Accounting

Eighteen months after a reserves accounting scandal rocked Royal Dutch/Shell Group, the London-based major on Thursday published updated internal rules on how it will book oil and natural gas reserves in the future. The 42-page report is designed to meet Securities and Exchange Commission (SEC) guidelines.

Eighteen months after a reserves accounting scandal rocked Royal Dutch/Shell Group, the London-based major on Thursday published updated internal rules on how it will book oil and natural gas reserves in the future. The 42-page report is designed to meet Securities and Exchange Commission (SEC) guidelines.

The Supreme Court last week unanimously overturned the conviction of former Big Five accounting firm Arthur Andersen LLP, ruling that the jury in the 2002 Enron Corp.-related case was given flawed jury instructions.

The Supreme Court on Tuesday unanimously overturned the conviction of former Big Five accounting firm Arthur Andersen LLP for its part in destroying Enron Corp.-related documents because of what the court said were flawed jury instructions.

Global imports of liquefied natural gas (LNG) will reach 110 Bcf/d by 2030, with North America accounting for almost one-fourth of the import total, an ExxonMobil Corp. official said last Thursday.

Global imports of liquefied natural gas (LNG) will reach 110 Bcf/d by 2030, with North America accounting for almost one-fourth of the import total, an ExxonMobil Corp. official said Thursday.

With expectations that storage will be full at the end of the injection season, futures market participants have said for weeks that the only thing that could stem the market downtrend was a strong Gulf hurricane. As the Minerals Management Service tallied more than 4 Bcf/d of shut-ins Tuesday caused by Category 4 Hurricane Ivan, these prognosticators appear to be right on.

A change in inventory accounting principles helped Royal Dutch/Shell Group increase net income in the first quarter by $226 million to $4.7 billion, up from the previously reported $4.43 billion. The oil major last week also updated its quarterly production figures to give investors “further clarity” ahead of its second quarter results, which will be announced July 29.

Royal Dutch/Shell Group said a change in inventory accounting principles increased net income in the first quarter by $226 million to $4.7 billion. It had previously reported net income of $4.43 billion. Shell also updated its quarterly production figures, and said it was publishing the information to give investors “further clarity.” The second quarter results are scheduled to be announced July 29.