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Posts Tagged ‘Securities and Exchange Commission’

Environment: Shell’s readiness on Arctic drilling challenged

Environment: Shell’s readiness on Arctic drilling challenged Posted on May 13, 2012 by Bob Berwyn Conservation group wants SEC to investigate oil company’s statements on plans for oil exploration in the Chukchi Sea By Summit Voice SUMMIT COUNTY — Environmental activists say they want Royal Dutch Shell stockholders to know about all the potential risks and [...]

Shell denies swindling gov’t of excise taxes

“Shell has paid all the right taxes and strongly denies having engaged in any fraudulent activity, especially smuggling, as this is very much against its business principles…” Posted at 08/22/2011 8:36 PM MANILA, Philippines – Pilipinas Shell Petroleum Corp. denied it has defrauded the government of billions of pesos of excise taxes for importing a [...]

Can BP’s investors give oil giant the time to learn from Shell’s mistakes?

Results clouded by rivals and identity crisis! Titanic court battle looms for oil company! Executives may face charges! By Rowena Mason: 9:33PM BST 30 Jul 2011 If those headlines were meant for readers in 2011, the subject could be only one sorry corporate story: BP and its $40bn (£24bn) Gulf of Mexico oil disaster. However, [...]

Lawmakers Seek Inquiry of Natural Gas Industry

A version of this article appeared in print on June 29, 2011, on page A12 of the New York edition Photo Credit: J. Scott Applewhite/Associated Press Representative Maurice D. Hinchey (right) wants S.E.C. action. WASHINGTON — Federal lawmakers called Tuesday on several agencies, including the federal Securities and Exchange Commission, the Energy Information Administration and [...]

S.E.C. rule changes on estimated reserves: ‘Welcome back to Alice in Wonderland’

In 2004, the oil and gas industry faced one of its most embarrassing scandals. After whistle-blowers reported concerns about the size of Royal Dutch/Shell’s reserves, the company surprised investors by slashing reserve estimates. “I am becoming sick and tired about lying,” Walter van de Vijver, a senior executive at Royal Dutch/Shell, wrote in a November [...]

The SEC Surrenders to the Oil Industry

By Felix Salmon (Left) November 20, 2009 What are the consequences of allowing multi-billion-dollar systemically important multinational corporations to report their assets using proprietary mark-to-model tools involving discredited Monte Carlo simulations? I think we all know the answer to that one. But unbelievably, after such shenanigans contributed enormously to the greatest financial meltdown in living [...]

El Paso Ex-Executives Settle Charges Over Reserves

The treatment of El Paso stands in stark contrast to how the SEC handled Royal Dutch Shell PLC in 2004, when it also faced charges of inflating reserves. Shell, which ultimately reduced its proved reserves by 22.5%, paid about $150 million in fines to the SEC and British regulators.

SEC considers shake-up of reporting rules

Reserves reporting, used as a key measure by investors for assessing a company’s long-term financial prospects, has been hugely sensitive in the past. The 2004 revelation of misreporting of reserves by the Royal Dutch Shell group triggered official investigations and lawsuits. It cost executives their jobs and prompted a shake-up of the company’s management structure.

SEC Asks Total, Hydro To Disclose Iran Payments –Source

THE WALL STREET JOURNAL: SEC Asks Total, Hydro To Disclose Iran Payments –Source Posted 5 May 05 By BENOIT FAUCON Of DOW JONES NEWSWIRES  LONDON — The U.S. Securities and Exchange Commission has asked oil companies, including Total SA (TOT) and Norsk Hydro ASA (NHY), to disclose the commissions they may have paid while doing [...]