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Posts on ‘July 26th, 2004’

Royal Dutch Shell reserves problems

The Daily Telegraph: The week ahead

“Oil giant Shell suffered a further setback this month as fresh claims emerged that company directors knew as far back as October that there were problems with the reserves.”

Tuesday July 27

In April BP announced another set of record quarterly results, with a 2pc rise in pre-tax profits to $6.26billion. The oil giant also said it plans to sell off half its plastics arm to raise about $4billion.

The cash will be handed back to investors in the form of share buybacks, though the level of buybacks will depend on the oil price. The company reports first-half results today and analysts expect a strong contribution from TNK-BP as well as robust earnings as oil prices continue to climb. 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

Oil sector governance

Financial Times: Oil sector governance

“Royal Dutch/Shell’s reserves downgrade was a dramatic failure of corporate oversight.”

“Good reputations take time to build, but are quickly lost.”

Jul 26, 2004

Do oil sector investors care about corporate governance standards? Royal Dutch/Shell’s reserves downgrade was a dramatic failure of corporate oversight. But, with oil prices close to record highs, Shell’s share price has already regained the ground lost after the debacle, even though the outcome of its governance review is unknown.

Deutsche Bank, however, has found evidence of a link between governance standards and performance. It ranked 11 large oil companies on governance criteria – board independence, for example – with further weightings for more specific oil industry metrics such as reserves disclosure. On both rankings Shell, Repsol and ChevronTexaco achieved the lowest scores. Over the last three years, these bottom three delivered 15-20 per cent lower total shareholder returns than the top three. 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

The Battalion: Shell foundation donates money to build University lecture hall

The Battalion: Shell foundation donates money to build University lecture hall

By Kirk Ehlig

Published: Monday, July 26, 2004

Shell Oil Company Foundation is donating $150,000 to the new $38 million Jack E. Brown building located at the corner of Spence Street and University Drive, near Zachry.

This $150,000 is going to fund a 50-seat lecture hall within the 205,000-square-foot Jack E. Brown building.

“The money helps in the construction of the building, especially toward the furnishing and implementation of the latest in instructional technology within its classroom,” said Sara Lillehaugen, assistant director of development for the Texas A&M Foundation – Engineering. 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

Bloomberg.com: Exxon, BP, Shell to Report Jump in Second-Quarter Earnings

Bloomberg.com: Exxon, BP, Shell to Report Jump in Second-Quarter Earnings

“Both stocks have beaten the 6.4 percent drop of Shell’s shares”: “overstated oil and gas reserves for years, sending down the stock.”

July 26 (Bloomberg) — Exxon Mobil Corp., BP Plc and Royal Dutch/Shell Group, the world’s three largest publicly traded oil companies, this week will probably report surging second-quarter profits as increasing demand sent prices to a record.

The companies earned a combined $13.63 billion in the quarter, almost half the annual gross domestic product of Kazakhstan, analysts at Deutsche Bank AG forecast. A year ago, the three oil producers had profit of $9.96 billion. All of them report results this week, as does Eni SpA of Italy, Repsol YPF SA of Spain and Houston-based ConocoPhillips and Marathon Oil Corp. 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

The Business: The new king of the oil patch

THE BUSINESS: The new king of the oil patch

Lord Browne has put BP back on the map at the forefront of the global energy industry

By Nelson Schwartz

FROM FORTUNE Magazine

25/26 July 2004

IN an industry peopled with Texans who drop their “Gs” and seem fresh from the set of Rawhide, BP’s John Browne is decidedly different. Lord Browne is as content discussing his collection of crystal goblets or contemporary art as he is BP’s latest offshore find or next big pipeline project. He prefers salmon to steak and still speaks the Queen’s English he learned at boarding school and Cambridge. 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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