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CBS MARKETWATCH TOP NEWS: Royal Dutch/Shell, Chrysler, Boeing

CBS MARKETWATCH TOP NEWS: Royal Dutch/Shell, Chrysler, Boeing

“Since January, Royal Dutch/Shell Group has announced a series of reductions to its proven reserves.”

By CBS MarketWatch

Last Update: 4:58 PM ET July 4, 2004

Posted 5 July 04

SAN FRANCISCO (CBS.MW) — Among the companies whose shares are likely to see active trading in Tuesday’s session is Royal Dutch/Shell Group.

The company said Friday it was cutting its previously reported 2002 net assets by $276 million to reflect overstatements of its proven oil and gas reserves. Since January, Royal Dutch/Shell Group has announced a series of reductions to its proven reserves. “The effect of the restatement was to reduce…the previously reported net assets as at December 31, 2002 by $276 million,” and reduce 2000-2002 earnings by $230 million, the company said in a filing with the Securities and Exchange Commission.

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