Royal Dutch Shell plc (Shell) today announced that, effective October 1, 2007, its wholly owned subsidiary, Coral Energy Holding, L.P., will change its name to Shell Energy North America (US), L.P. and Coral Energy Canada Inc. will change its name to Shell Energy North America (Canada) Inc. Both companies will do business as Shell Energy North America in their respective countries. All other Coral Energy companies—including but not limited to Coral Energy Resources, L.P.; Coral Power, L.L.C.; and Coral Energy Management, LLC—will continue to operate as subsidiaries of Shell Energy North America (US), L.P. All existing contracts written under the Coral Energy Holding, L.P. and Coral Energy Canada Inc. company names will be unaffected by the name change and, in the U.S., all Coral Energy subsidiaries will continue operation as subsidiaries of Shell Energy North America (US), L.P. The new names clearly identify the companies as subsidiaries of Shell, one of the world’s most recognized and trusted brands. "Approximately two years ago, Shell became the sole owner of Coral Energy. Changing our name was a natural progression from the buyout to more clearly illustrate our relationship to Shell and the Shell brand," said Mark Hanafin, president and chief executive officer of Shell Energy North America. "Our companies have always operated according to Shell’s recognized business principles and operational excellence, and have accessed Shell’s vast resources and knowledge pool to satisfy customers’ needs since their inception in the mid-90s. However, we wanted to make sure it was clear to everyone that there was a direct connection," said Hanafin. As Shell Energy North America, the company will continue serving its customers, including commercial and industrial users, major retailers, local gas distribution companies, utilities, independent power producers, retail energy aggregators and oil and gas companies, by providing comprehensive energy solutions. Its success can be linked to its ongoing ability to provide customers with a diverse network of supply supported by a host of flexible and integrated marketing, trading, risk management and asset management tools and services.
Headquartered in Houston with regional offices throughout the U.S. and Canada, Coral Energy Holding, L.P., which will become Shell Energy North America effective October 1, 2007, is a wholly owned subsidiary of Royal Dutch Shell plc (Shell) and operates throughout North America as an integral part of the Shell global trading network. A leader in North American gas and power marketing, the company trades and markets natural gas, wholesale power and risk management products with counterparties and customers throughout the region. As a part of Shell, Coral Energy Holding, L.P. (to be renamed Shell Energy North America effective October 1, 2007) leverages Shell’s resources, global reach, employee expertise and financial strength to offer integrated and custom solutions to a variety of customers, including large commercial and industrial users, local gas distribution companies, electric utilities, independent power producers, energy aggregators, and oil and gas producers.
Shell Oil Company, including its consolidated companies and its share in equity companies, is one of America's leading oil and natural gas producers, natural gas marketers, gasoline marketers and petrochemical manufacturers. Shell, a leading oil and gas producer in the deepwater Gulf of Mexico, is a recognized pioneer in oil and gas exploration and production technology. Shell Oil Company is an affiliate of the Shell Group, a global group of energy and petrochemical companies, employing approximately 109,000 people and operating in more than 140 countries and territories.
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Disclaimer statement:
This announcement contains forward-looking statements that are subject to risk factors associated with the oil, gas, power, chemicals and renewables business. It is believed that the expectations reflected in these statements are reasonable, but may be affected by a variety of variables which could cause actual results, trends or reserves replacement to differ materially, including, but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, risks associated with the identification of suitable potential acquisition properties and targets and the successful negotiation and consummation of transactions, the risk of doing business in developing countries, legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorization of reserves, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.
Please refer to the Annual Report on Form 20-F for the year ended December 31, 2006 (as amended) for a description of certain important factors, risks and uncertainties that may affect the Shell Group's businesses. Neither Royal Dutch Shell plc nor any member of the Shell Group undertakes any obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or other information. Cautionary Note to US Investors:
The United States Securities and Exchange Commission ('SEC') permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as "expected producible resources" and "amount of reserves we expect to produce", that the SEC's guidelines strictly prohibit us from including in filings with the SEC.
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