The announcement on 9 January 2004 by the Royal Dutch Shell Group of the downgrading of its hydrocarbon reserves drew fire from shareholders, financial analysts, the media (e.g. news report 20 April 2004) and the U.S. Securities and Exchange Commission (SEC) after announcing the recategorisation of its hydrocarbon reserves, admitting that a significant share of reserves previously booked as proven did not fulfill the requirements for proof under the US regulatory provisions. According to the SEC Cease and Desist Order of 24 August 2004, Shell overstated proved reserves reported in its 2002 Form 20-F by 4.47 billion barrels of oil equivalent (boe), or approximately 23%. The order further concludes that Shell also overstated the standardised measure of future cash flows reported in this filing by approximately $6.6 billion. Shell corrected these overstatements in an amended filing on 2 July 2004, which reflected the degree of Shell's overstatements for the years 1997 to 2002.