Shell (SHEL) is a global energy and petrochemical company operating in over 70 countries with a workforce of approximately 103,000 employees. The company engages in the exploration, production, and marketing of oil, natural gas, and petrochemicals, while also investing in renewable energy and low-carbon solutions. Shell's diverse portfolio includes traditional energy products like crude oil and LNG, as well as innovative offerings such as hydrogen, carbon capture, and electric vehicle charging services.
- Chemicals and Products - Manufactures chemicals and operates refineries to produce oil products for industrial, domestic, and transport use. Trades and optimizes crude oil, oil products, and petrochemicals.
- Marketing
- Mobility - Operates a retail network, including electric vehicle charging services, serving millions of customers daily at thousands of service stations.
- Lubricants - Produces and sells lubricants for vehicles and industrial machinery.
- Sectors & Decarbonisation - Provides low-carbon energy solutions and specialty products for commercial sectors like aviation and marine.
- Integrated Gas - Focuses on liquefied natural gas (LNG) marketing, trading, and optimization, as well as gas-to-liquids (GTL) fuels and natural gas exploration.
- Upstream - Explores and extracts crude oil, natural gas, and natural gas liquids, while managing the infrastructure to transport these resources.
- Renewables and Energy Solutions - Develops renewable power generation, hydrogen production, carbon capture and storage (CCS), and nature-based solutions to reduce carbon emissions. Markets and trades power and pipeline gas.
- Corporate - Includes non-operating activities such as treasury, headquarters functions, and self-insurance.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Wael Sawan ExecutiveBoard | Chief Executive Officer (CEO) | None | Wael Sawan has been with Shell since 1997, holding various leadership roles, including Managing Director of Shell Qatar and Upstream Director. He became CEO on January 1, 2023, and has extensive experience in the energy sector. | View Report → |
Sinead Gorman Executive | Chief Financial Officer (CFO) | None | Sinead Gorman joined Shell in 1999 and became CFO on April 1, 2022. She has held senior finance roles across Shell, including EVP Finance for Integrated Gas and New Energies. | |
Ann Godbehere Board | Independent Non-Executive Director | Non-Executive Director and Audit Committee Chair of Stellantis N.V.; Non-Executive Director of HSBC Holdings plc | Ann Godbehere joined Shell's Board in 2018. She chairs the Audit and Risk Committee and has extensive financial expertise, having served as CFO of Swiss Re and Northern Rock. | |
Dick Boer Board | Deputy Chair and Senior Independent Director | Non-Executive Director of Nestlé; Non-Executive Director of SHV Holdings; Chair of the Supervisory Board of Just Eat Takeaway.com; Chair of the Supervisory Board of Royal Concertgebouw; Chair of Rijksmuseum Fonds | Dick Boer joined Shell's Board in 2020 and became Deputy Chair in 2023. He brings extensive retail and e-commerce experience, having served as CEO of Ahold Delhaize. | |
Neil Carson OBE Board | Independent Non-Executive Director | Non-Executive Chair of Oxford Instruments plc | Neil Carson joined Shell's Board in 2019. He has significant operational experience and a strong understanding of capital-intensive businesses. He chairs Shell's Remuneration Committee. | |
Sir Andrew Mackenzie Board | Chair of the Board | Chair of UK Research and Innovation (UKRI) | Sir Andrew Mackenzie became Chair of Shell's Board on May 18, 2021. He was previously CEO of BHP and has a strong background in earth sciences and sustainability. |
- With Shell's refining portfolio reduced to just three operational refineries after recent sales and repurposing, does the company still have sufficient scale to justify maintaining these assets, or should we expect further divestments in refining to focus on other strategic areas?
- The Renewables and Energy Solutions business has been loss-making and requires significant investment; what specific steps are you taking to turn this division profitable, and how confident are you that the shift towards a trading-led strategy will deliver the expected returns?
- Given the debooking of reserves at Groundbirch due to low AECO gas prices, how does Shell plan to secure sufficient gas supply for LNG Canada Phase 1 and the potential Phase 2, and what are the implications for your upstream strategy in Canada?
- With the Integrated Gas segment experiencing noncash derivative losses impacting earnings, are there material out-of-market derivative positions remaining that could affect future earnings, and how is Shell managing this risk to ensure more stable financial performance?
- Considering that some past investments have underperformed against initial expectations, such as certain sanctioned projects turning out less favorable, what assurances can you provide that new investments like the China chemicals expansion will achieve the projected returns in the current market environment?
Research analysts who have asked questions during Shell earnings calls.
Biraj Borkhataria
Royal Bank of Canada
5 questions for SHEL
Christopher Kuplent
Bank of America
5 questions for SHEL
Lucas Herrmann
BNP Paribas
5 questions for SHEL
Lydia Rainforth
UBS
5 questions for SHEL
Irene Himona
Sanford C. Bernstein
4 questions for SHEL
Martijn Rats
Morgan Stanley
4 questions for SHEL
Michele Della Vigna
Goldman Sachs
4 questions for SHEL
Paul Cheng
Scotiabank
4 questions for SHEL
Peter Low
Redburn Atlantic
4 questions for SHEL
Alastair Syme
Citigroup
3 questions for SHEL
Giacomo Romeo
Jefferies
3 questions for SHEL
Joshua Eliot Stone
UBS
3 questions for SHEL
Matthew Lofting
JPMorgan
3 questions for SHEL
Ryan Todd
Simmons Energy
3 questions for SHEL
Douglas George Blyth Leggate
Wolfe Research
2 questions for SHEL
Doug Leggate
Wolfe Research
2 questions for SHEL
Joshua Stone
UBS Group AG
2 questions for SHEL
Matt Lofting
JPMorgan Chase & Co.
2 questions for SHEL
Roger Read
Wells Fargo & Company
2 questions for SHEL
Henry Tarr
Berenberg
1 question for SHEL
Kim Fustier
HSBC
1 question for SHEL
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Nature Energy Biogas A/S | 2023 | Shell acquired 100% of Nature Energy Biogas A/S for nearly $2 billion in cash, with the acquisition completed on February 20, 2023. The strategic rationale was to bolster Shell's renewable natural gas capabilities—gaining access to Europe’s largest RNG producer operating 14 plants and numerous projects—to support its net-zero emissions strategy by 2050. |
Recent press releases and 8-K filings for SHEL.
- Shell has decided to permanently abandon its Rotterdam biofuels plant project, which was initially approved in 2021 and expected to start production in 2025, due to an in-depth review revealing it would not be competitive enough to meet customer demands for affordable, low-carbon products.
- The plant was planned to produce up to 820,000 tonnes of biofuels annually, including sustainable aviation fuel (SAF) from waste materials.
- This decision reflects a broader shift by Shell towards fossil fuel production, driven by challenging market conditions and profitability concerns, and follows a similar abandonment of a SAF project in Singapore.
- Despite this, Shell remains committed to low-carbon technologies, investing around $8 billion between 2023 and 2024 in areas such as carbon capture, hydrogen, low-carbon fuels, and SAF.
- Shell plc purchased a total of 18,178,732 shares for cancellation across various venues during August 2025.
- These share purchases are part of the Company's existing share buy-back programme, which was previously announced on July 31, 2025.
- HSBC Bank plc is managing the trading decisions for this buy-back programme independently from July 31, 2025, up to and including October 24, 2025.
- Shell PLC, alongside partners TotalEnergies and Equinor, has successfully commenced CO2 storage operations at the Northern Lights facilities in Norway.
- Northern Lights is the world's first commercial CO2 transport and storage project, with an initial capacity of 1.5 Mt CO2/year.
- A final investment decision in March 2025 aims to expand the project's capacity to over 5 Mt CO2/year by 2028.
- The project provides a tangible solution for industrial decarbonization by offering CO2 transport and storage services.
- Venture Global Inc. secured a landmark arbitration victory over Shell Plc concerning LNG cargo sales during the commissioning phase of Venture Global's Calcasieu Pass facility.
- The tribunal upheld Venture Global's right to sell LNG cargoes into the spot market before the plant was fully operational, despite Shell's claims that this breached their 20-year agreements.
- Shell expressed disappointment with the ruling, emphasizing that trust in long-term contracts remains vital for industry investment and growth.
- The decision boosted investor confidence, leading to Venture Global's shares rising by approximately 6.7% after trading closed in New York.
- Shell plc announced the purchase of its own shares for cancellation on various dates in June 2025.
- These purchases are part of an existing share buy-back programme that was previously announced on May 2, 2025.
- The share buy-back programme is managed by BNP PARIBAS SA, which will make trading decisions independently of Shell plc from May 2, 2025, up to and including July 25, 2025.
- From June 2, 2025, to June 18, 2025, Shell plc purchased a total of 17,246,000 shares for cancellation.
- Shell has denied recent media reports suggesting it is considering a takeover bid for rival British energy company BP, stating that no approach or talks have taken place.
- Shell issued a formal statement under rule 2.8 of the UK's takeover code, which restricts it from making a formal offer for BP for the next six months unless certain exceptions apply.
- Shell's CEO, Wael Sawan, emphasized that the company is focused on enhancing value through operational performance and share buybacks rather than pursuing acquisitions.
- This clarification follows speculation fueled by BP's recent underperformance and pressure from activist investors, with its chairman, Helge Lund, set to leave next year.
- Shell plc executed a share buyback purchase for cancellation on 2 May 2025, as part of its ongoing repurchase programme.
- The transaction involved multiple purchases on different venues (e.g., LSE, BATS, Chi-X, XAMS, CBOE DXE) with prices quoted in both GBP and EUR, following pre-set parameters.
- AGM Summary: Shell plc held its Annual General Meeting on May 20, 2025 at London Heathrow, where Resolutions 1–21 were approved and Resolution 22 was rejected.
- Management Engagement: CEO Wael Sawan announced that the rejection of Resolution 22 will prompt further shareholder consultations, with a report expected within six months.
- Shell delivered adjusted earnings of $5.6 billion and generated $11.9 billion in cash flow in Q1 2025, reflecting strong operational performance and improved margins .
- Interim dividend declared at US$ 0.358 per ordinary share and US$ 0.716 per ADS with ex-dividend dates on May 15-16 and payment on June 23, 2025 .
- Announced a new $3.5 billion share buyback program and executed repurchases on April 1, 2025 across multiple venues, continuing a streak of robust capital returns .
- Released its Unaudited Condensed Interim Financial Report for Q1 2025, highlighting key metrics including income, adjusted EBITDA, cash flows, and net debt .
- Strategic portfolio moves included the divestment of loss-making assets in Singapore and onshore Nigeria, aimed at driving structural cost reductions and enhancing margins .
- Progress on key projects such as LNG Canada supports disciplined capital allocation and free cash flow growth targets .
- Shell plc detailed its Q1 2025 guidance, outlining revised production and margins across segments such as Integrated Gas, Upstream, Marketing, and Chemicals & Products, noting impacts from unplanned maintenance and weather conditions (e.g., cyclones in Australia).
- The update includes specific outlook ranges for key performance metrics—such as production volumes and adjusted earnings—providing important guidance for investors ahead of the finalized Q1 2025 results (expected May 2, 2025).