US, UK regulators confirm Shell reserves settlement

US and UK regulators Aug. 24 confirmed a $150 million settlement with Royal Dutch/Shell Group that the company first disclosed in July.The US Securities and Exchange Commission and its UK counterpart, the Financial Services Authority, declined to comment on the matter in July but finally broke their silence (OGJ Online, July 29, 2004).An Aug. 24 SEC statement alleged that Shell overstated proved reserves reported in its 2002 Form 20-F by 23%, equaling about 4.47 billion boe. The SEC order further concluded that Shell overstated its future cash flows in the same filing by $6.6 billion. Shell later corrected that and other overstatements in an amended filing on July 2; the correction reflec...

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