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Posts on ‘July 22nd, 2004’

Canadian Press: Shell Canada reports Q2 profit of $285M, up from $175M a year ago

Canadian Press: Shell Canada reports Q2 profit of $285M, up from $175M a year ago

Thursday, July 22, 2004

CALGARY (CP) – Profits at Shell Canada increased 63 per cent in the second quarter, helped by a significant contribution from its Athabasca oil sands project and higher refining margins.

The sharp increase in profits also prompted Shell to increase its quarterly dividend to 25 cents per share, up from 22 cents per share. Shell shares would yield about 1.5 per cent based on its current stock price.

The Calgary-based energy company said Thursday it earned $285 million or $1.04 per share for the three months ended June 30. That compared with a profit of $175 million or 64 cents per share a year ago. 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 wonder fuels: Shell Canada settles Quebec tainted gas class-action suit

Shell Canada settled a class-action lawsuit in Quebec over a gasoline additive that caused fuel systems and gas gauges to malfunction. The company said it can’t estimate the cost yet, but some reports put the figure at $100-million.

National Post: Shell Canada settles Quebec class-action suit

Bloomberg News

Thursday, July 22, 2004

Shell Canada settled a class-action lawsuit in Quebec over a gasoline additive that caused fuel systems and gas gauges to malfunction.

The company said it can’t estimate the cost yet, but some reports put the figure at $100-million.

Residents of Quebec have until Nov. 5 to file a claim against Shell Canada and may qualify for one of three levels of compensation, company spokeswoman Sonia Larin said.

Most motorists will receive between $20 and $550, Shell Canada says. Some will get more if they incurred expenses such as towing, accommodation and repairs, Ms. Larin said. The cost to Shell will depend on how compensation is paid out, Ms. Larin said. 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

Houdini Watts: The Shell Game

MEL GIBSON: A POTENTIALLY GREAT NEW ROLE FOR THIS MOVIE SUPERSTAR?

WILL MEL SOON BE ASKED TO PLAY  THE JUICY ROLE OF A RUTHLESS CORPORATE *CROOK IN THE WORST BUSINESS SCANDAL IN HISTORY?

On BBC TV on 15th July 2004, the Shell oil and gas reserves scandal was described as the biggest corporate fraud in history. Investors had been swindled out of billions of dollars on an international basis. It therefore follows that Hollywood may soon be casting for a movie telling this incredible true story.

Under the disreputable leadership of Sir Philip Watts, the ambitious former Shell Chairman with a hard man image gained partly in **Nigeria, Shell’s oil reserves and reputation vanished, wiping several billion dollars off Shell’s share value early in 2004. Sir Philip then performed an extraordinary escape with a $2 million pay off, ending up with an $18 million pension for himself; an amazing trick by any standards. 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 Canada Settles Suit Involving Quebec Drivers –CP

The Wall Street Journal: Shell Canada Settles Suit Involving Quebec Drivers –CP

“Shell Canada could pay up to $100 million to about 500,000 Quebec drivers”

DOW JONES NEWSWIRES

Posted 22 July 04

MONTREAL — Shell Canada (SHC.T) could pay up to $100 million to about 500,000 Quebec drivers after the company and lawyers for the motorists reached an out-of-court settlement, Le Journal de Montreal reported Wednesday the Canadian Press said.

A class-action lawsuit filed last July said Shell Canada put an additive in its Bronze gas between March 2001 and March 2002 that left a residue in gas tanks and caused problems for starting vehicles and determining the exact amount of gas in a tank. 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

SEC May Require New Rules On Audit of Oil Firms’ Reserves

The Wall Street Journal: SEC May Require New Rules On Audit of Oil Firms’ Reserves

“independent reserves assessments are increasingly popular in the wake of the Shell debacle”

By JOHN M. BIERS

DOW JONES NEWSWIRES

July 22, 2004; Page A4

HOUSTON — The Securities and Exchange Commission may require independent auditors to review the reserves of energy companies, SEC staff said in a memorandum provided to Congress, but the agency’s tack is receiving a cool reception from oil companies and lawmakers alike.

Downgrades this year of oil reserves at Royal Dutch/Shell Group and other companies has increased scrutiny over the way companies tally their energy holdings. Oil and natural-gas reserves are a widely followed benchmark for valuing energy companies, but outside auditors aren’t required to certify them. 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

Reuters: Lawmaker Urges Oil-Reserve Accounting Overhaul

Reuters: Lawmaker Urges Oil-Reserve Accounting Overhaul

“The cuts by Shell, the world’s third-largest energy group, are being investigated by the U.S. Justice Department”

Posted 22 July 04

WASHINGTON (Reuters) – Regulators need to get moving on an overhaul of U.S. standards for valuing oil and gas reserves, a prominent Democratic congressman said on Tuesday.

“The time is past for lengthy study,” said U.S. Rep. John Dingell of Michigan, the ranking Democrat on the House Energy and Commerce Committee, in a letter to regulators, in reference to sharp, unexpected cuts by Anglo-Dutch energy group Royal Dutch/Shell Group in its reserve accounts.

“I urge you to undertake a standard-setting project in consultation with the appropriate accounting and energy regulators with all deliberate speed,” Dingell wrote in the letter to U.S. Securities and Exchange Commission Chairman William Donaldson, Financial Accounting Standards Board Chairman Robert Herz and Federal Energy Regulatory Commission Chairman Patrick Wood. 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

Mlive.com: Nigerian oil unions suspend strike threat after talks with government, oil companies

Mlive.com: Nigerian oil unions suspend strike threat after talks with government, oil companies

By GILBERT DA COSTA

The Associated Press

Posted 22 JUly 04

ABUJA, Nigeria (AP) — Nigeria’s powerful oil unions on Wednesday called off a planned strike set for Sunday that threatened to shut down exports from Africa’s oil giant.

The announcement followed two days of talks in the capital, Abuja, by labor leaders, government officials and industry representatives from the Nigerian subsidiaries of ChevronTexaco and ExxonMobil.

In a joint statement, the parties said Nigeria’s federal government had agreed to address labor grievances including pension reforms and alleged overhiring of expatriate oil workers. 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

US watchdog under fire over oil reserves scandal

The Times: US watchdog under fire over oil reserves scandal

“House Committee on Financial Services convened a hearing on the Shell reserves scandal.”

By Carl Mortished, International Business Editor

July 22, 2004

AMERICA’S stock market regulator, the Securities and Exchange Commission, has come under fire from US congressional leaders over its handling of the oil reserves reporting scandal.

John Dingell, a senior member of the House Energy and Commerce Committee, has attacked the SEC’s inaction over reserves writedowns at Shell and El Paso Energy. In a terse letter to William Donaldson, the SEC chairman, he expresses concern over the weak response by SEC staff in a memorandum written following the Congressman’s questions on oil reserves reporting. Mr Dingell writes: “I am underwhelmed, if not outright troubled by the staff resources and level of review that the memorandum indicates is given to these critical matters.” 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

Legal Week reports: Slaughters to remain Shell’s top dog

Legal Week reports: Slaughters to remain Shell’s top dog

“Group general counsel Beat Hess oversees the department globally, which has more than 600 lawyers.”

22 July 04

Shell looks set to retain Slaughter and May as its primary legal adviser in the oil giant’s global legal panel review.

The FTSE 100 oil giant has already compiled a shortlist of around 20 advisers following internal discussions and will hold an informal tender process with firms over the coming weeks, with cost playing a major factor. The review started in April and is due to conclude at the end of September.

Shell, which has an annual legal budget of more than $100m (£54m), plans to cut the number of UK firms it uses for international work to around five with the intention of building closer links with a smaller number of firms. 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 Canada disputes $100 million figure in suit involving Quebec drivers

CJAD.com: Shell Canada disputes $100 million figure in suit involving Quebec drivers

“related to a fuel additive the company used in 2001 and 2002”

Posted 22 July 04

MONTREAL (CP) – Shell Canada is disputing a published report it might have to pay up to $100 million to about 500,000 Quebec drivers after an out-of-court settlement between the company and lawyers for motorists.

A Montreal newspaper reported Wednesday the agreement could cost Shell $100 million and is related to a fuel additive the company used in 2001 and 2002. Gordon Kugler, a lawyer who worked for plaintiffs in the suit, said court proceedings were launched because the additive left a residue in gas tanks. 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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