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May 24th, 2004:

Press Release from The Shell Transport and Trading Company, p.l.c. Monday May 24 2004

YAHOO.com: Press Release from The “Shell” Transport and Trading Company, p.l.c.

The ‘Shell’ Transport and Trading Company, p.l.c. – Pre Advice to Annual Report Publication
Monday May 24, 7:28 am ET

Advice in advance of the publication of the 2003 Annual Reports and Accounts of the Royal Dutch Petroleum Company and The ‘Shell’ Transport and Trading Company, p.l.c.

LONDON, May 24 /PRNewswire/ — The 2003 annual reports and accounts of Royal Dutch Petroleum Company (Royal Dutch) and The “Shell” Transport and Trading Company, p.l.c. (Shell Transport) are scheduled to be available to shareholders and published on 28 May 2004. The annual reports and accounts will be submitted for approval at the Annual General Meetings (AGMs) on 28 June 2004.

Mr Jeroen van der Veer, Chairman of the Committee of Managing Directors of the Royal Dutch/Shell Group of Companies, commented on today’s announcement:

“I am pleased that on Friday we will be publishing our annual reports and accounts for Royal Dutch and Shell Transport as previously announced. The external auditors have given unqualified audit opinions. The annual reports and accounts will reflect a restatement of reserves data and related financial impact, and we have implemented a number of accounting policy changes. We have also adopted a stricter application of some specific accounting standards.

“The aggregate effect of the reserves restatement, including the previously disclosed recategorisations and an adjustment with respect to royalties paid in cash in Canada, brought the total for 2002 to 4.47 billion barrels of oil equivalent.”

Discussions with the Division of Corporation Finance of the US Securities and Exchange Commission (SEC), about Shell’s Form 20-F filings continue, in particular with regard to financial statements and unaudited supplementary oil and gas data.

The Group has implemented the following accounting policy changes with effect from 2003:

1. The Group financial statements will be presented in accordance with US Generally Accepted Accounting Principles (GAAP) with a reconciliation to statements presented under Netherlands GAAP. Prospectively the difference with regard to net income is that goodwill is amortised under Netherlands GAAP; whereas under US GAAP goodwill is maintained at the acquisition value and then tested for impairment. 2. All inventories will now be reported on a First-In-First-Out (FIFO) basis. Previously certain inventories in North America were reported on a Last-In-First-Out (LIFO) basis and disclosed in the notes to the financial statements. As a result the Group's accounting policy for inventories is on the same basis globally. The Group will be adopting International Financial Reporting Standards (IFRS) in 2005. Under IFRS, FIFO is the prescribed method for valuing inventories. read more

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Royal Dutch/Shell Says Will Publish 03 Report May 28

THE WALL STREET JOURNAL: Royal Dutch/Shell Says Will Publish 03 Report May 28

 

DOW JONES NEWSWIRES

May 24, 2004 6:15 a.m.

 

Edited Press Release

 

LONDON — Shell Transport and Trading and Royal Dutch Petroleum said Monday that the annual reports and accounts will be published on May 28 and submitted for approval at the Annual General Meetings on Jun. 28, 2004.

 

Jeroen van der Veer, Chairman of the Committee of Managing Directors of the Royal Dutch/Shell Group of Companies, said: “The external auditors have given unqualified audit opinions”.

 

The annual reports and accounts will reflect a restatement of reserves data and related financial impact, and we have implemented a number of accounting policy changes. The company has also adopted a stricter application of some specific accounting standards. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell Makes Fourth Downgrade Of Oil Reserves This Year

THE WALL STREET JOURNAL: Shell Makes Fourth Downgrade Of Oil Reserves This Year

 

May 24, 2004

 

LONDON — Royal Dutch/Shell Group of Cos. Monday downgraded the size of its oil reserves for the fourth time this year.

 

The company, which stunned shareholders in January when it announced its confirmed oil and gas holdings were 20%, or 3.9 billion barrels, smaller than it had claimed, said that it was downgrading 103 million additional barrels of reserves from “proven” to less certain categories.

 

Shell, the world’s third-largest publicly traded oil company by market capitalization, blamed the new reserves downgrade on an accounting change involving “royalties paid in cash in Canada.” read more

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CBC News: Shell reduces reserve estimates for fourth time this year

CBC News: Shell reduces reserve estimates for fourth time this year

 

Posted 24 May 04

 

TORONTO – Royal Dutch/Shell Group downgraded its oil reserves for the fourth time this year on Monday.

 

The company said it was shifting about 103 million barrels from “proven” to a less-certain classification.

 

Shell blamed the shift on accounting changes involving royalties paid in Canada.

 

The restatement came ahead of Friday’s publication of the company’s annual report.

 

In January, the company said its reserve estimates were overstatement chopped its confirmed them by 20 per cent or roughly 3.9 billion barrels. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

London Evening Standard: Shell slashes reserves again

London Evening Standard: Shell slashes reserves again

 

Steve Hawkes,

24 May 2004

 

CRISIS-HIT Shell has been forced to cut the amount of oil and gas reserves on its books for the fourth time since the scandal rocking the energy giant broke earlier this year.

 

In yet another embarrassing blow, the Anglo-Dutch group today revealed a raft of accounting policy changes following talks with the US Securities and Exchange Commission.

 

Just over 100m barrels are being lopped off the proven reserves of Shell’s Canadian business, taking the total amount re-categorised since January to 4.9bn. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell NZ Says Sells Pohokura Gas To NGC Holdings -2-

Yahoo.com Shell NZ Says Sells Pohokura Gas To NGC Holdings -2-

 

Monday May 24 2004

 

WELLINGTON (Dow Jones)–Shell New Zealand Ltd., a unit of Royal Dutch/Shell (RD), Monday said it has signed a long-term contract to supply NGC Holdings Ltd. (NGC.NZ) with gas from the offshore Pohokura field.

 

The agreement with NGC Holdings follows Shell’s statement Friday that it had sold Pohokura gas to Contact Energy Ltd. (CEN.NZ), Genesis Power Ltd. (GPW.YY), and Multi Gas NZ Ltd.

 

The contract with NGC couldn’t be revealed Friday because legal issues were still being sorted out. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

The Guardian: Calm after the storm in the pay wars

The Guardian: Calm after the storm in the pay wars

 

Heather Tomlinson

Monday May 24, 2004

 

Shareholder protests muted by summit

 

Compared with the pantomime of last year, this month’s GlaxoSmithKline annual meeting was a muted affair. The number of protesters could be counted on two hands – a few head office employees of trade union Amicus, a couple of campaigners against animal testing and four people with pig snout masks protesting about Aids drugs.

 

Last year, even City investors registered their protest about the excessive salaries of the directors, and voted against the firm’s pay for the first time. The unapologetic chief executive, Jean-Pierre Garnier, attracted a circus of protesters and acres of publicity for his £22m severance package and seven-figure bonuses. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

The Herald: Watts walks off with £1m at Shell

The Herald: Watts walks off with £1m at Shell

 

KARL WEST May 24 2004     

 

SIR Philip Watts, the disgraced former chairman of oil major Shell, has been awarded a golden farewell pay-off of just under £1m, according to reports.

 

Watts, who was sacked by the oil giant in March for his part in the massive overstatement of Shell’s proven oil reserves by 4.35 billion barrels of oil, was on only three months’ notice – like all other Shell directors.

 

However, the board felt the payment was necessary in recognition of his 34 years of service, according to the Sunday Telegraph. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell NZ Sells Pohokura Gas To Contact, Genesis, Multi Gas

The Wall Street Journal: Shell NZ Sells Pohokura Gas To Contact, Genesis, Multi Gas

 

DOW JONES NEWSWIRES

May 23, 2004 3:07 p.m.

Posted 24 May 04

 

WELLINGTON — Shell New Zealand Ltd., a unit of Royal Dutch/Shell (RD), said Friday it has signed long-term contracts to supply three companies with gas from the offshore Pohokura field.

 

The contracts with electricity generator and retailer Contact Energy Ltd. (CEN.NZ), state-owned Genesis Power Ltd., and Multi Gas NZ Ltd. come into effect when the field starts production in mid-2006 and run until 2012 or longer, Shell said in a statement. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Royal Dutch/Shell severance deals not agreed yet

Financial Times: Royal Dutch/Shell severance deals not agreed yet

By Clay Harris

May 24, 2004

Royal Dutch/Shell has not yet agreed the severance packages for Sir Philip Watts, the sacked chairman of its committee of managing directors, and two other executive board members who lost their jobs this year.

The delay means that the postponed 2003 annual report, to be published on Friday, will not contain the final settlements for the three executives, even though the Anglo-Dutch oil group has stretched its normal financial calendar ) by two months to deal with its reserves restatement crisis.
read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.