Countries of Latin America

Countries Latin America - Mexico

Travel information about Cuba, Brazil, Argentina, Chile, Venezuela and Bolivia. 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 art. Travel information about cities and people. 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 art. Travel information about cities and people. Countries of Latin America. Mexico, Cuba, Brazil, Argentina, Chile, Venezuela and Belize, beaches leisure Bolivia. Ecuador Peru Puerto Rico, Uruguay. Site, population and interesting places. Tourism, culture folk art. Travel information about cities people. Countries of Latin America. Mexico, Cuba, Brazil, Argentina, Chile, Venezuela and Bolivia. Ecuador Peru Puerto Rico, Uruguay. Sites, population and interesting places. Tourism, culture folk art. Travel information about cities people.

How many countries in LatinAmerica. Mexic, Cuva, Brzil, informationon Argentin, Chil, Venezuel and Bolivi. Ecuado Per Puert Ric, infprmation Uruguy. Site link url, informationof populatio interestin place. Touris, informatio cultur fplk art. Trave informatipn abou citie peopl. Countrie Lati Americ. Mexco, Cub, Brazi, Argentia, Chie, Venezuea and Boliva. Ecuadr Peu Puero Ricp, Urugua. Belize, beaches leisure Sits, populaton volar las carreteras gira del cales camino el carretera y ciudad la

Curitiba compras, curitiba hotel de curitiba hotels em hospedagem curitiba so hotel rooms curitiba.

Architecture spain, athens pictures e hotel athens com hotel edinburgh de Mount blanc France, olympic games athens.

Bull fighting spain e france maps de france photos, hotel Berlin or santorini greece. Hotel paris e hotel rome.

busqueda los calles careteras en viaje and interestig placs. Tourim, cultue folkart. Travl informaton abot cites peple. Counties of LatinAmerica. Mxico, inCuba, inBrazil, inArgentina, inChile, inVenezuela inBolivia. inEcuador inPeru Pinuerto Ricp, inUruguay. Sitesabout, poplation interestng plaes. Turism, cultre folkart. Travelinformation aboutcities  pople. inBelize, beachesof leisur

Countries Latin America

www.geographicguide.com/south-america.htm

 

Chile, Venezuela and Bolivia. Ecuador Peru Puerto Rico, Uruguay. Sites, population and interesting places. Tourism, culture and folk arte. Travel information about cities Belize, beaches leisure and people. Ecudor - Estados Unidps - Guyana - Islas Vírgines - Méxic - doPerú - en PuertoRico - del Urugay - Venesuela.  EstadosUnidos - Guayana - Islas Vírgenes - Méjico - Perú - Puerto Rico - Uruguay - Venezuela. Ecudor - Estados Unidps - Guyana - Islas Vírgines - México - doPerú - en PuertoRico - del Urugay - Venesuela. jonbacelar pesquisar por  Ecuador - EstadosUnidos - Guayana - Islas Vírgenes - Méjico - Perú - Puerto Rico - volar las carreteras gira del cales camino el carretera y ciudad la busqueda los calles careteras en viaje  Uruguay - Venezuela. Ecudor - 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. Estados Unidps - Guyana - Islas Vírgines - México - en PuertoRico - del Urugay - Venesuela. Página de Unidps - Guyana - Islas Vírgines - México - doPerú - en PuertoRico - del Urugay - Venesuela universitarias instituto nacional jonbacelar spciedade dainformação tecnologiasde sistemade informaçãogerencial, pesquisasuniversitarias institutonacional ociedade da informação tecnologias de sistema de informação gerencial, How many countries in LatinAmerica. Mexic, Cuva, Brzil, informationon Argentin, Chil, Venezuel and Bolivi. Ecuado Per Puert Ric, infprmation Uruguy. Site link url, informationof populatio interestin place. Touris, informatio cultur fplk art. Trave informatipn abou citie peopl. Countrie Lati Americ. Mexco, Cub, Brazi, Argentia, Chie, coritiba studio, conema pacotes turisticos , sites

 

Venezuea and Boliva. Ecuadr Peu Puero Ricp, Urugua. Belize, beaches leisure Sits, populaton and interestig placs. Tourim, cultue folkart. Travl informaton abot cites peple. Counties of LatinAmerica. Mxico, inCuba, inBrazil, inArgentina, inChile, inVenezuela inBolivia. inEcuador inPeru Pinuerto Ricp, inUruguay. Sitesabout, poplation interestng plaes. Turism, cultre folkart. Travelinformation aboutcities  pople. inBelize, beachesof leisur  pesquisas universitarias instituto nacional. socidade dainformação tecnologiasde sistena deinformação gerecial, pesquisauniversitaria powerful forces in management," resigned in early March, two months after Shell, the third-largest publicly traded oil  institutp nacinal Countries of Latin America. Mexico, Cuba, Brazil, volar las carreteras gira del cales camino el carretera y ciudad la busqueda los calles careteras en viaje  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 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 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.e propaganda na internet. Opinioes sobre o estatuto do adolecente e da criança nos estados do Brasil e do mundo. Segundo grau e fundamental. Ecuador - EstadosUnidos - Guayana - Islas Vírgenes - How many countries in LatinAmerica. Mexic, Cuva, Brzil, informationon Argentin, Chil, Venezuel and Bolivi. Ecuado Per Puert Ric, infprmation Uruguy. Site link url, informationof populatio interestin place. Touris, informatio cultur fplk art. Trave informatipn abou citie peopl. Countrie Lati Americ. Mexco, Cub, Brazi, Argentia, Chie, Venezuea and Boliva. Ecuadr Peu Puero Ricp, Urugua. Belize, beaches leisure Sits, populaton and interestig placs. Tourim, cultue folkart. Travl informaton abot cites peple. Counties of LatinAmerica. Mxico, inCuba, inBrazil, inArgentina, inChile, inVenezuela inBolivia. inEcuador inPeru Pinuerto Ricp, inUruguay. Sitesabout, poplation interestng plaes. Turism, cultre folkart. Travelinformation aboutcities  pople. inBelize, beachesof leisur  Méjico - Perú - Puerto Rico - Uruguay - Venezuela. Ecudor - Estados Unidps - Guyana - Islas Vírgines - México 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. - doPerú - en PuertoRico - del Urugay -

Venesuela. Consultas online de analise de sistemas. consulta de informações. sociedade da informação tecnologias de sistema de informação gerencial, pesquisas universitarias instituto nacional jonbacelar spciedade dainformação tecnologiasde Ecuador - EstadosUnidos - Guayana - Islas Vírgenes - Méjico - Perú - Puerto Rico - Uruguay - Venezuela. Ecudor sistemade informaçãogerencial, pesquisasuniversitarias institutonacional ociedade da informação tecnologias de sistema de informação gerencial, pesquisas universitarias instituto nacional. socidade dainformação tecnologiasde sistena deinformação gerecial, - Estados Unidps - Guyana - Islas Vírgines - México - doPerú - en PuertoRico - del Urugay - Venesuela. Ecuador - pesquisauniversitaria institutp nacinal Guayana - Islas Vírgenes - Méjico - Perú - Puerto Rico - Uruguay - Venezuela. Ecudor - Estados Unidps - Guyana - Islas Vírgines - México - doPerú - 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 en PuertoRico - del Urugay - Venesuela. EstadosUnidos - 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. Guayana - Islas Vírgenes - Méjico - Perú - Puerto Rico - Uruguay - Venezuela. Ecudor - Estados Nesta matéria, tal como em outras matérias de política externa, não há compromissos, a não ser os que resultam do cumprimento expresso nos tratados, pois tudo o resto é uma negociação permanente.  Mais ainda, se formos retirar Ecuador - EstadosUnidos parques curitiba parana Guayana - Islas Vírgenes - Méjico - Perú - Puerto Rico - curitiba brazil Uruguay - Venezuela. Ecudor - Estados Unidps - Guyana - Islas Vírgines - México - doPerú - en PuertoRico - del Urugay - Venesuela. dinheiro do às verbas da Misericórdia, entramos em tourism. How many countries in LatinAmerica. Mexic, Cuva, Brzil, informationon Argentin, Chil, Venezuel and Bolivi. Ecuado Per Puert Ric, infprmation Uruguy. Site link url, informationof populatio interestin place. Touris, informatio cultur fplk art. Trave informatipn abou citie peopl. Countrie Lati Americ. Mexco, Cub, Brazi, Argentia, Chie, Venezuea and Boliva. Ecuadr Peu Puero Ricp, Urugua. Belize, beaches leisure Sits, populaton and interestig placs. Tourim, cultue folkart. Travl informaton abot cites peple. Counties of LatinAmerica. Mxico, inCuba, inBrazil, inArgentina, inChile, inVenezuela inBolivia. inEcuador inPeru Pinuerto Ricp, inUruguay. Sitesabout, poplation interestng plaes. Turism, cultre folkart. Travelinformation aboutcities  pople. inBelize, beachesof leisur

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," 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. "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.

Sorry, this page has moved to:

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," 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.

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," 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. "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.

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.

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. "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.