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Posts on ‘July 2nd, 2004’

Shell Will Take Quarterly Charge Of $330 Million

The Wall Street Journal: Shell Will Take Quarterly Charge Of $330 Million

“reserves-booking scandal this year exposing Shell’s need for new reserves”

By MARK LONG

DOW JONES NEWSWIRES

July 2, 2004

LONDON — Royal Dutch/Shell Group said it will take a $330 million (€270.7million) charge to its second-quarter earnings for unsuccessful exploration on assets inherited in its 2002 purchase of Enterprise Oil. The company also announced the planned sales of a number of downstream assets in the U.S., Peru and Spain, in a move seen as a signal that Shell is following through on intentions to boost returns.

Shell was criticized by some observers as overpaying in its $5 billion purchase of Enterprise, which brought producing and exploration areas in the North Sea, Brazil and the Gulf of Mexico under Shell’s aegis. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell to take £180m charge

The Times: Shell to take £180m charge

“The news is a further blow to the company’s embattled shareholders”

By Andrew Ellson,

July 01, 2004

Shell, the Anglo-Dutch oil company, has announced its exploration and production business will take a charge to earnings of about $330 million (£180 million) after tax in the second quarter of this year.

The charge relates to the unsuccessful drilling and seismic studies of several exploration wells in the North Sea and off the coast of Ireland. Shell acquired these exploration rights with the purchase of Enterprise Oil in 2002.

The charge would not have not have an impact on the company’s proven reserves, Shell said in a statement. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Daily Telegraph: Shell to clean up its act with assets sales

Daily Telegraph: Shell to clean up its act with assets sales

“struggling to restore its reputation”

By Christopher Hope (Filed: 02/07/2004)

Shell, which is struggling to restore its reputation after “losing” 23pc of its proven oil and gas reserves, is planning to sell underperforming assets in the United States and Peru.

The company also announced that it was taking a $330m charge on the book value of some of the assets bought with the takeover of Enterprise Oil in 2002.

Shell announced the sale of its Midwest refined product pipeline system and storage assets in the United States for $530m. Similar assets in Texas were sold off last week for $492m. It also plans to sell its retail, commercial and marine businesses in Peru. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell takes $330m charge on Enterprise

The Guardian: Shell takes $330m charge on Enterprise

“trying to restore shattered investor confidence”

David Gow

Friday July 2, 2004

Shell, the troubled oil and gas group, yesterday said it would take a second-quarter charge of $330m (£181.5m) after writing down exploration assets it acquired two years ago with Enterprise Oil.

But the group, which survived a sizeable shareholder revolt this week over a 23% cut in this year’s proven reserves – despite accusations of incompetence – balanced this with a further spate of disposals.

Shell, which is trying to restore shattered investor confidence after losing three senior executive directors over the reserves debacle, insisted that the package matched its new strategy. It said the combined effect of yesterday’s measures would be financially neutral over the year. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell takes $330m write-down on Enterprise deal

Financial Times: Shell takes $330m write-down on Enterprise deal

“The company tried to play down the news of the write-down”

By Rebecca Bream

Jul 02, 2004

Royal Dutch/Shell is to take a $330m (£189m) write-down on the value of exploration assets acquired through its £3.5bn takeover of Enterprise Oil, following unsuccessful drilling.

The Anglo-Dutch oil group also said it would sell underperforming assets in the US and Peru, a move that would allow it to direct investment towards key countries such as Russia.

The company tried to play down the news of the write-down by saying that the Enterprise deal had already delivered $355m of synergies, compared with original expectations of $300m of savings. Analysts said that the write-down was disappointing news although the ultimate impact on the company would be small. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
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