Reclassifies

Dynegy Inc.’s founder and former CEO Chuck Watson last week settled his severance claims with the company for $22 million, according to a filing with the Securities and Exchange Commission. Watson, who had been seeking $28.7 million, resigned in May 2002 following a disastrous merger attempt with Enron Corp. (see NGI, June 3, 2002).

Dynegy Inc.’s founder and former CEO Chuck Watson has received $22 million in exchange for terminating his severance claims, the company said Wednesday in a Securities and Exchange filing (SEC). Watson, who had been seeking $28.7 million, resigned in May 2002 following a disastrous merger attempt with Enron Corp. (see Daily GPI, May 29, 2002).

Calgary-based Nexen Inc. became the latest producer to revise downward its oil and gas reserves, reclassifying 8% of its proved North American reserves last week. The company, which will take a C$175 million (C$1.40/share) writedown in fourth quarter earnings, blamed the revision on a cutback in spending on aging, conventional North American assets.

Calgary-based Nexen Inc. became the latest producer to revise downward its oil and gas reserves, reclassifying 8% of its proved North American reserves this week. The company, which will take a C$175 million (C$1.40/share) writedown in fourth quarter earnings, blamed the revision on a cutback in spending on aging, conventional North American assets.

Royal Dutch/Shell Group’s share price tumbled Friday after announcing it would recategorize nearly 20% of its proved hydrocarbon reserves — about 3.9 billion boe. More than 90% of the total comes from a reduction in proved undeveloped reserves; the remainder in proved developed. The changes would trim proved reserves to 15.6 billion boe from the 19.5 billion boe the major estimated in December 2002.