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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 97 / 352

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© D.L. Crumbley

Bias Assumptions

There are almost as many oil/gas reserve definitions as there are countries.

During the first week of January 2004, Royal Dutch/Shell Group slashed its estimates of oil reserves by 20% or about 3.9 billion barrels of oil.

Stock fell 9%.

Shell, Exxon/Mobil, and Chevron/Texaco make the estimates themselves.

Source: Susan Warren and P.A. Mckay, “Methods for Citing Oil Reserves Prove Unrefined,” Wall Street Journal, January 14, 2004, p. C-4

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