By BENOÎT FAUCON
March 18, 2008
LONDON — Royal Dutch Shell PLC said its net reserves at the end of last year were stable, easing fears that the company risked a repeat of its oil-reserves crisis of 2004.
The Anglo-Dutch oil firm said in its annual strategy update that it had net reserves at the end of last year of 11.9 billion barrels of oil equivalent, unchanged from a year earlier. Shell’s announcement comes after it delayed its disclosure by six weeks.
Resources under construction could yield an additional one million barrels of oil equivalent a day, Shell said.
Shell said it expects to boost capacity of its oil sands by 60,000 barrels a day, an increase of more than 60%. The company predicts more than seven million metric tons a year of new liquefied-natural-gas capacity, up 50%.
NCB analyst Peter Hutton described the announcement as “very positive,” though he estimated that reserves replacement in Shell’s core group exploration and production companies, which excludes minority stakes, was just 26%, largely due to the loss of control last year in the Sakhalin II project in Russia. Mr. Hutton said the forecast to add a million barrels a day of oil and gas output will come at a cost. “It will be very punitive for cash flow,” he said.
Separately, Shell said Chief Executive Jeroen van der Veer received €6.5 million ($10.2 million) in salary, bonuses and other benefits in 2007, up 19% from 2006. Mr. van der Veer’s 2007 pay included a €2.89 million bonus, up from €2.04 million in 2006.
The company said it will ask its shareholders to vote at the annual meeting for an increase of long-term share awards to the CEO. For this year, the level of the conditional performance awards has been increased to 2.5 times base salary. Shell is proposing the awards reach four times base salary.
Shell shares shed 1.9% to £16.83 in London.
Write to Benoît Faucon at [email protected]
http://online.wsj.com/article/SB120577892806742507.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.
