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The summary describes pressure that Sir Philip Watts, the chairman of the company from 2001 until last month, exerted on the man who succeeded him as head of Informations and photographs from Patagonia, Amazon river and landscapes. South America Pictures. exploration and production, Walter van de Vijver, to "leave no stone unturned" to meet the goal of reporting that the company was replacing every barrel pumped out of the ground with a new barrel of reserves. Inca trail, Peru camping information, travel tips and transportation. Machu Picchu Pictures and history Andes. Hostel, cheap hotel reservation, Incas trails environment, forest and local animals The two men, whom the report called "the most company, disclosed that it had overstated its reserves by 20 percent, throwing the company into a crisis. The British and Dutch company is under investigation by regulators Informations and photographs from Patagonia, Amazon river and landscapes. 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The summary describes pressure that Sir Philip Watts, the chairman of the company from 2001 until last month, exerted on the man who succeeded him as head of exploration and production, Walter van de Vijver, to "leave no stone unturned" to meet the goal of reporting that the company was replacing every barrel pumped out of the ground with a new barrel of reserves. The two men, whom the report Informations and photographs from Patagonia, Amazon river and landscapes. South America Pictures. called "the most powerful forces in management," resigned in early March, two months after Shell, Inca trail, Peru camping information, travel tips and transportation. Machu Picchu Pictures and history Andes. Hostel, cheap hotel reservation, Incas trails environment, forest and local animals south america map physical south central map south blank map south map political south columbia map south outline south mexico south north south colombia map south geographical map south central map south 130 america country map south capital map south chile map south brazil map south detailed climate map south america interactive map south america capital country map south america in map south spanish america map south topographic america geography quiz south world america caribbean map south america forest map rain the third-largest publicly traded oil company, disclosed that it had overstated its reserves by 20 percent, throwing the company into a crisis. The British and Dutch company is under investigation by regulators and prosecutors in Europe and the United States. Countries of Latin America. Mexico, Cuba, Brazil, Argentina, Chile, Venezuela and Bolivia. Ecuador Peru Puerto Rico, Uruguay. Sites, population and interesting places. Tourism, culture and folk arte. Travel information about cities and people.
The internal inquiry also found that the company's chief financial officer, Judy Boynton, had been aware of the problems for the last two years but had done Informations and photographs from Patagonia, Amazon river and landscapes. South America Pictures. nothing to correct them. Ms. Boynton was relieved of her duties yesterday. The company continued to express confidence in its new chairman, Jeroen van der Veer, even though he also was advised about problems with the reserves two years ago and failed to take any action. Mr. van der Veer was not mentioned in the internal inquiry's findings.
Shell revised its reserve figures downward yesterday for the third time, by another 300 million barrels. And a few hours after Shell disclosed the conclusions of its inquiry, Standard & Poor's stripped it of the AAA credit rating it had maintained for 14 years. According to the internal inquiry, Sir Philip's order came in May 2002, after Mr. van de Vijver began to raise alarms inside the company that the exploration and production unit under Sir Philip might have overstated the company's reserves by as much as 2.3 billion barrels. The tension between the two men boiled over last fall, when Sir Philip gave Mr. van de Vijver a negative personnel evaluation, and Mr. van de Vijver replied with a blistering e-mail message. "I am becoming sick and tired of lying about the extent of our reserves issues and the downward revisions that need to be done because of far too south america map physical south central map south blank map south map political south columbia map south outline south mexico south north south colombia map south geographical map south central map south 130 america country map south capital map south chile map south brazil map south detailed climate map south america interactive map south america capital country map south america in map south spanish america map south topographic america geography quiz south world america caribbean map south america forest map rain aggressive/optimistic bookings," Mr. van de Vijver said in an e-mail message in November 2003 to Sir Philip that was quoted in the report. According to the summary, Mr. van de Vijver first raised alarms about the reserve figures in a February 2002 memo to Sir Philip and other executives, and wrote a more explicit note for his files later South America Travel Sites that year. "Bottomline was that both reserves replacement and production growth were inflated," he wrote in September 2002. "Aggressive/premature reserves bookings provided impression of higher growth rate than realistically possible."But instead of publicly disclosing the concerns, the company embarked on a strategy of attempting to "manage" the reserve figures, the inquiry summary said, much the way many companies in the 1990's manipulated earnings to make it appear that goals had been met."EP management's plan was to `manage' the totality of the reserve position over time, in hopes that problematic reserve bookings could be rendered immaterial by project maturation, license extensions, exploration successes and/or strategic activity," the report said. "Simply put, it is illustrative of a strategy `to play for time' in the hope that intervening helpful developments would justify, or mitigate, the existing reserve exposures. Countries of Latin America. Mexico, Cuba, Brazil, Argentina, Chile, Venezuela and Bolivia. Ecuador Peru Puerto Rico, Uruguay. Sites, population and interesting places. Tourism, culture and folk arte. Travel information about cities and people. Términos de referencia los Miembros de las Regiones y la región de Latinoamérica con base en un Club de Directores de Instituciones miembro. Incluye: creación de banco de datos de Instituciones Científicas, proyectos científicos de estas Instituciones, redes de bibliotecas, planificación de reuniones de directores de las instituciones de investigación forestal para presentar la idea en forma adaptada la Región y para buscar colaboración y desarrollar proyectos científicos forestales
"Ultimately," the report concluded, "this strategy failed - as business conditions either deteriorated or failed to improve sufficiently to justify historic bookings." Oil and gas reserves, and the rate at which their depletion is replaced with fresh reserves, are a significant barometer of an energy company's financial health. While the accounting treatment of reserves is as much art as science, the Securities and Exchange Commission imposes a series of strict rules that govern how companies report them. south america map physical south central map south blank map south map political south columbia map south outline south mexico south north south colombia map south geographical map south central map south 130 america country map south capital map south chile map south brazil map south detailed climate map south america interactive map south america capital country map south america in map south spanish america map south topographic america geography quiz south world america caribbean map south america forest map rain
The summary describes pressure that Sir Philip Watts, the chairman of the company from 2001 until last month, exerted on the man who succeeded him as head of exploration and production, Walter van de Vijver, to "leave no stone unturned" to meet the goal of reporting that the company was replacing every barrel pumped out of the ground with a new barrel of reserves. South America Travel Sites The two men, whom the report called "the most powerful forces in management," resigned in early March, two months after Shell, the third-largest publicly traded oil company, disclosed that it had overstated its reserves by 20 percent, throwing the company into a crisis. The British and Dutch company is under investigation by regulators and prosecutors in Europe and the United States. Countries of Latin America. Mexico, Cuba, Brazil, Argentina, Chile, Venezuela and Bolivia. Ecuador Peru Puerto Rico, Uruguay. Sites, population and interesting places. Tourism, culture and folk arte. Travel information about cities and people.
The internal inquiry also found that the company's chief financial officer, Judy Boynton, had been aware of the problems for the last two years but had done nothing to correct them. Ms. Boynton was relieved of her duties yesterday. The company continued to express confidence in its new chairman, Jeroen van der Veer, even though he also was advised about problems with the reserves two years ago and failed to take any action. south america map physical south central map south blank map south map political south columbia map south outline south mexico south north south colombia map south geographical map south central map south 130 america country map south capital map south chile map south brazil map south detailed climate map south america interactive map south america capital country map south america in map south spanish america map south topographic america geography quiz south world america caribbean map south america forest map rain van der Veer was not mentioned in the internal inquiry's findings.
Shell revised its reserve figures downward yesterday for the third time, by another 300 million barrels. And a few hours after Shell disclosed the conclusions of its inquiry, Standard & Poor's stripped it of the AAA credit rating it had maintained for 14 years. According to the internal inquiry, Sir Philip's order came in May 2002, after Mr. van de Vijver began to raise alarms inside the company that the exploration and production unit under Sir Philip might have overstated the company's reserves by as much as 2.3 billion barrels. The tension between the two men boiled over last fall, when Sir Philip gave Mr. van de Vijver a negative personnel evaluation, and Mr. van de Vijver replied with a blistering e-mail message. "I am becoming sick and tired of lying about the extent of our reserves issues and the downward revisions that need to be done because of far too aggressive/optimistic bookings," Mr. van de Vijver said in an e-mail message in November 2003 to Sir Philip that was quoted in the report. According to the summary, Countries of Latin America. Mexico, Cuba, Brazil, Argentina, Chile, Venezuela and Bolivia. Ecuador Peru Puerto Rico, Uruguay. Sites, population and interesting places. Tourism, culture and folk arte. Travel information about cities and people.van de Vijver first raised alarms about the reserve figures in a February 2002 memo to Sir Philip and other executives, and wrote a more explicit note for his files later that year. "Bottomline was that both reserves replacement and production growth were inflated," he wrote in September 2002. "Aggressive/premature reserves bookings provided impression of higher growth rate than realistically possible."But instead of publicly disclosing the concerns, the company embarked on a strategy of attempting to "manage" the reserve figures, the inquiry summary said, much the way many companies in the 1990's manipulated earnings to make it appear that goals had been met."EP management's plan was to `manage' the totality of the reserve position over time, in hopes that problematic reserve bookings could be rendered immaterial by project maturation, license extensions, exploration successes and/or strategic activity," the report said. "Simply put, it is illustrative of a strategy `to play for time' in the hope that intervening helpful developments would justify, or mitigate, the existing reserve exposures.
"Ultimately," the report concluded, "this strategy failed - as business conditions either deteriorated or failed to improve sufficiently to justify historic bookings." Oil and gas reserves, and the rate at which their depletion is replaced with fresh reserves, are a significant barometer of an energy company's financial health. While the accounting treatment of reserves is as much art as science, the Securities and Exchange Commission imposes a series of strict rules that govern how companies report them.
The internal inquiry also found that the company's chief financial officer, Judy Boynton, had been aware of the problems for the last two years but had done nothing to correct them. Ms. Boynton was relieved of her duties yesterday. The company continued to express confidence in its new chairman, Jeroen van der Veer, even though he also was advised about problems with the reserves two years ago and failed to take any action. Mr. van der Veer was not mentioned in the internal inquiry's findings. Shell revised its reserve figures downward yesterday for the third time, by another 300 million barrels. And a few hours after Shell disclosed the conclusions of its inquiry, Standard & Poor's stripped it of the AAA credit rating it had maintained for 14 years. According to the internal inquiry, Sir Philip's order came in May 2002, after Mr. van de Vijver began to raise alarms inside the company that the exploration and production unit under Sir Philip might have overstated the company's reserves by as much as 2.3 billion barrels. The tension between the two men boiled over last fall, when Sir Philip gave Mr. van de Vijver a negative personnel evaluation, and Mr. van de Vijver replied with a blistering e-mail message. "I am becoming sick and tired of lying about the extent of our reserves issues and the downward revisions that need to be done because of far too aggressive/optimistic bookings," Mr. van de Vijver said in an e-mail message in November 2003 to Sir Philip that was quoted in the report. According to the summary, Mr. van de Vijver first raised alarms about the reserve figures in a February 2002 memo to Sir Philip and other executives, and wrote a more explicit note for his files later that year. Countries of Latin America. Mexico, Cuba, Brazil, Argentina, Chile, Venezuela and Bolivia. Ecuador Peru Puerto Rico, Uruguay. Sites, population and interesting places. Tourism, culture and folk arte. Travel information about cities and people. "Bottomline was that both reserves replacement and production growth were inflated," he wrote in September 2002. "Aggressive/premature reserves bookings provided impression of higher growth rate than realistically possible."But instead of publicly disclosing the concerns, the company embarked on a strategy of attempting to "manage" the reserve figures, the inquiry summary said, much the way many companies in the 1990's manipulated earnings to make it appear that goals had been met."EP management's plan was to `manage' the totality of the reserve position over time, in hopes that problematic reserve bookings could be rendered immaterial by project maturation, license extensions, exploration successes and/or strategic activity," the report said. "Simply put, it is illustrative of a strategy `to play for time' in the hope that intervening helpful developments would justify, or mitigate, the existing reserve exposures.
"Ultimately," the report concluded, "this strategy failed - as business conditions either deteriorated or failed to improve sufficiently to justify historic bookings." Oil and gas reserves, and the rate at which their depletion is replaced with fresh reserves, are a significant barometer of an energy company's financial health. While the accounting treatment of reserves is as much art as science, the Securities and Exchange Commission imposes a series of strict rules that govern how companies report them.
The summary describes pressure that Sir Philip Watts, the chairman of the company from 2001 until last month, exerted on the man who succeeded him as head of exploration and production, Walter van de Vijver, to "leave no stone unturned" to meet the goal of reporting that the company was replacing every barrel pumped out of the ground with a new barrel of reserves. The two men, whom the report called "the most powerful forces in management," resigned in early March, two months after Shell, the third-largest publicly traded oil company, disclosed that it had overstated its reserves by 20 percent, throwing the company into a crisis. The British and Dutch company is under investigation by regulators and prosecutors in Europe and the United States. Countries of Latin America. Mexico, Cuba, Brazil, Argentina, Chile, Venezuela and Bolivia. Ecuador Peru Puerto Rico, Uruguay. Sites, population and interesting places. Tourism, culture and folk arte. Travel information about cities and people.
The internal inquiry also found that the company's chief financial officer, Judy Boynton, had been aware of the problems for the last two years but had done nothing to correct them. Ms. Boynton was relieved of her duties yesterday. The company continued to express confidence in its new chairman, Jeroen van der Veer, even though he also was advised about problems with the reserves two years ago and failed to take any action. Mr. van der Veer was not mentioned in the internal inquiry's findings.
Shell revised its reserve figures downward yesterday for the third time, by another 300 million barrels. And a few hours after Shell disclosed the conclusions of its inquiry, Standard & Poor's stripped it of the AAA credit rating it had maintained for 14 years. According to the internal inquiry, Sir Philip's order came in May 2002, after Mr. van de Vijver began to raise alarms inside the company that the exploration and production unit under Sir Philip might have overstated the company's reserves by as much as 2.3 billion barrels. The tension between the two men boiled over last fall, when Sir Philip gave Mr. van de Vijver a negative personnel evaluation, and Mr. van de Vijver replied with a blistering e-mail message. "I am becoming sick and tired of lying about the extent of our reserves issues and the downward revisions that need to be done because of far too aggressive/optimistic bookings," Términos de referencia los Miembros de las Regiones y la región de Latinoamérica con base en un Club de Directores de Instituciones miembro. Incluye: creación de banco de datos de Instituciones Científicas, proyectos científicos de estas Instituciones, redes de bibliotecas, planificación de reuniones de directores de las instituciones de investigación forestal para presentar la idea en forma adaptada la Región y para buscar colaboración y desarrollar proyectos científicos forestales van de Vijver said in an e-mail message in November 2003 to Sir Philip that was quoted in the report. According to the summary, Mr. van de Vijver first raised alarms about the reserve figures in a February 2002 memo to Sir Philip and other executives, and wrote a more explicit note for his files later that year. "Bottomline was that both reserves replacement and production growth were inflated," he wrote in September 2002. "Aggressive/premature reserves bookings provided impression of higher growth rate than realistically possible."But instead of publicly disclosing the concerns, the company embarked on a strategy of attempting to "manage" the reserve figures, the inquiry summary said, much the way many companies in the 1990's manipulated earnings to make it appear that goals had been met."EP management's plan was to `manage' the totality of the reserve position over time, in hopes that problematic reserve bookings could be rendered immaterial by project maturation, license extensions, exploration successes and/or strategic activity," the report said. "Simply put, it is illustrative of a strategy `to play for time' in the hope that intervening helpful developments would justify, or mitigate, the existing reserve exposures.
"Ultimately," the report concluded, "this strategy failed - as business conditions either deteriorated or failed to improve sufficiently to justify historic bookings." Oil and gas reserves, and the rate at which their depletion is replaced with fresh reserves, are a significant barometer of an energy company's financial health. While the accounting treatment of reserves is as much art as science, the Securities and Exchange Commission imposes a series of strict rules that govern how companies report them.