THE WALL STREET JOURNAL: Moody's Reports: West European Oil Rtgs Driven By Oil Price, Shareholder Returns In '05: “During 2004, Moody's took 11 rating actions (excluding multiple actions) on European oil companies, of which only two were downwards: one was the downgrade of Royal Dutch Shell's rating to Aa1…” (ShellNews.net) Posted 21 Jan 05

DOW JONES NEWSWIRES

   The following is a press release from Moody's Investors Service:

London, 20 January 2005 -- The outlook for ratings of Western European integrated oil companies in 2005 is mildly positive, given the buoyant oil price environment and the substantial free cash flows generated in the sector, Moody's Investors Service says in its new Industry Outlook for European Integrated Oil. Moody's report also covers the Russian oil & gas sector, for which the rating outlook is generally positive, as companies benefit from improving fundamentals, better efficiency and corporate governance, as well as the upturn in oil prices.

During 2004, Moody's took 11 rating actions (excluding multiple actions) on European oil companies, of which only two were downwards: one was the downgrade of Royal Dutch Shell's rating to Aa1, while the other comprised multiple rating actions on Yukos. The remaining nine were either upward outlook changes or rating upgrades. In addition, of the 16 European oil companies rated by Moody's, seven currently have positive outlooks, whereas only one has a negative outlook.