April 11, 2007
Steve Hawkes
You can be sure of Shell.
Just as investors prepare to attack Lord Browne of Madingley, the BP chief executive, over his pay packet, Shell reminds everyone of the reserves scandal that means it will be struggling in BP’s wake for years to come.
The fiasco wiped billions of barrels of oil and gas off Shell’s book of proven reserves, and the group is still trying desperately to fill the gaping holes left in its production pipeline as a result.
The £180 million compensation agreed by the oil giant represents possibly the biggest settlement in a class action brought by shareholders in Europe.
It is good news for investors, but the payout is still only about 10 per cent to 13 per cent of the estimated loss in market value they have already suffered.
It is also a timely reminder that Lord Browne will leave BP this summer in a much better shape.
http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article1640957.ece
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