The New York Times: Shell Executives Discuss Internal Review

April 17, 2004

Shell Executives Discuss Internal Review

By REUTERS

THE HAGUE, April 16 (Reuters) - Executives of the Royal Dutch/Shell Group met on Friday to discuss an internal review into cuts in its estimates of oil and gas reserves.

The company confirmed that Aad Jacobs, chairman of the audit committee and of the supervisory board, held a meeting to discuss the internal review but did not provide any details.

A person close to the situation said the board would continue to meet over the weekend and that it might disclose part of the review next week.

A Shell spokesman said the outcome of the review would be announced before the end of April.

Shell, the world's third-largest oil company, stunned investors in January by lowering its estimates of proven reserves, a crucial financial indicator, by 20 percent, or 3.9 billion barrels. The company is under investigation by regulators and prosecutors in Europe and the United States.

In March, Shell dismissed two top executives, Sir Philip Watts, the chairman, and Walter van de Vijver, the head of exploration and production.

http://www.nytimes.com/2004/04/17/business/worldbusiness/17shell.html?pagewanted=print&position=