S&P calls for broader disclosures of oil, gas reserves

Investors and analysts trying to decipher the significance of reported oil and natural gas reserves could benefit from broader disclosures by companies, a credit ratings agency suggested.The Paris office of Standard & Poor's Rating Services (S&P), New York, issued a Sept. 30 research note detailing lessons that can be drawn from high-profile reserves revisions.The subject has attracted attention since Royal Dutch/Shell Group announced in January its first of four adjustments that ultimately lowered proved reserves by 24%, mainly through reclassification.El Paso Corp., Houston, also revised its reserves estimates, as did others, including Forest Oil Corp., Denver; Vintage Petroleum Inc...

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