The Times: That was the week: “Shell, the beleaguered oil group, reveals that it is pinning its hopes on long-term high oil prices…”: “…fails to impress the City, with shares falling 14p to 418p on the day.”(ShellNews.net)

September 25, 2004

Shell, the beleaguered oil group, reveals that it is pinning its hopes on long-term high oil prices, in its first strategy presentation since revealing that it had overstated proven reserves. The company’s decision to increase spending from $14.5 billion (£8 billion) to $15 billion fails to impress the City, with shares falling 14p to 418p on the day.