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Shell News Sunday, 30 January 2005

Shell News Sunday, 30 January 2005

Scotland On Sunday: Exxon Mobil to overhaul Ford with largest ever profit at £12.8bn: “Rival Shell will also unveil record profits this week, at $17.6bn. But the City will be focusing on the troubled company’s proven oil reserves – which are expected to be downgraded by a further billion barrels.” (ShellNews.net) 30 Jan 05

THE SCOTSMAN: Shell to Announce Record Profits: “Shell will this week announce record profits after sky-high crude oil prices lifted its results performance during an otherwise troubled year.”: “Shell is expected to use Thursday’s results announcement to update investors on developments with its restructuring and on whether it will have to reclassify its reserves for the fifth time after auditors called into question the status of 900 million barrels of oil and gas stocks.” (ShellNews.net) 30 Jan 05

Mail on Sunday: Oil giants to face fury over £19bn profits: “On Thursday, Shell is expected to reveal that it made £5.5bn last year – up £1bn on 2003.”: “The news, while delighting shareholders, is bound to anger motorists, who are paying near record prices at the pumps.”: “Meanwhile, Shell is expected to make yet another downgrade to its estimated oil and gas reserves.” (ShellNews.net) 30 Jan 05

THE BUSINESS (EU): Shell rethink expected to boost shares: “…a cold snap in the US and uncertainty in Iraq have conspired to keep the price of a barrel of oil around the $50 level and provided support for Shell. Old takeover stories have also been regurgitated with perennial favourite Total of France mooted to be considering a cash offer.” (ShellNews.net) 30/31 Jan 05

THE BUSINESS (EU): ExxonMobil beats world record with $24bn profit: “Anglo-Dutch group Shell also reports this week, with the stock markets attention focused on further downgrades to its proven reserves of oil and gas, rather than profits.” (ShellNews.net) 30/31 Jan 05

The Observer (UK): Shock, stock and a few smoking barrels: “Shell has been in the doghouse in much the same way as BP was.”: “Shell should not eschew the possibility of a tie-up with Total.” (ShellNews.net) 30 Jan 05

The Observer (UK): Shell to make history with $18bn profit: “Despite last year being the Anglo-Dutch group’s ‘annus horribilis’, thanks to the reserve downgrades scandal, it is expected to report its best-ever results.”: “The pre-tax profit figure will be even larger – up to $32bn…” (ShellNews.net) 30 Jan 05

THE INDEPENDENT ON SUNDAY (UK): New chief will strike gold at Shell if his 100 per cent pay rise gets approval: “Analysts predict a similar downgrade this week, after completion of the fieldwork for the audit. But the company would not guarantee there would be no more downgrades subsequently. Shell suffered the humiliation last year of having to reclassify a fifth of its “proven” oil and gas reserves as “probable” after initial reviews. The crisis forced the company to bow to demands from shareholders to scrap its Anglo-Dutch dual board structure.” (ShellNews.net) 30 Jan 05

THE SUNDAY TELEGRAPH (UK): Shell profits set to gush to record high: Shell, the beleaguered oil giant, is set to report record profits this week on the back of exceptionally strong crude prices.: “Jeroen van der Veer, Shell’s new chief executive, is also expected to announce that the company will have to make a further cut in its proven oil and gas reserves of at least 900m barrels of oil. This is on top of the estimated 4.5bn barrels that Shell has admitted it overstated last year.” (ShellNews.net) 30 Jan 05

SUNDAY HERALD (UK): Shell pins hopes on profit surge to restore image: “Shell’s image has been tarnished in recent months with hefty fines following regulatory inquiries into its estimates of oil and gas reserves. There are also uncertainties over the proposed Royal Dutch merger.”: “And like Humpty Dumpty, it could be heading for a great fall unless it gets it right on February 3.” (ShellNews.net) 30 Jan 05

SUNDAY TELEGRAPH (UK): Shell and BP miss out in Libyan oil auction: “British oil and gas companies have been trounced by their US rivals in one of the most important auctions of energy reserves for decades.”: “Both BP and Royal Dutch/Shell had been given the green light to bid in the auction but neither company was among the winners. Shell, which signed a landmark agreement with Libya last March, has a particularly urgent need to boost its oil and gas reserves, after its shock admission last year that it had overbooked its proven reserves by more than 25 per cent.” (ShellNews.net) 30 Jan 05

THE SUNDAY TIMES (UK): Shell oil chief defects to the green lobby: “THE outgoing chairman of Shell has announced he wants to take up a post with a climate-change charity when he quits the oil giant later this year…”: “Lord Oxburgh is so concerned at the potential destruction from global warming that he wants to devote more of his time to cutting greenhouse gas emissions and the use of fossil fuels. The move is likely to cause some embarrassment at Shell, one of the biggest oil and gas producers in the world.” (ShellNews.net) 30 Jan 05

Daily Mail (UK): Shell clams up over $9bn bid rumours: “Shell was engulfed in speculation that it plans to bid for $9bn rival Williams. With gallons of cash in its tanks – and with a need to generate some momentum after a miserable year – analysts think this could be a likely buy for the beleaguered beast.” (ShellNews.net) Posted 30 Jan 04

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