The Wall Street Journal: Shell Adjusts 1Q Net Income $226M Higher To $4.7B
DOW JONES NEWSWIRES
July 13, 2004
Edited Press Release
LONDON — The Royal Dutch/Shell Group of Companies said Tuesday that due to a change in accounting principle for inventories, previously reported net income for the first quarter is up by $226 million to $4.7 billion.
The schedule also includes updated quarterly production figures. As per the 2003 annual reports and accounts and 2003 Form 20-F, production figures were restated to eliminate certain cash paid royalties in Canada, with the effect reduction in production of 9 million barrels of oil equivalent in 2003, Shell said.
Oil sands production is shown separately on the schedule.
The company said that it has placed on its website a quarterly breakdown of previously disclosed financial restatements for the four quarters of 2003 and the first quarter of 2004.
Shell published the information to give investors further clarity with respect to the quarterly effects of the 2003 annual restatement that was disclosed in May and in recent regulatory filings, it said.
Future quarterly results will incorporate the changes to the accounting policies announced in the regulatory release on May 24, 2004. Earnings on a Current Cost of Supplies (CCS) basis will continue to be advised.
The quarterly restatements for 2003 are consistent with the 2003 annual reports and accounts and 2003 Form 20-F and reflect the financial impact of the proved reserves restatement, the change in accounting principle for inventories, the change in treatment of exploration costs and the change in treatment of certain gas contracts.
As previously disclosed in the 2003 annual report and accounts and 2003 Form 20-F, the restatement reduced 2003 net income by $203 million.
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: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
