Question · Q3 2025
Alastair Roderick Syme asked if a deep downcycle is necessary for attractive M&A opportunities to emerge and whether Shell prefers new geographies or deepening existing positions for inorganic growth.
Answer
Shell CEO Wael Sawan noted an increase in interesting M&A proposals, indicating lower break-even expectations, but none have met Shell's high bar yet, especially when compared to buybacks. He stated Shell seeks opportunities that create incremental value beyond current owners, particularly by deepening existing positions where Shell has a comparative advantage and strong operational performance.