CBS MARKETWATCH TOP NEWS: Royal Dutch/Shell, Chrysler, Boeing: “Since January, Royal Dutch/Shell Group has announced a series of reductions to its proven reserves.”
By CBS MarketWatch
Last Update: 4:58 PM ET July 4, 2004
Posted 5 July 04
SAN FRANCISCO (CBS.MW) -- Among the companies whose shares are likely to see active trading in Tuesday's session is Royal Dutch/Shell Group.
The company said Friday it was cutting its previously reported 2002 net assets by $276 million to reflect overstatements of its proven oil and gas reserves. Since January, Royal Dutch/Shell Group has announced a series of reductions to its proven reserves. "The effect of the restatement was to reduce...the previously reported net assets as at December 31, 2002 by $276 million," and reduce 2000-2002 earnings by $230 million, the company said in a filing with the Securities and Exchange Commission.