Shell chairman reassures staff about reserves revision

01/26/2004
Royal Dutch/Shell Group Chairman Philip Watts has written a letter to employees, reassuring them that there is no evidence of any wrongdoing involved in the company's recent reserves revision."It is important to bear in mind that this recategorization was the result of our own internal processes."Based on those reviews, I believe that individuals concerned worked in good faith to the interpretations in use when the bookings were made, following proper processes, and that there is no evidence of any misconduct," Watts wrote in a letter to staff dated Jan. 16 and posted on the company's web site.On Jan. 9, Shell announced that it had overestimated its proved oil and natural gas rese...
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