The Times (UK): Need to Know: “Royal Dutch/Shell was threatened with a credit rating downgrade by Standard & Poor’s after Shell’s announcement on Thursday that it might have to overstate its oil and gas reserves, this time by 900 million barrels.” (ShellNews.net)

Sector down 0.5%

October 30, 2004

Royal Dutch/Shell was threatened with a credit rating downgrade by Standard & Poor’s after Shell’s announcement on Thursday that it might have to overstate its oil and gas reserves, this time by 900 million barrels.

ChevronTexaco, the second-biggest US oil company, reported a 62 per cent rise in quarterly profit to $3.2 billion (£1.7 billion), from $2 billion a year before, but the results fell short of Wall Street forecasts.

Sinopec Group, the Chinese state oil giant, has signed a $70 billion oilfield development and liquefied natural gas agreement with Iran.

Shareholders in Harmony Gold, the South African gold group, will vote on November 12 on the $7.5 billion (£4.1 billion) all-share takeover bid for rival Gold Fields, which will create the world’s biggest gold group.