SPECIAL REPORT: Reserves reporting debate stirs movement for reform

Large reserves writedowns by major oil and gas companies have rekindled debate about how companies estimate reserves, what regulators require of them, and how investors use the information.While adjustments are a normal part of reserves reporting, disclosure policies drew close attention after Royal Dutch/Shell Group and other companies last year began making unusually large downgrades to their estimates (see table). Click here to enlarge imageRoyal Dutch Shell-the largest company making the adjustments-reclassified its reserves estimates five times in a little over a year (OGJ, Feb. 21, 2005, p. 5). The company reviewed all of its reserves estimates worldwide and changed its reserves re...

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