THE NEW YORK TIMES: Shell Inflated Reserves by 41%: “Royal Dutch/Shell Group reports its oil and gas reserves as of 2002 was overstated by 41 percent; Shell has made five cuts in reserve number, leading to investor lawsuits, replacement of three senior executives and more than $150 million in fines; US Justice Department is conducting criminal investigation into Shell's statements of its oil and gas reserves” (ShellNews.net) Posted 4 April 05
(Bloomberg News) 334 words
ABSTRACT - Royal Dutch/Shell Group reports its oil and gas reserves as of 2002 was overstated by 41 percent; Shell has made five cuts in reserve number, leading to investor lawsuits, replacement of three senior executives and more than $150 million in fines; US Justice Department is conducting criminal investigation into Shell's statements of its oil and gas reserves; company amends annual reports, lowering net income for 1999 through 2003 in connection with previously announced cuts; lowers net income for 2003 by $183 million, to $12.31 billion, and for 2002 by $66 million, to $9.66 billion (M)
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