BBC News: Shell trims back reserves again -Can Shell draw a line under the scandal?
Posted 25 May 04
Beleaguered oil firm Shell has unveiled yet another cut in its oil reserves but said it does not expect to have to do so again.
The firm said it was removing 4.47bn barrels of oil from its 2002 reserves; its last estimated cut was 4.35bn.
It is the fourth time the Anglo-Dutch oil giant has had to restate its reserves since January.
Investor anger has led to the departure of three of Shell’s top executives, including chairman Philip Watts.
Shell’s share price tumbled in January this year when it first stunned investors by cutting its oil and gas reserves by 20%
The restatements have prompted investigations by both UK and US authorities.
Last month, Shell unveiled a 9% jump in first quarter 2004 profits. In a bid to calm investors, it also announced a share buyback.
‘Final fine tuning’
Shell said the latest adjustment to its reserves was due to accountancy policy changes and would not effect reported cash flows.
It added that this is intended to be the final restatement of reserves.
“We’re not planning or expecting to make any further changes,” said Malcolm Brinded, head of Shell’s exploration and production division.
The news had no impact on Shell’s share price.
“It is a marginal further increase, but I don’t regard it as materially new news,” oil analyst Brendan Wilders from Oriel Securities told the Reuters news agency.
http://news.bbc.co.uk/2/hi/business/3742827.stm
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 conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
MORE DETAILS:
A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
