Royal Dutch Shell News Sunday, 3 April 2005
Mail on Sunday (UK): Auditors clean up at Shell: “AUDITORS who failed to spot the massive overstatement of reserves at Shell raked in record fees from the oil giant last year. KPMG and Pricewaterhouse-Coopers earned £22m for preparing Shell’s accounts… the highest amount ever paid by a British company for a basic audit.”: “In a series of downgrades, Shell was forced to slash its estimate of proven reserves by a staggering six billion barrels, almost 30%, after admitting it had misled investors for years.”: “Shell still faces a criminal investigation from the US Justice Department and class action lawsuits from disgruntled shareholders over the scandal”: “The reserves scandal shattered Shell’s reputation…”: “its ratio of reserve replacement, a key indicator, had collapsed to a paltry 19% – the lowest of any oil major. That means Shell is finding less than a fifth of what it produces. ‘It is clearly a concern,’ Shell acknowledged” (ShellNews.net) Sunday 3 April 05
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