Shell
LSE:SHEL
£
34,82
£
+
£0,41 (1,19%)
34,82
£
+£0,41 (1,19%)
End-of-day quote: 03/27/2026
Shell Stock Value
Configure Widget
X
Create Widget
Not an affiliate? https://growth-software.de/partnerprogramm/
Widget copied to clipboard.
Shell Company Info
EPS Growth 5Y
30,43%
Market Cap
£194,19 B
Long-Term Debt
£49,42 B
Quarterly earnings
05/02/2026 (E)
Dividend
£1,12
Dividend Yield
3,21%
Founded
1897
Industry
Country
Website
ISIN Number
Website
Analyst Price Target
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.
£33,16
-4.77%
Last Update: 03/27/2026
Analysts: 17
Highest Price Target £44,83
Average Price Target £33,16
Lowest Price Target £27,45
In the last five quarters, Shell’s Price Target has risen from £30,11 to £32,06 - a 6,48% increase. Nineteen analysts predict that Shell’s share price will fall in the coming year, reaching £33,16. This would represent a decrease of -4,77%.
Top growth stocks in the energy sector (5Y.)
What does Shell do?
Shell plc (Shell), an international energy company, engages in the principal aspects of the energy and petrochemicals industries.
Strategy
The company’s strategy is to deliver more value with less emissions.
Segments
The company reports its business through Integrated Gas, Upstream, Marketing, Chemicals and Products, and Renewables and Energy Solutions segments.
The Integrated Gas segment includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and oth...
Shell plc (Shell), an international energy company, engages in the principal aspects of the energy and petrochemicals industries.
Strategy
The company’s strategy is to deliver more value with less emissions.
Segments
The company reports its business through Integrated Gas, Upstream, Marketing, Chemicals and Products, and Renewables and Energy Solutions segments.
The Integrated Gas segment includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver these to market. The segment also includes the marketing, trading and optimisation of LNG.
The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas and operates the infrastructure necessary to deliver them to the market.
The Marketing segment comprises the Mobility, Lubricants, and Sectors & Decarbonisation businesses. The Mobility business operates Shell's retail network, including electric vehicle charging services and the wholesale commercial fuels business which provides fuels for transport, industry and heating. The Lubricants business produces, markets and sells lubricants for road transport and machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors & Decarbonisation business sells fuels, speciality products and services, including low-carbon energy solutions, to a broad range of commercial customers, including the aviation, marine and agricultural sectors.
The Chemicals and Products segment includes chemical manufacturing plants, with their own marketing network, and refineries, which turn crude oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and oil sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).
The Renewables and Energy Solutions segment includes activities, such as renewable power generation, the marketing and trading and optimization of power and pipeline gas, as well as carbon credits and digitally enabled customer solutions. The segment also includes production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
Integrated Gas segment
Integrated Gas segment includes liquefied natural gas (LNG) and the conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver these to market. Integrated Gas also includes the marketing, trading and optimisation of LNG.
Portfolio and Business Developments
Significant portfolio and business developments:
In June 2024, the company agreed to acquire 100% of the shares in Singapore-based Pavilion Energy Pte. Ltd. from Carne Investments Pte. Ltd., a wholly owned subsidiary of Temasek. Pavilion Energy includes a global LNG trading business with about 6.5 mtpa of contracted supply volume.
In July 2024, the company took the final investment decision (FID) on the Manatee project, a gas field in the East Coast Marine Area (ECMA) in Trinidad and Tobago.
In July 2024, the company signed an agreement to invest in the Abu Dhabi National Oil Company's (ADNOC) Ruwais LNG project through a 10% participating interest. The project will consist of two 4.8 mtpa LNG liquefaction trains with a total capacity of 9.6 mtpa. LNG deliveries are expected to start in 2028.
In August 2024, Arrow Energy, an incorporated joint venture between Shell (50%) and PetroChina (50%), announced the sanction of Phase 2 of Arrow Energy's Surat Gas Project in Queensland, Australia.
During 2024, the company continued to grow its world-leading LNG business. The company invested in its existing assets, for example, by taking a final investment decision on the Manatee gas project in Trinidad and Tobago and by proceeding with projects to supply gas at its LNG facilities in Australia, such as the Surat Gas Project North.
Manatee is expected to start production in 2027 and, once online, is expected to reach peak production of about 104,000 barrels of oil equivalent per day (boe/d) (604 MMscf/d). It will provide backfill for the country's Atlantic LNG facility and to the petrochemical sector. Increasing utilisation at existing LNG plants is an important lever to maximise potential from Shell's existing assets. The company also undertook the Phase 1 of the commercial restructuring of Atlantic LNG in Trinidad and Tobago in 2024 in an effort to simplify the structure of the project. The remaining phases are expected to be completed by 2027.
The Surat Gas Project Phase 2 is expected to contribute around 22,400 barrels of oil equivalent per day (or 130 million standard cubic feet per day) at peak production and first gas is expected in 2026. The gas from the project will flow to the Shell-operated Queensland Curtis LNG (QCLNG) facility on Curtis Island, near Gladstone, to meet long-term contracts and supply domestic customers.
The company announced the investment in new projects, such as Pavilion Energy in Singapore, which will add to its sales and bring flexibility to its portfolio, as well as provide additional access to strategic gas markets in Asia and Europe. The 10-year LNG supply agreement that the company signed with Boru Hatlari ile Petrol Tasima AS (BOTAS) of Turkey in 2024 will also increase the diversity and flexibility of its portfolio.
The company also continued growing its portfolio through the construction of new lower-carbon intensity LNG plants, for example with the agreement to invest in the Ruwais LNG project, which will utilize an electric-powered liquefaction system and has access to nuclear and solar power. The transaction is still subject to completion.
Finally, in 2024, the company made good progress at LNG Canada, the single largest private-sector energy investment in Canada's history. The facility is expected to initially export up to 14 million tonnes of LNG per annum, contributing up to 5.6 mtpa to Shell's global LNG supply portfolio. The project is on track to ship its first cargoes to global markets by the middle of 2025. LNG Canada has also been designed with energy-efficient natural gas turbines and is expected to use renewable power from an electric utility in the province of British Columbia.
LNG Regasification Terminals
In 2024, the company held interests in regasification terminals: Dragon LNG in the UK (Shell interest 50%), Shell Energy India Pvt Ltd (Shell interest 100%) and Shell LNG Gibraltar (Shell interest 51%). The company has rights in other regasification terminals in Mexico (Shell capacity rights 2.7 mtpa), the Netherlands (Shell capacity rights 4.6 mtpa), Singapore (mainly licences to import LNG and sell regasified LNG in Singapore with no volume cap) and the U.S.A. (total Shell capacity rights 24.7 mtpa). Total Shell regasification capacity rights were 7.7 mtpa in Europe, 27.4 mtpa in North America and 6 mtpa in Asia.
Oil and Natural Gas Production, Exploration and Development
Australia
The company operates the Queensland Curtis LNG (QCLNG) venture's natural gas operations in the onshore Surat Basin. Its interests range from 44% to 74% in 25 field compression stations and six central processing plants. Gas from the Surat Basin is supplied to the QCLNG liquefaction plant and the domestic gas market. Also in Queensland, the company has a 50% interest in the Arrow joint venture with China National Petroleum Corporation (CNPC). Arrow owns coalbed methane assets and a domestic power business. In August 2024, the company announced plans to develop Phase 2 of Arrow Energy's Surat Gas Project.
Shell has interests in offshore production, LNG liquefaction and exploration licences in the Browse Basin, and in the North West Shelf (NWS) and Greater Gorgon areas of the Carnarvon Basin. Woodside operates the NWS joint venture (Shell interest 16.7%). The company has a 25% interest in the Chevron-operated Gorgon LNG joint venture that includes offshore production. In the Browse Basin, Shell operates the Prelude field (Shell interest 67.5%), the Crux gas and condensate development field (Shell interest 84.5%) and other backfill projects for the Prelude FLNG.
Bolivia
The company has a 37.5% interest in the Repsol-operated Caipipendi block, where natural gas is produced and delivered to domestic and export markets. The company also has a 25% interest in the Tarija XX West block, which produces from the Itaú field.
Canada
The company produces and markets natural gas, natural gas liquids, and condensate. It holds mineral acres, primarily in the Montney play in British Columbia and Alberta. The company operates four natural gas processing facilities at its Groundbirch asset in British Columbia, with another natural gas processing facility expected to be commissioned and operational in early 2025. Shell's working interest across the Groundbirch acreage ranges from 88% to 92%.
China
The company develops and produces from the onshore Changbei tight-gas field under a PSC with China National Petroleum Corporation.
Egypt
The company has a range of venture and concession interests. The Burullus Gas Company joint venture (Shell interest 25%) operates the West Delta Deep Marine concession (Shell interest 50%) and supplies gas to the domestic market and an Egyptian LNG plant. The Rashid Petroleum Company (Rashpetco) joint venture (Shell interest 50%) operates the Rosetta concession (Shell interest 100%). The El Burg Offshore Company (EBOC) joint venture (Shell interest 30%) operates the El Burg offshore concession (Shell interest 60%).
The company also has interests in several exploration concessions in the Nile Delta and the wider East Mediterranean.
Oman
The company has a concession agreement for the development and production of natural gas and condensate in the Shell-operated Block 10 (Shell interest 53.45%). It has a separate gas sales agreement and oil supply agreement for production from the block. The company also has an exploration and production-sharing agreement for the exploration and appraisal of natural gas and condensate in the Shell-operated Block 11 (Shell interest 67.5%).
Qatar
Under a development and production-sharing contract with the government, the company operates the fully integrated Pearl GTL plant (Shell interest 100%). Pearl GTL has the capacity to produce, process and transport 1.6 billion standard cubic feet per day (scf/d) of gas from Qatar's North Field.
The company has a 30% interest in QatarEnergy LNG N(4), an integrated onshore gas-processing facility operated by QatarEnergy LNG, which can produce around 1.4 billion scf/d of gas from Qatar's North Field. The company also has a 25% interest in the QatarEnergy LNG NFE(2) joint venture, which owns a 25% interest in the North Field East (NFE) project. Shell's ownership of NFE via the joint venture is 6.25%. In addition, it has a 25% interest in the QatarEnergy LNG NFS(2) joint venture which owns a 37.5% interest in the North Field South (NFS) project. Shell's ownership of NFS via the joint venture is 9.375%.
Russia
In 2022, Shell announced its intent to withdraw in a phased manner from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and LNG. Shell still holds a 27.5% (minus one share) interest in Sakhalin Energy Investment Company Ltd. (SEIC), a Bermudan entity, which purportedly no longer holds any licences, rights and obligations in Sakhalin-2. Shell still holds one long-term LNG purchase contract with a Novatek entity.
Trinidad and Tobago
The company has interests in three concessions with producing fields: Central Block (Shell interest 65%), North Coast Marine Area (Shell interest 80.5%) and East Coast Marine Area (Shell interest 100%), where in July 2024 it took an FID on the Manatee project.
In 2024, the company signed a Sales and Purchase Agreement (SPA) with Touchstone Exploration Trinidad Limited for the sale of its interest in the Central Block facility. The company expects to complete this transaction in the first half of 2025.
The company has a 100% interest in exploration blocks 5(c)REA, 5(d), and 6(d). It also has a 50% interest in exploration blocks 25a, 25b, and 27 in the Columbus Basin. The company operates Block 27, while bp is the operator of the remaining two. Furthermore, in 2024, the company signed the production sharing contract (PSC) for modified block U(c) (Shell share 100%).
Other
The company also has interests in Barbados, Colombia, Cyprus, Tanzania and Venezuela.
Trading and Optimisation
The company's trading organisation markets and sells a portion of its share of equity production of LNG and third-party LNG through its trading hubs in the UK, UAE, and Singapore. The company has term sales contracts for most of its LNG liquefaction and term purchase contracts. Its shipping network, regasification terminals, and ability to buy and deliver spot cargoes from third parties enable the company to optimise the income it generates from its LNG cargoes. For example, if a customer no longer needs a scheduled cargo, the company can deliver it to another customer. Similarly, if a customer requires an additional cargo not available from its own production, the company contracts with third parties to deliver that cargo. The company conducts paper trades primarily to manage commodity price risk related to sales and purchase contracts.
Upstream segment
The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market. Shell has activities in deep water and conventional oil and gas.
Portfolio and Business Developments
Significant portfolio and business developments:
In May 2024, the Petrobras-operated Atapu consortium (Shell interest 16.7%) announced a final investment decision (FID) for the Atapu-2 project, a second floating production, storage and offloading (FPSO) vessel to be deployed at the Atapu field in Brazil's offshore Santos basin.
In July 2024, first gas was achieved at the Jerun field (Shell interest 30%) in Malaysia. Jerun is operated by SapuraOMV Upstream (40%) in partnership with its subsidiary Sarawak Shell Berhad and PETRONAS Carigali Sdn Bhd (30%).
In August 2024, the company announced an FID on a waterflood project at its Vito asset in the Gulf of America. Water will be injected into the reservoir formation to displace additional oil.
In October 2024, the company announced the start of production of the FPSO Marechal Duque de Caxias in the Mero field, in the pre-salt area of the Santos Basin, offshore Brazil. Also known as Mero-3, the FPSO has an operational capacity of 180,000 barrels of oil per day (Shell share 19.3%).
In December 2024, the company, along with Equinor ASA, announced the combination of its UK offshore oil and gas assets and expertise to form a new company, which will be the UK North Sea's biggest independent producer. On deal completion, the new independent producer will be jointly owned by Equinor (50%) and Shell (50%). Completion of the transaction remains subject to approvals and is expected by the end of 2025.
In December 2024, the company announced a final investment decision (FID) on Bonga North, a deep-water project off the coast of Nigeria. Shell (55%) operates the Bonga field in partnership with Esso Exploration and Production Nigeria Ltd. (20%), Nigerian Agip Exploration Ltd. (12.5%), and TotalEnergies Exploration and Production Nigeria Ltd. (12.5%), on behalf of the Nigerian National Petroleum Company Limited.
In January 2025, the company announced the start of production at the Shell-operated Whale floating production facility in the Gulf of America. The Whale development is owned by Shell (60%, operator) and Chevron U.S.A. Inc. (40%).
In February 2025, the company announced production restart at the Penguins field in the UK North Sea with a modern floating, production, storage and offloading (FPSO) facility (Shell 50%, operator; NEO Energy 50%). The previous export route for this field was via the Brent Charlie platform, which ceased production in 2021 and is being decommissioned.
In February 2025, the company signed an agreement to acquire a 15.96% working interest from ConocoPhillips Company (COP) in the Shell-operated Ursa platform in the Gulf of America. Shell's working interest in the platform, pipeline and associated fields will increase from around 45.39% to a maximum of 61.35%. The transaction is subject to regulatory and other conditions, and is expected to be completed by the end of the second quarter of 2025.
On March 13, 2025, the company completed the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance.
Business and Property
The company’s subsidiaries, joint ventures and associates are involved in all aspects of upstream activities. These activities include land tenure and the exploration, development and production of crude oil, natural gas and natural gas liquids. They also include the marketing and transportation of oil and gas, as well as the operation of the infrastructure necessary to deliver them to market.
Europe
Germany
Shell is a 50% shareholder in BEB Erdgas und Erdoel GmbH & Co. KG (BEB), which owns interests in various concessions, mainly in Lower Saxony. ExxonMobil Production Deutschland GmbH has a service contract with BEB, under which it provides operating services to BEB for most of the concessions.
Italy
Shell has a 39% interest in the Val d'Agri producing concession, operated by ENI S.p.A., and a 25% interest in the Tempa Rossa producing concession, operated by TotalEnergies EP Italia S.p.A.
The Netherlands
Shell and ExxonMobil are 50:50 shareholders in Nederlandse Aardolie Maatschappij B.V. (NAM). NAM holds a 60% interest in the onshore low-calorific Groningen gas field (the remaining 40% interest is held by EBN, a Dutch government entity), the Schoonebeek oil field, some 25 smaller hydrocarbon production licences and two underground gas storage facilities.
Historical production from the Groningen field induces earthquakes which have led to damage claims, security concerns, and a strengthening operation to make buildings earthquake resistant.
Norway
Shell holds participating interests in 15 production licences on the Norwegian continental shelf, and is the operator of three of these. In 2024, Shell was awarded one new licence, relinquished four licences and divested the Linnorm gas field. Shell has participating interests in two producing gas fields in Norway: Shell-operated Ormen Lange (Shell interest 17.8%) and Equinor-operated Troll (Shell interest 8.19%). In 2024, significant projects were executed at both assets. The Troll B and C platforms were partially electrified, which is expected to reduce annual emissions of CO2 by 250,000 tonnes. At Ormen Lange, subsea compression, powered from shore, is being installed to enhance gas recovery.
Additionally, Shell holds a 10% participating interest in the Irpa gas discovery, operated by Equinor, which is under development. The company operates two licences which are being decommissioned: Knarr and Gaupe. The company is also the technical service provider for the Nyhamna gas facility, operated by Gassco, which processes and exports gas from several Norwegian fields.
The U.K.
Shell operates a number of assets on the U.K. continental shelf, mostly under unincorporated joint-venture agreements. Shell also has non-operated positions in the West of Shetland area, including the Clair (Shell interest 27.97%) and Schiehallion (Shell interest 44.89%) fields, which are both operated by bp.
In December 2024, Shell, along with Equinor ASA, announced a combination of the company’s U.K. offshore oil and gas assets and expertise to form a new company, which will be the U.K. North Sea's biggest independent producer. On deal completion, the new independent producer will be jointly owned by Equinor (50%) and Shell (50%). Completion of the transaction remains subject to approvals and is expected by the end of 2025.
The operated Penguins FPSO vessel (Shell interest 50%) was successfully moored in the northern North Sea in September 2024 with first oil in February 2025.
Victory (Shell interest 100%), a subsea tieback to the Total-operated Greater Laggan Area facilities, is on track for an expected start-up in 2026. Priority work activities for 2024 were delivered ahead of schedule with new subsea pipelines installed in preparation for well execution in 2025.
Significant progress has also been made on the Jackdaw project (Shell interest 100%) in the North Sea and it is expected to become operational in the mid-2020s. On January 29, 2025, the Court of Session (Outer House) in Scotland ruled, in legal proceedings brought by the non-governmental organisation, Greenpeace, that the original consents for Jackdaw are no longer valid, though importantly, work on the project can continue while new consents are being sought. This ruling has not been appealed.
Within Shell's U.K. exploration portfolio, there is an ongoing judicial review by Oceana UK challenging the award of tranche three of the 33rd licensing round awards (including two licences awarded to Shell in the Mid-North Sea High area) which is expected to be heard by the High Court in March 2025.
In July 2024, Shell signed an agreement with RockRose Energy Limited, a subsidiary of Viaro Energy, to divest its equity stake in 11 gas fields and one exploration prospect in the UK Southern North Sea, as well as the onshore gas processing terminal in Bacton, England. The sale is subject to regulatory approvals and is expected to complete in 2025.
Rest of Europe
Shell also has interests in Albania.
Asia (including the Middle East)
Brunei
Shell and the Brunei government are 50:50 shareholders in Brunei Shell Petroleum Company Sendirian Berhad (BSP). BSP has long-term onshore and offshore oil and gas concession rights and sells most of its gas production to Brunei LNG Sendirian Berhad, with the remainder sold in the domestic market.
In addition to its interest in BSP, the company has a non-operated 35% interest in the offshore Block B concession, which is operated by Hibiscus Petroleum. The gas and condensate are produced from the Maharaja Lela field.
The company has a non-operated 20% interest under a PSC in a gas-holding area for deep-water Block CA2, which is operated by Petronas.
The company operates the deep-water Block CA1 (Shell interest 86.95%) in which the Jagus East field is located and forms part of the unitised GKGJE field under a PSC. As referred to in the Malaysia section the unitised GKGJE field is operated by Shell Malaysia.
Iraq
Shell has a 44% interest in the Basrah Gas Company, which gathers, treats and processes associated gas that was previously flared from the Rumaila, West Qurna 1 and Zubair fields. Processed gas and associated products, such as condensate and LPG, are sold to the domestic and international markets.
Kazakhstan
Shell is the joint operator with ENI S.p.A. of the onshore Karachaganak oil and condensate field (Shell interest 29.3%) in north-west Kazakhstan which covers more than 280 square kilometres.
The company also has a 16.8% interest in the North Caspian Sea PSA, which includes the Kashagan field in the Kazakh sector of the Caspian Sea. The North Caspian Operating Company is the operator. This shallow-water field covers around 3,400 square kilometres.
Shell has a 7.4% interest in the Caspian Pipeline Consortium (CPC), which owns and operates an oil pipeline running from the Caspian Sea to the Black Sea across parts of Kazakhstan and Russia. The company holds its interest in the CPC via three legal entities. Two of these are wholly owned by Shell and the other is a joint venture with Rosneft, Rosneft-Shell Caspian Ventures Ltd (Cyprus) (RSCV) (Shell interest 49%), which was formed in 1996 to own and manage pipeline capacity rights. The company continues to manage its interest in CPC held through RSCV in full compliance with applicable laws, including sanctions.
Kuwait
Shell Kuwait Exploration and Production B.V. (Shell interest 100%) holds three enhanced technical service agreements (ETSA) with Kuwait Oil Company. The ETSA Jurassic Gas runs to 2026, the ETSA Heavy Oil and ETSA Conventional Oil run to 2027.
Malaysia
Shell explores for and produces oil and gas off the coast of Sabah and Sarawak under 20 PSCs, in which its interests range from 20% to 92.5%.
Offshore Sabah
The company operates two producing oil fields: the Malikai deep-water field (Shell interest 35%) in the Block G PSC, and the unitised Gumusut-Kakap Geronggong-Jagus East (GKGJE) field in the Block J PSC which straddles the Malaysia-Brunei border (Shell interest 37.89%).
The company holds a 50% operated participating interest in exploration phase Block 2W, Block X, Block ND6 and Block ND7 PSCs. The company’s exploration activities in Block ND6 and Block ND7 PSCs were suspended in 2005 because of Malaysia's border disputes with Indonesia.
The company’s non-operated portfolio includes two producing fields: the unitised Siakap North-Petai deep-water field in Block G PSC (Shell interest 21%) and the Kebabangan Cluster PSC (Shell interest 30%). The company also holds interests in exploration phase Block SB 2K, Block N and Block 2V PSCs, which range from 25.1% to 40%. In 2024, it signed a new non-operated PSC for Ubah Cluster, a deep-water project off the coast of Sabah (Shell interest 35%).
Offshore Sarawak
The company is the operator of four PSCs producing gas and oil, holding interests ranging from 30% to 75% under the MLNG, SK308, SK408 and SK318 PSCs. Nearly all the gas produced offshore Sarawak is supplied to Malaysia LNG (MLNG) and to its gas-to-liquids plant in Bintulu. The company also continues to explore in the MLNG PSC.
The company holds participating interests ranging from 45% to 92.5% in the exploration phase Block SK437, Blocks SK439/440 and Block 3B PSCs. In 2024, it signed a new PSC for Block 5E (Shell interest 50%), a deep-water block off the coast of Sarawak.
In the company’s non-operated portfolio, it holds a 20% interest in the Pegaga field under the Block SK320 PSC and a 30% interest in the Jerun, Larak and Bakong fields, which are part of the SK408 PSC. Jerun achieved first gas in July 2024.
Oman
Shell has a 34% interest in Petroleum Development Oman (PDO), which operates the Block 6 oil concession. Shell is entitled to 34% of oil produced from Block 6 through its interest in Private Oil Holdings Oman Ltd. The government of Oman has a 60% interest in PDO and the Block 6 oil concession through its wholly owned company, Energy Development Oman (EDO). PDO operates a concession area of about 90,000 square kilometres and has more than 200 producing oil fields.
The company has a 50% interest in Block 42 under an exploration and production-sharing agreement (EPSA) where Shell is the operator. It also operates in Block 55 under an EPSA (Shell interest 100%). The company is in the process of relinquishing its interests in Block 42 and Block 55 to the government.
Syria
Shell holds a 65% interest in Syria Shell Petroleum Development B.V. (SSPD), a joint venture between Shell and the China National Petroleum Corporation. SSPD holds a 31.25% interest in Al Furat Petroleum Company, a Syrian joint stock company whose role was to perform petroleum operations. Shell also holds a 70% interest in two exploration licences via Shell South Syria Exploration B.V. In December 2011, in compliance with international sanctions on Syria, including European Council Decision 2011/782/CFSP, Shell suspended all exploration and production activities in Syria, as well as its participation and/or support in activities related to Al Furat Petroleum Company. SSPD continued to fulfil minimum contractual obligations towards the Syrian finance and labour ministries, in compliance with applicable trade control laws.
Rest of the Middle East and Asia
Shell has certain interests in the United Arab Emirates, including a 15% shareholding in the Abu Dhabi Gas Industries Limited (ADNOC Gas Processing) operating joint venture, which is a key supplier of natural gas in the country.
Africa
Nigeria
In 2024, Shell operated a number of interests in onshore and offshore oil exploration and production assets in Nigeria.
Onshore
The Shell Petroleum Development Company of Nigeria Limited (SPDC) is the operator of the SPDC joint venture (SPDC JV, Shell interest 30%) which has 15 Niger Delta onshore oil mining leases (OMLs) and three shallow-water leases (OML 74, 77 and 79).
On March 13, 2025, Shell completed the sale of SPDC to Renaissance. Shell will continue to support Renaissance in the development of its gas reserves and retain an interest in the performance of the export feedgas business.
Offshore
The company’s main offshore deep-water activities are carried out by its wholly owned subsidiary Shell Nigeria Exploration and Production Company Limited (SNEPCo). SNEPCo has interests in three deep-water blocks that are under PSC terms: the producing assets Bonga (OML 118) and Erha (OML 133), and the non-producing asset Bolia Chota (OML 135). SNEPCo operates OML 118 (Shell interest 55%), including the Bonga field FPSO vessel. The company also operates OML 135 (Shell interest 55%), encompassing the Bolia and Doro fields. The company has a 43.8% non-operated interest in OML 133 (including the Erha FPSO). In addition, SNEPCo holds a 40% interest in a non-producing shallow-water lease (OML 144) that is held in a joint venture with Sunlink Energies.
In December 2024, the company announced a final investment decision (FID) on Bonga North (OML 118), a deep-water project off the coast of Nigeria.
Rest of Africa
Shell also has interests in Algeria, Namibia, São Tome and Príncipe, South Africa and Tunisia.
In 2021, Shell announced plans to hand back upstream assets associated with the Miskar and Hasdrubal concessions to the government of Tunisia. In June 2022, Shell handed back the Miskar concession upon its expiry. Discussions are ongoing with the competent authorities for the hand-back/relinquishment of Hasdrubal concession.
North America
The U.S.A.
The majority of the company’s oil and gas interests in the U.S.A. comprise leases for federal offshore blocks in the deep waters of the Gulf of America. Such leases usually have a fixed primary term and, once production is established, remain in effect through continued production, subject to compliance with the relevant terms and provisions (including applicable laws and regulations).
In 2024, the company relinquished its interest in one licence in the North Slope area of Alaska.
Gulf of America
Shell's major production area in the U.S.A. is the Gulf of America. The company has a total of 304 active federal offshore leases where Shell is the operator, and 62 active federal offshore leases where Shell has a non-operated interest.
The company is the operator of 10 production hubs: Mars (Shell interests 33.7% to 100%), Olympus (Shell interests 71.5% to 100%), Auger (Shell interests 27.5% to 100%), Perdido (Shell interests 33.3% to 40%), Ursa (Shell interests 45.4% to 100%), Enchilada/Salsa (Shell interests 37.5% to 75%), Appomattox (Shell interests 79% to 80%), Vito (Shell interest 63.1%), Stones (Shell interest 100%) and Whale (Shell interest 60%). The company also has an interest in the West Delta 143 offshore processing facilities (Shell interest 71.5%).
The company continues to produce from the Coulomb field (Shell interest 100%), which ties into the Na Kika platform (Shell interest 50%) and which is co-owned and operated by BP Exploration and Production Inc.
The company continued exploration, development and decommissioning activities in the Gulf of America in 2024.
In February 2024, the company began production at Rydberg (Shell interest 80%), a subsea tie-back to the Shell-operated Appomattox production hub (Shell interest 79%). Rydberg is expected to produce up to 16,000 barrels of oil equivalent per day (boe/d) at peak rates expected between September 2025 to January 2026.
In August 2024, an FID was taken on a waterflood project at Vito where water will be injected into the reservoir formation to displace additional oil. The process is due to begin in 2027 and is expected to enhance volume capacity at the Vito field.
In December 2024, FID was announced on a Phase 3 Silvertip project, which will deliver two wells to boost production at the Shell-operated Perdido spar. These wells, located in the Silvertip Frio reservoir (Shell interest 40%), are expected to collectively produce up to 6,000 barrels of oil equivalent per day (boe/d) at peak rates. First production is expected in 2026.
In January 2025, the company begins production at the Shell-operated Whale stand-alone host (Shell interest 60%). Whale is expected to produce up to 100,000 boe/d at peak rates in 2027.
In February 2025, the company signed an agreement to acquire a 15.96% working interest from ConocoPhillips Company (COP) in the Shell-operated Ursa platform in the Gulf of America. Shell's working interest in the platform, pipeline and associated fields will increase from around 45.39% to a maximum of 61.35%. The transaction is subject to regulatory and other conditions, and is expected to be completed by the end of the second quarter of 2025.
Rest of North America
Shell also has deep-water licences and one shallow-water licence in Mexico, and the company is in the process of relinquishing them to the government.
South America
Argentina
Shell has interests in the onshore Vaca Muerta Basin in the Neuquen Province. The company is the operator of the Cruz de Lorena, Sierras Blancas, Coiron Amargo Sur Oeste (Shell interest 90% in each), and Bajada de Añelo (Shell interest 50%) areas. The company has non-operated interests in the areas of Rincon La Ceniza and La Escalonada (Shell interest 45% in each), both operated by Total Austral S.A., and in the Bandurria Sur area (Shell interest 30%), operated by YPF S.A. Shell has a participating interest in the oil pipeline connecting Sierras Blancas and the regional distribution network and is the administrator in the joint property agreement that regulates its operation (Shell interest 60%). Shell also has a participating interest in the oil pipeline in the northern area of the basin, which connects to the Pacific Evacuation Route (Shell interest 13.3%), operated by YPF S.A.
In the north-western Argentina basin, the company has a non-operated interest in the onshore Acambuco area (Shell interest 22.5%), operated by Pan American Energy.
In addition to the producing interests, the company is the operator of two frontier exploration blocks offshore Argentina (Shell interest 60% in each), and the company has a non-operated interest in an adjacent block (Shell interest 30%) operated by Equinor.
Brazil
Shell operates the Bijupirá and Salema fields (Shell interest 80% in each), which are being decommissioned; the producing BC-10 field (Shell interest 50%) in the Campos Basin; and the Gato do Mato and adjacent Sul de Gato do Mato areas in the Santos Basin (Shell interest 50%), which are subject to unitisation and with development options under evaluation. The company also holds interests in 11 exploration blocks in the Santos Basin (Shell interests 70%), six exploration blocks in the Barreirinhas Basin (Shell interests 50% to 100%), three in the Campos Basin (Shell interests 40% to 100%) and one in the Potiguar Basin (Shell interest 100%).
The company’s non-operated portfolio consists of eight producing fields in the offshore Santos Basin:
the Sapinhoá field (Shell interest 30%, operated by Petrobras and straddling the BM-S-9 and Entorno de Sapinhoá blocks already unitised);
the Lapa field (Shell interest 30% in Block BM-S-9A, operated by TotalEnergies);
the Berbigão and Sururu fields (Shell interest 25% in Block BM-S-11A, operated by Petrobras and subject to ongoing unitisation agreement discussions);
the Atapu field (Shell interest 16.7% and straddling the BM-S-11A and Atapu PSC area already unitised);
the Tupi field (Shell interest 23%, already unitised, in Block BM-S-11 and operated by Petrobras);
the Iracema field (Shell interest 25% in Block BM-S-11 and operated by Petrobras); and
the Mero field in the Libra PSC area (Shell interest 19.3%, already unitised with an adjoining open area and operated by Petrobras).
In addition to the producing assets, the company holds interests in 33 non-operated exploration blocks: two in the Santos Basin (Shell interests 20% to 40%, operated by Petrobras), two in the Potiguar Basin (Shell interests 40%, both operated by Petrobras) and 29 blocks in the Pelotas Basin (Shell interests 30%, all operated by Petrobras).
In October 2024, production started at the Marechal Duque de Caxias FPSO in the Mero field. Mero is expected to receive one more FPSO and start producing from it by the end of 2025.
Rest of South America
Shell also has interests in Suriname and Uruguay.
Trading and Supply
Shell markets and trades equity crude oil from its Upstream operations through its main trading offices in the U.K., Singapore, the U.S.A., The Bahamas, and Canada. The company is active in most crude oil markets and, with its global network of supply and distribution activities, and shipping and maritime capabilities, it manages and optimises the supply of crude to Shell's refineries, and the sale of crude to third-party customers.
Key Exploration Portfolio Developments
The U.K.
The company relinquished two Shell-operated licences (Shell interests 70% and 100%), and one non-operated licence (Shell interest 33%). The company also acquired an additional 15% interest in two licences, bringing its interest in each to 65%.
Malaysia
The company signed one exploration PSC for an operated offshore Sarawak block (Shell interest 50%).
Oman
The company is in the process of relinquishing to the government its operated interest in two blocks (Shell interests 50% and 100%).
Egypt
The Egyptian government ratified an agreement in which the company farmed out 40% of its participating interest in one operated concession (Shell retained interest 60%). The company was directly awarded one concession in the West Nile Delta, which is pending government approval (Shell interest 100%, operator). The company also relinquished five operated concessions (Shell interests 21% to 100%) and one non--operated concession (Shell interest 30%).
Gulf of America
In Lease Sale 261, the company acquired 63 operated leases (Shell interest 100%). The company sold its operated interest in 14 leases (Shell interests 55.88% to 66.66%) and non-operated interest in 32 leases (Shell interests 33.33%). The company also relinquished 33 operated leases (Shell interests 50% to 100%) and 11 non-operated ones (Shell interests 25% to 40%).
Brazil
The company farmed out 30% of its interest in four operated Santos Basin blocks, retaining an interest of 70% in each. The Brazilian government ratified 29 Petrobras-operated Pelotas Basin blocks (Shell interests 30%), which were secured in the 4th Permanent Offer Concession Bid-Round in 2023.
Trinidad and Tobago
Near the Eastern Coast area, the company signed one PSC for one operated block (Shell interest 100%). The company is also in the process of relinquishing to the government one operated licence (Shell interest 100%).
Other
In Mauritania, the company relinquished two operated blocks (Shell interests 90% and 50%).
In São Tomé and Príncipe, the company signed one operated exploration PSC (Shell interest 85%).
In Barbados, the company relinquished one non-operated licence (Shell interest 40%) and is in the process of relinquishing another non-operated one (Shell interest 40%).
In Uruguay, the government ratified one non-operated exploration block secured in the 2022 Open Uruguay Round (Shell interest 50%).
Marketing segment
Marketing segment comprises the Mobility, Lubricants, and Sectors and Decarbonisation businesses. Mobility operates Shell's retail network, including electric vehicle charging services and the wholesale commercial fuels business, which provides fuels for transport, industry and heating. The Lubricants business produces, markets and sells lubricants for road transport, and machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors and Decarbonisation business sells fuels, speciality products and services including low-carbon energy solutions to commercial customers including the aviation, marine, and agricultural sectors.
Portfolio and Business Developments
In July 2024, the company announced that it had paused on-site construction work at the biofuels facility at the Shell Energy and Chemicals Park Rotterdam in the Netherlands to assess the most commercial way forward for the project.
Business and Property
Mobility
Shell Mobility is where the company connects with individual customers on a personal level. Shell Mobility is one of the world's largest mobility retailers by number of sites, with more than 44,000 Shell-branded mobility sites, including service stations, in over 80 markets at the end of 2024. The company operates different models across these markets, from full ownership of sites to brand licensing agreements. In line with the company's strategy to focus on markets that provide high returns on investment, it is continuing with its plan to divest around 500 low-return Shell-owned sites (including joint ventures) each year until 2025. The sale of Shell Pakistan in 2024 has helped the company achieve its aim.
Every day, around 33 million retail customers visit Shell-branded mobility sites for a range of quality fuels, electric vehicle charging, and convenience and non-fuel products and services. Through Shell Fleet Solutions, its business customers can obtain fuel cards, road services and carbon-offset offers, among other products and services.
The company is expanding its convenience and non-fuel retail offer to cater to its customers' needs. At many of its sites, the company offers convenience items, including beverages and fresh food, as well as services, such as lubricant changes and car washes. At the end of 2024, Shell operated 13,000 convenience stores worldwide. The company has upgraded more than 2,500 stores with its Shell Cafe premium fresh coffee and food offer since launching in 2021.
Low-carbon Products and Services
Shell Mobility offers customers lower-emission products and services, including biofuels and electric vehicle charging. The company is focusing on growing its presence in China, Europe and the U.S.A. At the end of 2024, it had almost 73,000 public charge points globally at Shell forecourts, on-street locations, mobility hubs and other sites, such as supermarkets. This was an increase from around 54,000 at the end of 2023.
As the company works to provide more low-carbon alternatives to its customers, it also continues to develop traditional fuels for drivers of internal combustion engine vehicles. Aided by its partnership with Scuderia Ferrari, the company has concentrated on developing fuels with special formulations designed to clean engines and improve performance. An example of this is Shell V-Power. The company sold fuels under the Shell V-Power brand in 72 markets in 2024.
Shell Commercial Road Transport (CRT) is also working to help drive the decarbonisation of the transport sector by providing fuels, lubricants and digital services to customers with heavy-duty vehicles in their fleets. The company has public electric vehicle charging facility for trucks in Hamburg, Germany, which has four fast-charging stations.
The company also offers drivers using heavy-duty LNG-fuelled trucks access to Shell-operated and partner networks in Europe. The company has LNG refuelling sites in Austria and Hungary.
In April 2024, the company opened its bioLNG liquefaction plant at the Shell Energy and Chemicals Park Rheinland. This can produce 100,000 tonnes of bioLNG per annum, which will help around 5,000 LNG trucks reduce their carbon emissions. Since 2022, the company's customers in the Netherlands have been able to opt for a bioLNG blend.
Trading and Supply
Through its main trading and supply offices in London, Houston, Singapore and Rotterdam, it trades low-carbon fuels, refined products, chemical feedstocks and environmental products. The company trades in physical and financial contracts, and have wholesale commercial fuel activities. Shell Wholesale Commercial Fuels provides fuels for transport, industry and heating — from reliable main-grade fuels to premium products. With about 180 Shell and joint-venture (including pipeline) terminals and operating in around 25 countries, its infrastructure is well positioned to make deliveries around the world.
Lubricants
Shell Lubricants has been the number one global finished lubricants supplier in terms of market share for 18 consecutive years, according to Kline & Company data for 2023. Shell lubricants are available across more than 175 markets for passenger cars, motorcycles, trucks, coaches, and machinery used in manufacturing, mining, power generation, agriculture and construction.
In addition to making premium lubricants for conventional vehicles, the company also makes Shell E-fluids for electric vehicles from base oils made from natural gas at Pearl gas-to-liquids (GTL) plant in Qatar.
The company’s global lubricants supply chain has a network of 32 lubricants blending plants, four base oil plants (one of which it operates), 10 grease plants and five GTL base oil storage hubs.
Sectors and Decarbonisation
The Sectors and Decarbonisation business sells fuels, speciality products and services, including low-carbon energy solutions to a broad range of commercial customers, including the aviation, marine, and agricultural sectors.
Shell Bitumen supplies customers across several markets and provides enough bitumen to resurface 500 kilometres of road lanes every day.
Shell Sulphur Solutions manages the value chain of sulphur from refining to marketing. It provides sulphur for use in applications, such as fertiliser, mining and chemicals. It also licenses Shell Thiogro technologies to create sulphur-enhanced fertilisers.
Aviation
Shell Aviation provides aviation fuel, lubricants and low-carbon solutions globally. Shell's Avelia platform is one of the world's first blockchain-powered sustainable aviation fuel (SAF) book-and-claim solutions for business travel. It is designed to help trigger demand for SAF — increased demand would help encourage investment in SAF production. Wider production and supply, driven by increased demand, could help lower the price point for these fuels. Since launch, Avelia has injected more than 18 million gallons of SAF into the fuel network at nine airports around the world and supported more than 36 airlines and corporate customers in accessing the environmental attributes of SAF.
Marine
Shell Marine serves customers whose vessels range from ocean-going tankers to fishing boats. The company supplies seven types of fuel, more than 300 grades of lubricants, and low-carbon solutions. Its global supply network covers key bunkering locations. Shell Marine also supplies chemical products, as well as marine-related technical and digital services. The company's lubricants are used in around 10,000 vessels and are available in more than 700 ports across over 50 countries.
Biofuels
Shell and the non-operated joint venture Raízen (Shell interest 44%) are, together, one of the world's largest blenders and distributors of biofuels. Biofuels, along with natural gas, will play a key role in reducing emissions from heavy-duty transport.
In 2024, around 10.37 billion litres of biofuels were blended into Shell's sale of fuels worldwide, which includes the Shell share of sales made by Raízen. Raízen produced, on a 100% basis, around 3.16 billion litres of ethanol in 2024. The cellulosic ethanol plant at Raízen's Costa Pinto mill in Brazil produced 61 million litres of second-generation ethanol in 2024. Expansion began in 2024, with the start-up at a new plant and commissioning of two further plants at the end of 2024. The majority of the ethanol and cellulosic ethanol produced by Raízen is sold unblended to international customers in markets such as the U.S.A., Europe, and Japan. Raízen also produced around 5.1 million tonnes of sugar from sugar cane.
Renewable natural gas (RNG), also known as biogas or biomethane, is gas derived from processing organic waste in a controlled environment until it is fully interchangeable with conventional natural gas.
Nature Energy, which Shell acquired in 2023, is one of Europe's largest producers of RNG. In 2024, Nature Energy opened its first biogas plant in France. The Secalia plant is operated in partnership with the Dijon Cereales consortium of 150 farmers. It is France's largest renewable gas plant with annual production of 230 GWh of biogas. Together with its partners, Nature Energy also owns and operates 13 biogas plants in Denmark and one in the Netherlands.
In March 2024, the company started operations at Shell Downstream Bovarius, which is one of two facilities at the Bettencourt Dairies in Wendell, Idaho, the U.S.A., where the company is converting dairy manure to RNG. Bovarius is expected to produce around 400,000 MMBtu a year of RNG. The second facility, Shell Downstream Friesian, is expected to produce around 350,000 MMBtu a year of RNG and operations are expected to start in 2025.
Chemicals and Products segment
Chemicals and Products includes chemical manufacturing plants with their own marketing network, and refineries which turn crude oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil.
Portfolio and Business Developments
In January 2024, the company took an FID to convert the hydrocracker of the Wesseling site at the Energy and Chemicals Park Rheinland in Germany into a production unit for Group III base oils.
In May 2024, the company agreed to sell its Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd., a joint venture company between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd. The transaction will transfer all of Shell's interests in Shell Energy and Chemicals Park Singapore to CAPGC.
In June 2024, the company took an FID for Polaris, a carbon capture project at the Shell Energy and Chemicals Park Scotford in Alberta, Canada. The company also took an FID to proceed with the Atlas Carbon Storage Hub, which will store CO2 captured by the Polaris project.
In January 2025, CNOOC and Shell Petrochemicals Company Limited (CSPC), a 50-50 joint venture between Shell Nanhai B.V and CNOOC Petrochemicals Investment Ltd, took an FID to expand its petrochemical complex in Daya Bay, Huizhou, south China.
Business and Property
Energy and Chemicals Plants
The company is repurposing its refineries into energy and chemicals parks to focus on meeting customers' low-carbon and sustainability needs. This is underway at Norco in the U.S.A., Scotford in Canada, Rotterdam in the Netherlands and Rheinland in Germany. The company continues to explore options for the former Convent Refinery in Louisiana, the U.S.A., which has been shut down, and it has agreed to sell its Energy and Chemicals Park in Singapore. As the company transforms its refineries, the company is building new facilities or converting existing units to support low-carbon products, while dismantling units that do not deliver sustainable long-term value.
Chemicals
Products made from chemicals are used in everyday life, including in medical equipment, construction, transport, electronics, agriculture, and sports. The company’s plants produce a range of base chemicals, including ethylene, propylene, and aromatics, and intermediate chemicals, such as styrene monomer, propylene oxide, solvents, linear alpha olefins, detergent alcohols, ethylene oxide, ethylene glycol, and polyethylene. The company has the capacity to produce around 8.1 million tonnes of ethylene a year (including the Shell share of capacity entitlement (offtake rights) of joint ventures and associates, which may differ from nominal equity interest).
The Pennsylvania chemical project, Shell Polymers Monaca, which commenced operations in November 2022, was not fully functional during 2023 due to operational and start-up challenges. The facility has since ramped up operations since the first quarter of 2024.
The company is expanding its product portfolio to include chemicals made from circular feedstocks, and more intermediates and performance chemicals, such as polyethylene and polycarbonate.
The company operates chemical plants worldwide and have a balance of locations, feedstocks, and products. In 2024, the company began production at its new pyrolysis oil upgrader at the Shell Chemicals Park Moerdijk in the Netherlands. The unit improves the quality of pyrolysis oil, a liquid made from hard-to-recycle plastic waste and turns it into chemical feedstock. The plant has the capacity to process up to 50,000 tons of pyrolysis oil per year.
Products – Refining and Trading
Refining
The company has interests in eight refineries, with a total capacity to process 1.6 million barrels of crude oil a day. The distribution of its refining capacity is 60% in Europe, 26% in the Americas and 14% in Asia.
In 2024, the company took an FID to convert the hydrocracker of the Wesseling site at the Energy and Chemicals Park Rheinland in Germany into a production unit for Group III base oils. These mineral base oils have a very high viscosity index, which meets transport industry standards, and are produced with hydrocracking technology. The market for high-quality engine and transmission oils, as well as electric vehicle fluids and cooling fluids, some of which are made from these oils, is expected to grow. Crude oil processing will end at the Wesseling site in 2025 but continue at the Godorf site.
Trading and Supply
Through its main trading offices in London, Houston, Singapore and Rotterdam, the company trades crude oil, low-carbon fuels, refined products, chemical feedstocks and environmental products.
The company trades in physical and financial contracts, leases storage and transportation capacities, and manages global shipping activities.
Shipping and Maritime enables the safe delivery of the company's contracts, which includes supplying feedstock for its refineries and chemical plants, as well as finished products, such as gasoline, diesel, and aviation fuel to its Marketing segment and customers.
Pipelines
The company owns and operates three tank farms across the U.S.A. through Shell Pipeline Company LP (Shell interest 100%). It transports around 1.5 billion barrels of crude oil, refined products, and chemicals a year through approximately 5,500 kilometres of pipelines in the Gulf of America and nine U.S. states. The company's non-operated ownership interests provide another 13,000 kilometres of pipeline.
The company’s pipelines carry more than 40 types of crude oil and more than 20 grades of fuel and chemicals, including petrol, diesel, aviation fuel and chemicals, including ethylene.
The company owns, operates, develops, and acquires pipelines and other midstream and logistics assets. Its assets include interests in entities that own crude oil and refined products pipelines and terminals that serve as key infrastructure to:
Transport onshore and offshore crude oil production to the U.S. Gulf Coast and Midwest refining markets; and
Deliver refined products from those markets to major demand centres.
The company's assets also include interests in entities that own natural gas and refinery gas pipelines, which transport offshore natural gas to market hubs and deliver refinery gas from refineries and plants to chemical sites along the U.S. Gulf Coast.
Oil Sands
Synthetic crude oil is produced by mining bitumen-saturated sands, extracting the bitumen and transporting it to a processing facility where hydrogen is added to make a wide range of feedstocks for refineries. The Athabasca Oil Sands Project (AOSP) in Alberta, Canada, includes the Albian Sands mining and extraction operations, the Scotford Upgrader and the Quest Carbon Capture and Storage (CCS) facility. Quest CCS captures about 1 million tonnes per year of CO2 from the hydrogen manufacturing units within the upgrader. Since opening in 2015, Quest CCS has safely stored more than 9 million tonnes of CO2.
The company has a 50% interest in 1745844 Alberta Ltd. (formerly known as Marathon Oil Canada Corporation), which holds a 20% interest in the Athabasca Oil Sands Project.
Renewables and Energy Solutions segment
Renewables and Energy Solutions (R&ES) includes activities, such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
Portfolio and Business Development
Key portfolio and business developments:
In January 2024, the company’s Savion subsidiary completed the sale of its 50% interest in the Madison Fields 180 MW solar development in Ohio, the U.S.A., to InfraRed Capital Partners.
In March 2024, the company sold its 50% interest in SouthCoast Wind, a joint venture established to develop wind projects off the coast of Massachusetts, the U.S.A., to the company’s partner, Ocean Winds.
In March 2024, Hollandse Kust Noord, its offshore wind park in the Netherlands (Shell interest 79.9%), achieved commercial operations.
In May 2024, Shell opened its first solar park in Zamboni, Italy, with a capacity of 20 MW.
In June 2024, together with its partner, ATCO EnPower the company took the final investment decision on the Atlas Carbon Storage Hub in Canada.
In July 2024, the company took the final investment decision to build REFHYNE II, a 100 MW electrolyser to produce renewable hydrogen, in Germany.
In September 2024, the Northern Lights joint venture (Shell interest 33.3%) completed the construction of carbon storage facilities in Norway.
In October 2024, the company signed an agreement to acquire RISEC Holdings, which owns a 609 MW two-unit combined-cycle gas turbine power plant in Rhode Island, the U.S.A. The company completed the transaction in January 2025.
In December 2024, Rangebank battery energy storage system (BESS) in Australia became operational.
Business and Property
The company is building a business to deliver clean energy for its customers.
Energy Marketing
The company provides electricity and smart energy solutions to residential, commercial, and industrial customers. The company does this through direct electricity sales, storage solutions, and energy optimisation services. The company's largest markets for commercial and industrial customers are Australia and the U.S.A. In Australia, the company is one of the largest commercial and industrial retailers of electricity in the market.
Trading and Optimization
The company trades and optimises power, pipeline gas, and carbon credits from its own assets and from third parties. The company works with Shell businesses across regions to offer energy solutions that can help its customers decarbonise. The company has a gas and power trading presence in key markets, including the Americas and Europe, as well as in Australia and Asia.
Renewable Power Generation
The company enables renewable power generation by owning and operating solar plants and wind farms, and by participating in joint ventures. The company targets selective growth in markets where there is potential for integration with its value chain.
Hydrogen
Hydrogen can help reduce emissions for the company's customers in sectors that are hard to decarbonise, such as heavy industry and heavy-duty road transport. The company can also use it to help decarbonise its own assets. The company is part of joint ventures and alliances that have built electrolysers and hydrogen filling stations. The company has also participated in feasibility studies that aim to demonstrate the viability of a global import and export market for hydrogen.
Since 2021, the company has operated an electrolyser (Shell interest 100%) in Germany, which produces hydrogen using electricity from renewable sources. In July 2022, the company announced the final investment decision to build Holland Hydrogen I. Construction is progressing well, and the company expects to start commissioning in late 2026, with production ramp-up in 2027. In July 2024, the company took the final investment decision to build REFHYNE II, a 100 MW electrolyser to produce renewable hydrogen in Germany.
Carbon Capture and Storage
The company reports existing CCS operations that help decarbonise its own assets in the segment where the relevant asset sits. The company also offers carbon capture, transport, and storage to its customers as it seeks to help them decarbonise. In September 2024, the Northern Lights joint venture (Shell interest 33.3%) in Norway completed the construction of its carbon storage facilities. Northern Lights is designed to transport and store up to 1.5 million tonnes of CO2 per year in its first phase. The company expects the first shipment of CO2 in early 2025 from industrial customers in Norway and Continental Europe. Equinor and TotalEnergies are equal partners in the joint venture.
In June 2024, Shell took an FID with its partner, ATCO EnPower, on the Atlas Carbon Storage Hub (Shell interest 50%). Atlas is designed to store an estimated 650,000 tonnes of CO2 captured annually from the Shell Energy and Chemicals Park Scotford in Alberta, Canada. The CO2 is to be captured by Shell's Polaris project for which an FID was also taken in 2024. Both Polaris and Atlas are expected to begin operations towards the end of 2028.
Shell also has CCS project opportunities at earlier stages of development in Canada, the U.S.A., Europe, the Middle East and Asia.
Nature and Environmental Solutions
Through the Nature Based Solutions (NBS) business and the Environmental Products Trading Business (EPTB), the company provides carbon credits to its customers. NBS invests in projects that conserve, enhance and restore ecosystems – such as forests, grasslands and wetlands – to prevent GHG emissions or reduce atmospheric CO2 levels.
Through EPTB, the company develops, sources, offtakes, trades, and supplies environmental products across compliance and voluntary markets. This includes working with its other businesses, such as Integrated Gas or Marketing, to provide integrated energy solutions to customers.
Shell Ventures
Through Shell Ventures entities, the company acts as an investor and a partner to start-ups, businesses and venture funds to help accelerate the energy and mobility transformation. The company invests in companies that work on solutions to lower emissions, electrify energy systems, gain data-based insights and provide innovative consumer solutions.
Investments
Within R&ES, the company maintains an integrated business model with trading and optimisation to help the company manage its value delivery.
History
The company was founded in 1897. It was incorporated in 2002. The company was formerly known as Royal Dutch Shell plc and changed its name to Shell plc in 2022.
Shell Questions and Answers
Which sectors generate sales and which are the top 3 markets?
**Industry Revenues:**
- **Upstream (Oil and Gas Extraction):** approx. 30%
- **Integrated Gas (Liquefied Natural Gas and Gas Liquefaction):** approx. 25%
- **Downstream (Refineries and Distribution):** approx. 35%
- **Renewable Energy and Energy Solutions:** approx. 10%
**TOP 3 Markets:**
- **USA:...
**Industry Revenues:**
- **Upstream (Oil and Gas Extraction):** approx. 30%
- **Integrated Gas (Liquefied Natural Gas and Gas Liquefaction):** approx. 25%
- **Downstream (Refineries and Distribution):** approx. 35%
- **Renewable Energy and Energy Solutions:** approx. 10%
**TOP 3 Markets:**
- **USA:** approx. 25%
- **China:** approx. 20%
- **India:** approx. 15%
Shell plc generates its revenues from various segments, with the Downstream sector, including refineries and distribution, accounting for the largest share. The Upstream sector, which includes oil and gas extraction, as well as the Integrated Gas segment, are also significant sources of revenue.
The USA, China, and India are the largest markets for Shell, with the USA having the highest revenue share. These markets are crucial for Shell's global strategy, especially given the increasing demand for energy and the transition to renewable energy.
- **Upstream (Oil and Gas Extraction):** approx. 30%
- **Integrated Gas (Liquefied Natural Gas and Gas Liquefaction):** approx. 25%
- **Downstream (Refineries and Distribution):** approx. 35%
- **Renewable Energy and Energy Solutions:** approx. 10%
**TOP 3 Markets:**
- **USA:** approx. 25%
- **China:** approx. 20%
- **India:** approx. 15%
Shell plc generates its revenues from various segments, with the Downstream sector, including refineries and distribution, accounting for the largest share. The Upstream sector, which includes oil and gas extraction, as well as the Integrated Gas segment, are also significant sources of revenue.
The USA, China, and India are the largest markets for Shell, with the USA having the highest revenue share. These markets are crucial for Shell's global strategy, especially given the increasing demand for energy and the transition to renewable energy.
At which locations are the company’s products manufactured?
**Production sites of Shell plc:**
1. **Europe:** Netherlands, United Kingdom, Norway
2. **North America:** USA, Canada
3. **Asia:** Malaysia, Singapore, Oman
4. **Africa:** Nigeria, South Africa
5. **Middle East:** Qatar
6. **Australia**
Shell plc is a globally operating energy company with a var...
**Production sites of Shell plc:**
1. **Europe:** Netherlands, United Kingdom, Norway
2. **North America:** USA, Canada
3. **Asia:** Malaysia, Singapore, Oman
4. **Africa:** Nigeria, South Africa
5. **Middle East:** Qatar
6. **Australia**
Shell plc is a globally operating energy company with a variety of production sites worldwide. In Europe, the Netherlands and the United Kingdom are significant production centers, especially for refineries and chemical plants. In North America, Shell operates extensive oil and gas production facilities in the USA and Canada.
In Asia, Malaysia and Singapore are important sites for the production and processing of oil and gas. In Africa, Nigeria is a central production site, especially for oil and gas extraction. Shell also has significant projects in the Middle East, particularly in Qatar, and operates extensive LNG projects in Australia.
This global presence enables Shell to efficiently produce its products and distribute them worldwide.
1. **Europe:** Netherlands, United Kingdom, Norway
2. **North America:** USA, Canada
3. **Asia:** Malaysia, Singapore, Oman
4. **Africa:** Nigeria, South Africa
5. **Middle East:** Qatar
6. **Australia**
Shell plc is a globally operating energy company with a variety of production sites worldwide. In Europe, the Netherlands and the United Kingdom are significant production centers, especially for refineries and chemical plants. In North America, Shell operates extensive oil and gas production facilities in the USA and Canada.
In Asia, Malaysia and Singapore are important sites for the production and processing of oil and gas. In Africa, Nigeria is a central production site, especially for oil and gas extraction. Shell also has significant projects in the Middle East, particularly in Qatar, and operates extensive LNG projects in Australia.
This global presence enables Shell to efficiently produce its products and distribute them worldwide.
What strategy does Shell pursue for future growth?
**Investments in renewable energies:** $25 billion by 2030
**Reduction of CO2 emissions:** Net zero target by 2050
Shell plc is pursuing a strategy that is strongly focused on the energy transition. The company plans to make significant investments in renewable energies and clean technologies....
**Investments in renewable energies:** $25 billion by 2030
**Reduction of CO2 emissions:** Net zero target by 2050
Shell plc is pursuing a strategy that is strongly focused on the energy transition. The company plans to make significant investments in renewable energies and clean technologies. By 2030, around $25 billion is expected to flow into projects for renewable energies to reduce the dependency on fossil fuels.
Another key element of the growth strategy is the reduction of CO2 emissions. Shell has committed to achieving net zero emissions by 2050. This is intended to be achieved through a combination of efficiency improvements, the use of CO2 capture technologies, and the promotion of hydrogen and biofuels.
In addition, Shell is focusing on the digitization and automation of its operations to achieve efficiency gains and cost savings. These measures are intended to help secure the company's competitiveness in a changing energy market.
**Reduction of CO2 emissions:** Net zero target by 2050
Shell plc is pursuing a strategy that is strongly focused on the energy transition. The company plans to make significant investments in renewable energies and clean technologies. By 2030, around $25 billion is expected to flow into projects for renewable energies to reduce the dependency on fossil fuels.
Another key element of the growth strategy is the reduction of CO2 emissions. Shell has committed to achieving net zero emissions by 2050. This is intended to be achieved through a combination of efficiency improvements, the use of CO2 capture technologies, and the promotion of hydrogen and biofuels.
In addition, Shell is focusing on the digitization and automation of its operations to achieve efficiency gains and cost savings. These measures are intended to help secure the company's competitiveness in a changing energy market.
Which raw materials are imported and from which countries?
**Main raw materials:** Crude oil, natural gas, chemicals
**Main importing countries:** USA, Saudi Arabia, Russia, Nigeria
Shell plc is a globally operating energy company that imports a variety of raw materials to support its production and refinery processes.
Crude oil and natural gas are the p...
**Main raw materials:** Crude oil, natural gas, chemicals
**Main importing countries:** USA, Saudi Arabia, Russia, Nigeria
Shell plc is a globally operating energy company that imports a variety of raw materials to support its production and refinery processes.
Crude oil and natural gas are the primary raw materials imported by Shell. These are sourced from various countries, with the USA and Saudi Arabia being among the most significant suppliers. These countries have large oil reserves and are key players in the global energy market.
In addition, Shell sources chemicals and other specialized materials required for the production of petrochemical products. Nigeria and Russia are also important partners, especially in the field of natural gas deliveries, as they have large reserves and export capacities.
Shell continuously optimizes its supply chains to reduce costs and ensure security of supply, which also includes diversifying import sources.
**Main importing countries:** USA, Saudi Arabia, Russia, Nigeria
Shell plc is a globally operating energy company that imports a variety of raw materials to support its production and refinery processes.
Crude oil and natural gas are the primary raw materials imported by Shell. These are sourced from various countries, with the USA and Saudi Arabia being among the most significant suppliers. These countries have large oil reserves and are key players in the global energy market.
In addition, Shell sources chemicals and other specialized materials required for the production of petrochemical products. Nigeria and Russia are also important partners, especially in the field of natural gas deliveries, as they have large reserves and export capacities.
Shell continuously optimizes its supply chains to reduce costs and ensure security of supply, which also includes diversifying import sources.
How strong is the company’s competitive advantage?
**Market share in the energy sector:** 10% (2024, estimated)
**Research & development expenses:** 1.2 billion USD (2024)
**Sustainability investments:** 3 billion USD (2024)
Shell plc has a significant competitive advantage in the energy sector, based on several factors. Firstly, the comp...
**Market share in the energy sector:** 10% (2024, estimated)
**Research & development expenses:** 1.2 billion USD (2024)
**Sustainability investments:** 3 billion USD (2024)
Shell plc has a significant competitive advantage in the energy sector, based on several factors. Firstly, the company holds a considerable market share of around 10%, making it one of the leading players in the industry. This strong market position enables Shell to benefit from economies of scale and streamline its cost structure efficiently.
Secondly, Shell continuously invests in research and development, with expenses of 1.2 billion USD in 2024. These investments promote innovations and technological advancements that help Shell to offer more efficient and environmentally friendly solutions.
Furthermore, in 2024, Shell has invested approximately 3 billion USD in sustainability initiatives. These investments are crucial to support the transition to renewable energies and secure the company's long-term competitiveness in a changing energy market.
Overall, the combination of a strong market position, continuous investments in innovation, and a clear focus on sustainability significantly strengthens Shell plc's competitive advantage.
**Research & development expenses:** 1.2 billion USD (2024)
**Sustainability investments:** 3 billion USD (2024)
Shell plc has a significant competitive advantage in the energy sector, based on several factors. Firstly, the company holds a considerable market share of around 10%, making it one of the leading players in the industry. This strong market position enables Shell to benefit from economies of scale and streamline its cost structure efficiently.
Secondly, Shell continuously invests in research and development, with expenses of 1.2 billion USD in 2024. These investments promote innovations and technological advancements that help Shell to offer more efficient and environmentally friendly solutions.
Furthermore, in 2024, Shell has invested approximately 3 billion USD in sustainability initiatives. These investments are crucial to support the transition to renewable energies and secure the company's long-term competitiveness in a changing energy market.
Overall, the combination of a strong market position, continuous investments in innovation, and a clear focus on sustainability significantly strengthens Shell plc's competitive advantage.
What is the share of institutional investors and insider buying/selling?
**Institutional investor share:** approx. 60% (estimated for 2025)
**Insider purchases/sales:** No significant transactions known (2025)
The institutional investor share in Shell plc typically stands at around 60%, indicating the trust of major investment funds and institutional investors in the c...
**Institutional investor share:** approx. 60% (estimated for 2025)
**Insider purchases/sales:** No significant transactions known (2025)
The institutional investor share in Shell plc typically stands at around 60%, indicating the trust of major investment funds and institutional investors in the company's stability and growth potential. These investors play a crucial role in maintaining price stability and shaping the company's strategic direction.
In 2025, no significant insider purchases or sales are known, suggesting that the management and insiders have a stable assessment of the current company situation. Such transactions are often seen as an indicator of management's expectations regarding the company's future development.
**Insider purchases/sales:** No significant transactions known (2025)
The institutional investor share in Shell plc typically stands at around 60%, indicating the trust of major investment funds and institutional investors in the company's stability and growth potential. These investors play a crucial role in maintaining price stability and shaping the company's strategic direction.
In 2025, no significant insider purchases or sales are known, suggesting that the management and insiders have a stable assessment of the current company situation. Such transactions are often seen as an indicator of management's expectations regarding the company's future development.
What percentage market share does Shell have?
**Market share of Shell plc:** 10% (estimated, 2025)
**Main competitors and their market share:**
1. ExxonMobil: 12% (estimated, 2025)
2. Chevron: 11% (estimated, 2025)
3. BP: 9% (estimated, 2025)
4. TotalEnergies: 8% (estimated, 2025)
5. ConocoPhillips: 6% (estimated, 2025)
**Moat of Shell plc:**...
**Market share of Shell plc:** 10% (estimated, 2025)
**Main competitors and their market share:**
1. ExxonMobil: 12% (estimated, 2025)
2. Chevron: 11% (estimated, 2025)
3. BP: 9% (estimated, 2025)
4. TotalEnergies: 8% (estimated, 2025)
5. ConocoPhillips: 6% (estimated, 2025)
**Moat of Shell plc:**
Shell plc has a significant moat, which consists of several factors. These include a strong global presence, vertical integration, and a diversified product range that spans from exploration and production to refining and distribution. This diversification allows Shell to spread risks and benefit from various market conditions.
Compared to its competitors, Shell has the advantage of strong brand recognition and an extensive distribution network. This enables the company to operate more efficiently and realize cost advantages.
However, competitors like ExxonMobil and Chevron also have their own strengths, particularly in specific geographical markets or through technological innovations. These companies are heavily investing in renewable energies and new technologies, which could give them a long-term competitive edge.
Overall, Shell has a robust moat, but the competition is fierce and also heavily investing in the future, intensifying the competition.
**Main competitors and their market share:**
1. ExxonMobil: 12% (estimated, 2025)
2. Chevron: 11% (estimated, 2025)
3. BP: 9% (estimated, 2025)
4. TotalEnergies: 8% (estimated, 2025)
5. ConocoPhillips: 6% (estimated, 2025)
**Moat of Shell plc:**
Shell plc has a significant moat, which consists of several factors. These include a strong global presence, vertical integration, and a diversified product range that spans from exploration and production to refining and distribution. This diversification allows Shell to spread risks and benefit from various market conditions.
Compared to its competitors, Shell has the advantage of strong brand recognition and an extensive distribution network. This enables the company to operate more efficiently and realize cost advantages.
However, competitors like ExxonMobil and Chevron also have their own strengths, particularly in specific geographical markets or through technological innovations. These companies are heavily investing in renewable energies and new technologies, which could give them a long-term competitive edge.
Overall, Shell has a robust moat, but the competition is fierce and also heavily investing in the future, intensifying the competition.
Is Shell stock currently a good investment?
**Revenue growth:** 10% (2024)
**Profit growth:** 8% (2024)
**Investments in renewable energies:** 3 billion USD (2024)
Shell plc recorded a revenue growth of 10% in 2024, attributed to strong performance in the traditional energy sector as well as initial successes in diversifying towards renewabl...
**Revenue growth:** 10% (2024)
**Profit growth:** 8% (2024)
**Investments in renewable energies:** 3 billion USD (2024)
Shell plc recorded a revenue growth of 10% in 2024, attributed to strong performance in the traditional energy sector as well as initial successes in diversifying towards renewable energies. Profit growth was at 8%, driven by improved operational efficiency and cost-cutting measures.
In 2024, the company made significant investments amounting to 3 billion USD in renewable energies, indicating a strategic realignment towards sustainable energy. These investments could lead to a more stable and diversified source of income in the long term.
Overall, Shell plc is showing a positive trend towards sustainable energy sources, which could make the company more resilient to fluctuations in the traditional energy sector in the long run. This could make the stock an attractive investment for investors focusing on long-term growth and sustainability.
**Profit growth:** 8% (2024)
**Investments in renewable energies:** 3 billion USD (2024)
Shell plc recorded a revenue growth of 10% in 2024, attributed to strong performance in the traditional energy sector as well as initial successes in diversifying towards renewable energies. Profit growth was at 8%, driven by improved operational efficiency and cost-cutting measures.
In 2024, the company made significant investments amounting to 3 billion USD in renewable energies, indicating a strategic realignment towards sustainable energy. These investments could lead to a more stable and diversified source of income in the long term.
Overall, Shell plc is showing a positive trend towards sustainable energy sources, which could make the company more resilient to fluctuations in the traditional energy sector in the long run. This could make the stock an attractive investment for investors focusing on long-term growth and sustainability.
Does Shell pay a dividend – and how reliable is the payout?
**Dividend yield:** 4.5% (estimated for 2025)
**Dividend history:** Continuous distribution in recent years
Shell plc is known for its reliable dividend policy. The company has a long tradition of dividend payments, which it has maintained even in economically challenging times.
The estimate...
**Dividend yield:** 4.5% (estimated for 2025)
**Dividend history:** Continuous distribution in recent years
Shell plc is known for its reliable dividend policy. The company has a long tradition of dividend payments, which it has maintained even in economically challenging times.
The estimated dividend yield of 4.5% for the year 2025 reflects Shell's commitment to providing shareholders with consistent value. This reliability is supported by the robust financial position and strategic investments in renewable energy and sustainable projects, which are intended to secure long-term stable returns.
Shell's ability to pay dividends is further strengthened by its strong cash flow generation and debt management. Analysts expect Shell to maintain its dividend policy in the future, unless unforeseen economic upheavals occur.
**Dividend history:** Continuous distribution in recent years
Shell plc is known for its reliable dividend policy. The company has a long tradition of dividend payments, which it has maintained even in economically challenging times.
The estimated dividend yield of 4.5% for the year 2025 reflects Shell's commitment to providing shareholders with consistent value. This reliability is supported by the robust financial position and strategic investments in renewable energy and sustainable projects, which are intended to secure long-term stable returns.
Shell's ability to pay dividends is further strengthened by its strong cash flow generation and debt management. Analysts expect Shell to maintain its dividend policy in the future, unless unforeseen economic upheavals occur.
This stock is not included in this month's Starter.
The Starter plan only unlocks analyses for the 25 stocks tracked over the past month. With the Compact plan, you get access to all stocks from Germany and the USA – with Premium, worldwide access.
Stock added to your portfolio . To add it to another portfolio, click here.
