journal: Tiny SEC Staff Monitors Data on Oil Reserves

Amid Lawyers and Accountants,

Two Petroleum Engineers Plumb

The Depths of Corporate Claims

By MICHAEL SCHROEDER

Staff Reporter of THE WALL STREET JOURNAL

Posted 27 May 04 (originally published 12 March 04)

WASHINGTON — Hundreds of lawyers and accountants at the Securities and Exchange Commission scour company annual reports to make sure the numbers add up. But when it comes to double-checking the oil and natural-gas reserves claimed by oil companies in their filings, the job is left to just two staff petroleum engineers.
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Shell Annual Report: Co Vows To Regain Trust Of Shareholders

May 28th, 2004
by John Donovan.
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The Wall Street Journal: Shell Annual Report: Co Vows To Regain Trust Of Shareholders

 

DOW JONES NEWSWIRES

May 28, 2004 3:12 a.m.

 

LONDON — Royal Dutch/Shell Group (RD, SC), humbled by a reserves scandal that saw four top executives dismissed, said in its delayed annual report Friday that “rebuilding credibility” and “regaining trust” would be key priorities going forward.

 

But, it also stressed that its core exploration and production and refining and marketing businesses are in good shape and that the company is engaged in several new development projects that augured well for the future. 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.

Oiling the machinery of war

May 28th, 2004
by John Donovan.
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The Observer: Oiling the machinery of war

By Eric Watkins
Posted 28 May 2004

The governments of the US and the UK have always insisted that oil had nothing to do with the invasion of Iraq. But few Iraqis are convinced of that, and many have sought to prevent control of their oil by what they call the “occupation authorities”.

Iraqi oil assets are formidable. Industry sources say Iraq contains 115 billion barrels of proven oil reserves, the third largest in the world behind Saudi Arabia and Canada.

But Iraq could have even larger amounts of oil, since only about 10 per cent of the country has been explored. 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 pipped to the best in-house tax team gong

May 27th, 2004
by John Donovan.
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The Guardian: City diary

 Adam Jay

Thursday May 27, 2004

Disappointment at Tuesday night’s LexisNexis UK Tax Awards, where Shell was pipped to the best in-house tax team gong by BT. The oil giant (not quite as giant as we thought a few months back) denies it was asked to consider standing in if no one pitched up from BT, but declined as it has a problem with reserves. And bad news too for KPMG’s Transfer Pricing Team which failed to win best international tax team. Still, as host Clive Anderson pointed out, they sound a top team for Sir Alex and Jason Ferguson.
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Shell temporarily shuts down 106 stations

May 27th, 2004
by John Donovan.
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HeraldTribune.com: Shell temporarily shuts down 106 stations

 

The Associated Press

Posted 27 May 2004

 

NEW ORLEANS — Shell has temporarily halted the sale of gasoline at 106 of its Shell and Texaco gas stations in the greater New Orleans area after discovering high levels of sulfur in the fuel.

 

The company detected elevated levels of sulfur in gasoline that was delivered to its Kenner distribution center, Shell spokesman Shawn Frederick said. Stations that had received gas from that center were notified and began ceasing gasoline sales Wednesday, Frederick said. They will remain closed until further notice, he said. 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.

Kansas, other states’ pension funds involved in Shell litigation

May 27th, 2004
by John Donovan.
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Newsday.com: Kansas, other states’ pension funds involved in Shell litigation

 

By JOHN HANNA

Associated Press Writer

Posted 27 May 04

 

TOPEKA, Kan. — Public pension funds in eight states, including Kansas, are battling affiliates of the Royal Dutch/Shell Group of Cos. in federal court, alleging that the conglomerate misled investors about its oil and gas reserves.

 

Since January, Shell has downgraded the status of about 4.47 billion barrels of its oil and gas reserves. The controversy forced the company’s three top executives to resign.

 

Shell’s parent companies, the Royal Dutch Petroleum Co. and Shell Transport & Trading Co., face 20 lawsuits in U.S. District Court in New Jersey. The company has a manufacturing, research and sales facility in Linden, N.J. 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 Says Bought Back 1.2 Mlllion Own Shares

May 26th, 2004
by John Donovan.
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The Wall Street Journal: Shell Says Bought Back 1.2 Million Own Shares

DOW JONES NEWSWIRES
May 26, 2004 2:06 a.m.

Edited Press Release

AMSTERDAM — The “Shell ” Transport and Trading Company, p.l.c. (RD) announced Wednesday that on 25 May, 2004 it purchased for cancellation 1,200,000 ordinary shares at a price of 401.52 pence per share.

Following the cancellation of these shares, the remaining number of ordinary shares of The “Shell ” Transport and Trading Company, p.l.c. will be 9,664,800,000.

Royal Dutch Petroleum Company (RD) announces that on 25 May, 2004 it purchased 250,000 ordinary shares at a price of EUR41.37 per share. 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 wipes 120m more barrels from reserves

May 26th, 2004
by John Donovan.
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The Scotsman: Shell wipes 120m more barrels from reserves

JIM STANTON
DEPUTY BUSINESS EDITOR
Posted 25 May 04

Key points
• Downward revision is fourth this year
• Firm’s reserves 4.47bn barrels lower than thought
• Company subject of probe by US watchdog

Key quote
“I am assuming this is the final drawing of the line under it [the restatement scandal]” – Brendan Wilders, Oriel Securities analyst

Story in full: CRISIS-HIT oil giant Shell has trimmed a further 120 million barrels from its proven reserves – the fourth revision it has made this year to the figure. read more

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Royal Dutch/Shell trims its 2002 reserves again

May 26th, 2004
by John Donovan.
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Houston Oil & Gas Journal: Royal Dutch/Shell trims its 2002 reserves again

Posted 26 May 2004

By OGJ editors

HOUSTON, May 25 — Royal Dutch/Shell Group has cut its proved oil and natural gas reserves estimate for the fourth time this year, and the company Monday reported a total reserves downgrade of 4.47 billion boe for 2002 reserves.

In April, the company had reported a total downgrade of 4.35 billion boe for 2002. In the latest news release issued from the London office, Shell said the 4.47 billion boe “relates to adjustments for royalties paid in cash on certain Canadian properties.” read more

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Daily Mail: Vanishing reserves

May 25th, 2004
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Daily Mail: Vanishing reserves

By Alex Brummer

25 May 2004

CAN anyone be sure of Shell? The blue-chip oil giant has been forced to cut its oil reserve levels for the fourth time this year as it has come under pressure from regulators and auditors to clean up its accounts.

As a result, the company has had to jettison several key executives, including former chairman Sir Phil Watts, has lost its ‘triple A’ topgrade investment rating, and suffered enormous reputational damage.

If it wants to salvage its reputation, it has no time to lose in unifying and streamlining its British and Dutch boards. read more

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Reserves Crisis Flares At Shell

May 25th, 2004
by John Donovan.
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Ananova.com: Reserves Crisis Flares At Shell

 

The reserves crisis at Shell has resurfaced with the oil giant restating its stocks for the fourth time this year.

 

Shell shocked the City by announcing ahead of its annual report on Friday that it was lowering its reserves by a further 120m barrels.

 

The downgrade relates to royalties paid on properties in Canada and means that Shell’s accessible stocks are now 4.47bn barrels lower than previously thought at the start of 2004.

 

The latest downgrade was due to accountancy policy changes and would have no impact on its reported cash flows, the company said. 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 cuts reserves for fourth time

May 25th, 2004
by John Donovan.
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The Times: Shell cuts reserves for fourth time

 

Posted 25 May 2004

 

Shell has, for the fourth time this year, downgraded its estimate of its proven oil reserves, citing the need to comply with North American accounting practice.

 

The Anglo-Dutch company said that stocks equivalent to 103 million barrels of oil would be reclassified to lower grades. The move reflected the book-keeping treatment of royalties paid in Canada, Shell said.

 

The revision takes to 4.47 billion barrels of oil the level of reserves which have been removed from Shell’s 2002 register of readily accessible stocks. The revisions – representing more than 20 per cent of Shell’s reserves – have prompted a string of investigations from authorities including the Securities and Exchange Commission and the threat of lawsuits from disgruntled US investors. 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 Legal Director ‘kept in the dark’

May 25th, 2004
by John Donovan.
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The Times: Shell Legal Director ‘kept in the dark’

25 May 2004

BEAT HESS, the legal director to Royal Dutch/Shell, has revealed that he was kept in the dark about the looming crisis over the booking of oil reserves until the eleventh hour. In his first interview since Shell was plunged into a major difficulty after admitting it had overstated its reserves, Hess has confirmed that it was not until late last year that he became aware of the problem. (Legal Week)

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 shock will be hard to dispel

May 25th, 2004
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The Times: Shell shock will be hard to dispel

 

25 May 04

 

SIR PHILIP WATTS may be expecting that his lawyers can prise a farewell of £1 million or more out of Shell but the company should refuse to hand it over until he hands back the missing oil.

 

Two restatements of reserves might be embarrassing but four just makes an organisation look inept. Yesterday’s latest revision from the company admitted that a staggering 4.47 billion barrels have vanished. Even a Saudi sheikh would notice if that much oil went missing. For Shell, whose accounts will now show proven reserves of only 14.35 billion barrels, a loss on this scale is, as the accountants would put it, significant. 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: Oil giant Shell downgrades reserves again

May 25th, 2004
by John Donovan.
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Toronto Star: Oil giant Shell downgrades reserves again

25 May 2004

LONDON—The Royal Dutch/Shell Group of Cos. downgraded the size of its proven oil and gas reserves yesterday for the fourth time this year as the oil giant continued to stumble over a scandal that shocked the markets and forced the resignation of three top executives.

The company, which stunned shareholders in January when it announced its reduced confirmed oil and gas holdings by 20 per cent, or 3.9 billion barrels, said it was downgrading another 103 million barrels from “proven” to less certain categories. Shell blamed the reduction on accounting changes involving “royalties paid in cash in Canada.” Combined with two other announcements since January, it brings the total of downgraded reserves to 4.47 billion barrels, the company said. The latest announcement comes ahead of the release of the annual report on Friday.
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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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