The brouhaha that developed following the reserve revisions by El Paso Corp. and Royal Dutch/Shell Group has turned into a “long overdue” discussion about producers’ oil and natural gas reserves, the CEO of Anadarko Petroleum Corp. said Monday.
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Shell Confirms DOJ Probe into Reserves Accounting
Royal Dutch/Shell Group confirmed last week that the U.S. Department of Justice (DOJ) has launched a criminal probe into its oil and gas reserves accounting.
March 29, 2004
Shell Confirms DOJ Probe into Reserves Accounting
Royal Dutch/Shell Group confirmed that the U.S. Department of Justice (DOJ) has launched a criminal probe into its oil and gas reserves accounting. The company said last week it was unaware of a DOJ investigation (see Daily GPI, March 18).
March 25, 2004
Shell to Reduce Nigerian Operations
Royal Dutch/Shell Group announced over the weekend it will trim jobs in Nigeria as it reevaluates its oil and gas reserves there. The British press also reported Monday that shareholders are pressuring the energy giant to hire outside executives to help move the company forward.
March 23, 2004
Shell Denies Report It May Put Ex-SEC Chairman on Payroll
London-based Royal Dutch/Shell Group denied a published report Monday that it is considering hiring the former Securities and Exchange Commission (SEC) chairman to help it deal with the complexities associated with the agency’s ongoing inquiry into the company’s overbooking of oil and natural gas reserves.
March 16, 2004
SEC Apparently Reviewing Shell’s Bonus Plan for Ties to Reserves
A bonus and incentive plan used by Royal Dutch/Shell Group apparently is being examined by the Securities and Exchange Commission (SEC) to determine whether it encouraged upper level management to overstate oil and gas reserves.
March 15, 2004
Sources: SEC Examining Shell’s Incentive Program
A bonus and incentive plan used by Royal Dutch/Shell Group is being examined by the Securities and Exchange Commission (SEC) to determine whether it encouraged upper level management to overstate oil and gas reserves, according to a report in the Wall Street Journal.
March 12, 2004
Shell Provides SEC with Preliminary Reserves Report
Although not yet final, Royal Dutch/Shell Group has given the Securities and Exchange Commission (SEC) a preliminary review of its oil and gas reserves review, a spokesman said Wednesday. A final review is expected to be completed within a few weeks, the company said.
March 11, 2004
Shell Execs May Have Known of Overbookings for Two Years
Royal Dutch/Shell Group has dropped its position that it acted in “good faith” with the Securities and Exchange Commission (SEC) following news that the former chairman may have known about the overbooking of oil and gas reserves as long as two years ago.
March 9, 2004
New Shell Chairman Urges Staff to Focus on Performance
A day after taking over the top spot at Royal Dutch/Shell Group, CEO Jeroen van der Veer urged staff to focus on their performance to help restore confidence in the London-based company.
March 5, 2004
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