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Shell News Archive Saturday, 8 January 2005

Shell News Archive Saturday, 8 January 2005

THE NEW YORK TIMES: Oil Holds Strong as OPEC Promises Defense: “Royal Dutch Shell, meanwhile, has restored 42,000 bpd of oil production after ending a community dispute in the troubled Niger Delta that had shut in 100,000 bpd for a month.” ( Posted 8 Jan 05

DAILY TELEGRAPH (UK): Telegraph Motoring: Short cuts: “Shell was censured this week for implying that its 98Ron fuel could provide extra power for all motorists, when in fact only a small number of appropriately tuned cars derive any performance benefit. Ofcom ordered the commercial off the air and called the statement misleading.” ( 8 Jan 05

THE WALL STREET JOURNAL: Shell To Pay $14.5M Settlement Over MTBE Leaks In Calif: ( 8 Jan 05

THE WALL STREET JOURNAL: Shell’s Ex-CFO Boynton To Get $1M Payout ( 8 Jan 05

THE FINANCIAL TIMES: Boynton’s £1.5m Shell bonanza: “The details of Ms Boynton’s leaving package were announced yesterday by the oil and gas group, in time for her 50th birthday tomorrow. She was one of three directors to lose their jobs last year after Shell’s reserves debacle.” ( 8 Jan 05

THE NEW YORK TIMES: Demoted Executive Quits Shell, Taking $1 Million in Severance: “The Royal Dutch/Shell Group said on Friday that Judith Boynton, who was demoted as chief financial officer last year after a sharp write-down in oil reserve estimates, left the company last week with a $1 million severance package.”: “She will…, receive £1.32 million ($2.47 million) in pension, shares and options this year.” ( 8 Jan 05

THE LONDON TIMES: $1m payoff for Shell’s ousted finance chief: “Ms Boynton joins Sir Philip Watts, Shell’s former chairman, and Walter van de Vijver, the former head of oil exploration, in receiving big payoffs to compensate for their forced resignations.”: “Mr van de Vijver received £2.5 million while Sir Philip was paid £1 million. “However, it is likely to infuriate Shell shareholders, who have been angered by the Anglo-Dutch company’s handling of the reserves scandal. One shareholder described Ms Boynton’s payoff as “totally unjustified”, while others said that it was another example of executives being rewarded for failure.”: “Shell has already paid £83 million worth of fines to British and US stock market regulators as a penalty for offences of market abuse and violation of securities laws relating to the scandal.” ( 8 Jan 05

London Evening Standard: Boynton quits Shell with £1m-plus: JUDY Boynton, former chief finance officer at Shell, today finally quit the company with a pay-off and pension package of more than £1m despite her role in the oil reserves scandal.: “Watts received a £1.05m pay-off and £10m pension pot while van de Vijver received a £2.5m pay-off.” ( Posted 8 Jan 05 (Australia): Scandal-hit oil exec gets severance pay: “The Royal Dutch/Shell Group says it gave a STG520,000 ($A1.3 million) severance package to its former finance chief, who quit with two other senior executives last year in the wake of the company’s oil reserves scandal.” ( 8 Jan 05

DAILY TELEGRAPH (UK): Shell finance director walks away with $1m: “Shell, which is battling to restore its credibility in the wake of the scandal, said Judy Boynton would receive the severance package after her departure from the group on December 31.” ( 8 Jan 05

BBC NEWS: $1m payoff for former Shell boss: The scandal rocked investor confidence”: “Despite receiving an email from Mr Van de Vijver which said the firm had “fooled” the market about its reserves, the investigation said, she did nothing to inquire further. In all, Shell restated its reserves four times during 2003. In September, it paid £82.7m in fines to regulators on both sides of the Atlantic for violating market rules in its reporting of its reserves.” ( 8 Jan 05

Los Angeles Times: Suit Settled in Fuel Leaks: “Oil giant Shell has agreed to pay an “unlimited” amount to fund underground cleanup of its contaminated Orange County gas stations,a total that could exceed $170 million, prosecutors said Thursday.” ( Posted 8 Jan 05

Yahoo! News: Shell Shuts Down Production in Oil Field: “Royal Dutch/Shell Group of Cos. said Friday that it shut down its 140,000-barrel per day Draugen offshore oil field because of damage to its oil-loading equipment.” ( Posted 8 Jan 05 and its sister websites,,,,, and are all owned by John Donovan. There is also a Wikipedia article.

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