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.
Shell said its proven reserves would be unaffected by the charge it was taking after unsuccessful drilling and geological studies in former Enterprise wells in the UK and Norwegian sectors of the North Sea and off Ireland.
After accusations it overpaid – at $5.2bn plus debt – for Enterprise, the group said cost savings had reached $355m by the end of 2003 against an expected $300m – and Enterprise assets had contributed some $3bn in cash from operations.
Shell’s US business sold its Midwest refined product pipeline system and storage assets for $530m after raising close to $500m last week from the disposal of similar assets in Texas and the Great Plains.
The group said it would sell large parts of its Peruvian operations, including its service station network, as part of the strategy of divesting businesses of more value to others.
After averaging annual disposals of $2bn, Shell last year raised $4bn and this year has captured a further $3.5bn, including yesterday’s divestments. Having made $4.25bn profits in the first quarter, it is also trying to win back investors with a $2bn share buyback programme financed by disposals.
It said its New Zealand arm had given the go-ahead for the development of the Pohokura gas field, in which it has a 48% holding and which is due to begin producing gas in mid-2006.
http://www.guardian.co.uk/business/story/0,3604,1252237,00.html
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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: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
