Let me tell you a story (with the assistance of ChatGBT5)—about barrels that weren’t and a blue-chip oil giant that treated “truth” like a rounding error.
In January 2004, Shell detonated its own credibility by admitting it had been wildly overstating what matters most in the oil game: proved reserves. How wildly? It began with a 3.9 billion-barrel “recategorisation” on 9 January 2004—about 20% of previously claimed reserves—and kept spiraling across multiple follow-ups until 4.47 billion barrels of oil equivalent (boe) (≈23%) had been pushed out of the “proved” column by May 24, 2004.
The U.S. SEC later said Shell also overstated its standardized future cash flows by about $6.6 billion and juiced a key KPI—its reserves replacement ratio—from a real 80% to an advertised 100% for 1998–2002.
Posted by John Donovan: 28 May 2024
Posted by John Donovan: 21 May 2024
So, here we are, with Norway’s wealth fund playing the concerned yet passive shareholder, Shell deftly dodging real climate action, and the planet continuing to warm. What could possibly go wrong?
Posted by John Donovan: 17 Jan 24
Posted 24 May 2023 by John Donovan
Posted by John Donovan 18 MAY 2023
CITY
ISS advises Shell shareholders to vote against climate activist resolution seeking faster emissions cuts
OIL
Bloomberg
EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON
EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON.
EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
