The treatment of El Paso stands in stark contrast to how the SEC handled Royal Dutch Shell PLC in 2004, when it also faced charges of inflating reserves. Shell, which ultimately reduced its proved reserves by 22.5%, paid about $150 million in fines to the SEC and British regulators.
Oil Reserves
El Paso Ex-Executives Settle Charges Over Reserves
Untapped Oil Reserves Could Fuel U.S. For 300 Years
In fact, such untapped reserves are estimated at about 2.3 trillion barrels, nearly three times more than the reserves held by Organization of Petroleum Exporting Countries (OPEC) nations and sufficient to meet 300 years of demand -- at today's levels -- for auto, truck, aircraft, heating and industrial fuel, without importing a single barrel of oil.
Oil trading at $136 a barrel on Mideast tension
Renewed concerns about supply disruptions out of Nigeria also emerged as the main militant group there said it would resume attacks in the country's oil-rich river delta region because of Britain's recent pledge to back the government.
Shells future scenarios Staring into energys black hole
Shells energy scenarios see fossil fuels remaining a huge part of the energy mix to 2050. But are they realistic? And if Shell is right, what does it mean for the planets future?
Shell: time to deliver
GOOD things come to those who wait. No pain, no gain. Every cloud has a silver lining. For investors in Royal Dutch Shell in need of a pep talk, these might be clichés worth repeating.
There is a chance however remote that growth might come inorganically, says ABN Amro, describing a merger with BP or Total as "possible and desirable"
Iraq throws open door to foreign oil firms
Iraq opened its giant oilfields to foreign firms on Monday, putting British and U.S. companies in pole position five years after U.S.-led troops invaded the country to oust Saddam Hussein.
SEC proposes new rules for oil reserves
In August 2004, the SEC fined Royal Dutch/Shell Group $120 million one of the largest penalties against a company in an accounting case in connection with the overstatement of oil and gas reserves. The Anglo-Dutch oil giants disclosure that year of reserve inflation stunned shareholders and the oil industry, and led to the dismissal of several top executives.
SEC ordered to use emergency powers to immediately curb excessive market speculation
SEC Proposes Change In Oil, Gas Reporting: The SEC plan would allow oil and gas companies to include previously excluded sources of oil, such as tar sands, and disclose "probable and possible" reserves, not just those proven to exist.
22 June 2008: AG Announces $120 Million Settlement with Shell
HARRISBURG - Attorney General Tom Corbett announced a $120 million settlement of a U.S. class action lawsuit against Royal Dutch Shell, which was accused of overstating oil and natural gas reserves and artificially inflating stock prices over a five year period, from April 1999 to March 2004.
Saudi King: ‘We will pump more oil’
Saudi Arabia will raise oil production to record levels within weeks in an attempt to avert an escalation of social and political unrest around the world.
Oil: does anyone know which way the wind blows?
As Opec hosts a meeting of global leaders, Mark Leftly sees if sanity can be restored to a world where predictions lurch from $80 to $250 a barrel and from stability to catastrophe.
Plan Would Lift Saudi Oil Output to Highest Ever
The move was seen as a sign that the Saudis are becoming increasingly nervous about both the political and economic effect of high oil prices. In recent weeks, soaring fuel costs have incited demonstrations and protests from Italy to Indonesia.
Is this the end of oil?
For generations, we've taken it for granted. But as prices soar and reserves dwindle, the time is fast approaching when mankind will have to live without oil. Are we ready to confront some really inconvenient truths?
SEC considers shake-up of reporting rules
Reserves reporting, used as a key measure by investors for assessing a companys long-term financial prospects, has been hugely sensitive in the past. The 2004 revelation of misreporting of reserves by the Royal Dutch Shell group triggered official investigations and lawsuits. It cost executives their jobs and prompted a shake-up of the companys management structure.
Spoiling the barrel
Tiny printing on the inside cover of the document reveals a catch-all caveat. The information presented comes not from primary BP research but from "official sources and third-party data" and "does not necessarily represent BP's view of proved reserves by country". This astonishing get-out clause has been inserted in the BP review every year since Shell was caught lying about its reserves in 2004.
Jeremy Warner’s Outlook: Britain has squandered its North Sea inheritance. Now we are paying the price
Too late now, but Britain has squandered the blessing of North Sea oil and gas by allowing the stuff to be bought up at relatively cheap prices during the years of plenty. With prices now sky-high, there's virtually nothing left to see us through the famine. At no point was any serious thought given to a more strategic use of our oil and gas reserves. We are now paying the price.