FIRMS HIT AT SEC'S RESERVES JUDGEMENTS - The Daily Telegraph says some of the world's biggest oil and gas companies have backed a report which is heavily critical of the way that the US Securities and Exchange Commission forces them to account for their reserves.
The report, which was supported by BP, Exxon Mobil and Chevron Texaco, among others, claimed that the SEC's definition of reserves accounting had 'failed to keep pace with a changing, increasingly global industry' and 'falls short of accurately describing industry and individual companies' values'.
The paper says the SEC is under pressure to reform its strict treatment of companies' oil and gas reserves. The issue has come under the spotlight since Shell admitted that, under the SEC's 'proven' definition, it had exaggerated its reserves by a third.
But hey those rules were fine for decades before.
