Shell restates quarterly income

First-quarter net income for 2004 has been re-adjusted to $4.7bn from $4.43bn because of changes in the accounting of inventories.

The changes, which were a follow-through from the adjustments in its 2003 accounts, were done to mainly reflect the cut in its oil and gas reserves.

In May this year, Shell cut its estimates of oil barrel reserves by more than 4 billion barrels, leading to the resignation of senior executives.