Fri Jan 30, 2015 4:48pm GMT
(Reuters) – Royal Dutch Shell (RDSa.L) said on Friday it had overstated its fourth quarter results by $178 million (118.44 million pounds) due to an error in the valuation of its fuel inventory.
The company said its underlying earnings, which are most closely watched by analysts and investors, were unaffected by the mistake.
“A stock valuation error in its downstream operations was discovered,” Shell said in a statement.
“Royal Dutch Shell’s fourth quarter and full year 2014 earnings, on a current cost of supplies (CCS) basis are unchanged,” the company said in the statement.
However, as a consequence of the error, Shell reduced fourth quarter income to shareholders from $773 million to $595 million. Full year income was cut from $15,052 million to $14,874 million.
Shell shares were down 1.8 percent to 20.22 stg each at 1631 GMT.
The Anglo-Dutch energy company reported on Thursday fourth-quarter 2014 adjusted net income of $3.3 billion which was weighed down by weaker than expected earnings from oil and gas production.
Shell, the largest of the European energy majors, also announced a relatively modest three-year, $15 billion cut in spending to help it weather the plunge in oil prices.
(Editing by Elaine Hardcastle)
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.
