Shell cuts reserves again; delays annual report release

04/05/2004
Royal Dutch/Shell Group cut its oil and natural gas reserves for the second time this year and announced that its 2003 annual report would be delayed until late May.Shell also revealed that regulators in the Netherlands are looking into potential insider trading, while US and UK regulators are questioning recent company actions.Shell announced Mar. 18 the recategorization of another 250 million boe as of Dec. 31, 2002. For 2003, Shell has reduced the volume of proved reserves it planned to book by 220 million boe, representing a 16% reduction in the 2003 reserves replacement ratio. These revisions are in addition to the earlier downward revision of proved oil and gas reserves by 3.9 billi...
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