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Shell (SHEL)

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.

  1. 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.
  2. 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.
  3. Integrated Gas - Focuses on liquefied natural gas (LNG) marketing, trading, and optimization, as well as gas-to-liquids (GTL) fuels and natural gas exploration.
  4. Upstream - Explores and extracts crude oil, natural gas, and natural gas liquids, while managing the infrastructure to transport these resources.
  5. 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.
  6. Corporate - Includes non-operating activities such as treasury, headquarters functions, and self-insurance.

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NamePositionExternal RolesShort 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.

  1. 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?
  2. 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?
  3. 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?
  4. 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?
  5. 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

Also covers: BP, CVX, E +3 more

Christopher Kuplent

Bank of America

5 questions for SHEL

Also covers: BP, EQNR, TS +1 more

Lucas Herrmann

BNP Paribas

5 questions for SHEL

Also covers: BP, CVX, TTE

Lydia Rainforth

UBS

5 questions for SHEL

Also covers: BP, E, EQNR +1 more

Irene Himona

Sanford C. Bernstein

4 questions for SHEL

Also covers: BP, E, EQNR +1 more

Martijn Rats

Morgan Stanley

4 questions for SHEL

Also covers: BP, E, EQNR +1 more

Michele Della Vigna

Goldman Sachs

4 questions for SHEL

Also covers: BP, E, EQNR +2 more

Paul Cheng

Scotiabank

4 questions for SHEL

Also covers: APA, BP, CLNE +20 more

Peter Low

Redburn Atlantic

4 questions for SHEL

Also covers: , BP, E +2 more

Alastair Syme

Citigroup

3 questions for SHEL

Also covers: BP, COP, CVX +4 more

Giacomo Romeo

Jefferies

3 questions for SHEL

Also covers: BP, E, EQNR +1 more

Joshua Eliot Stone

UBS

3 questions for SHEL

Also covers: BP, E, OMVKY

Matthew Lofting

JPMorgan

3 questions for SHEL

Also covers: BP, E, EQNR +2 more

Ryan Todd

Simmons Energy

3 questions for SHEL

Also covers: BP, COP, CVX +9 more

Douglas George Blyth Leggate

Wolfe Research

2 questions for SHEL

Also covers: APA, BP, COP +18 more

Doug Leggate

Wolfe Research

2 questions for SHEL

Also covers: APA, AR, BP +21 more

Joshua Stone

UBS Group AG

2 questions for SHEL

Also covers: BP, E, OMVKY

Matt Lofting

JPMorgan Chase & Co.

2 questions for SHEL

Also covers: E, EQNR, TTE

Roger Read

Wells Fargo & Company

2 questions for SHEL

Also covers: APA, AR, BP +22 more

Henry Tarr

Berenberg

1 question for SHEL

Also covers: , BP, E +2 more

Kim Fustier

HSBC

1 question for SHEL

Also covers: BP, E, EQNR +1 more

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

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 Provides Q3 2025 Outlook
·$SHEL
Guidance Update
Share Buyback
New Projects/Investments
  • Shell anticipates a strong third quarter in 2025, driven by significantly higher trading and optimisation performance in its Integrated Gas division, with LNG production expected to rise to between 7.0 and 7.4 million tonnes.
  • Upstream production is forecasted to increase to between 1.79 million and 1.9 million barrels of oil equivalent per day, though earnings will be impacted by $200 million to $400 million in charges related to the rebalancing of participation interests in Brazil's Tupi field.
  • The Chemicals & Products segment faces a loss, despite stronger refining margins rising to $11.6 per barrel, and the company disclosed a $600 million non-cash impairment due to the cancellation of its Rotterdam biofuels project.
  • Shell has launched another $3.5 billion of share buybacks, marking its fifteenth consecutive quarter of at least $3 billion in repurchases.
  • The company plans to report its full third-quarter results on October 30, 2025.
5 hours ago
MidOcean Energy to Acquire Stake in LNG Canada from PETRONAS
·$SHEL
New Projects/Investments
M&A
  • MidOcean Energy, an EIG company, has signed definitive agreements to acquire a 20% stake in key PETRONAS entities in Canada.
  • This acquisition includes a 20% stake in the North Montney Upstream Joint Venture and a 20% stake in the North Montney LNG Limited Partnership, which holds PETRONAS' 25% equity interest in the LNG Canada project.
  • The transaction will enable MidOcean Energy to secure an associated LNG volume of 0.7 MTPA, with potential for increase in Phase 2 of the LNG Canada project.
  • The finalization of the transaction is expected in Q4 2025, subject to standard regulatory approvals.
6 days ago
MidOcean Energy to Acquire PETRONAS's LNG Canada Interests
·$SHEL
M&A
New Projects/Investments
  • EIG-managed MidOcean Energy has signed a definitive agreement to acquire a 20% interest in PETRONAS's Canadian assets, which includes a 20% equity stake in the North Montney Upstream Joint Venture (NMJV) and a 20% equity stake in North Montney LNG Limited Partnership (NMLLP).
  • NMLLP holds a 25% interest in the LNG Canada Project, Canada's first LNG export project, which completed its first LNG cargo shipment earlier this year.
  • Upon completion of the transaction, MidOcean will gain access to 700,000 tonnes per annum (tpa) of LNG supply through its partnership with PETRONAS, with potential for growth from LNG Canada Phase 2.
  • The transaction is expected to close in Q4 2025, subject to regulatory approvals.
  • MidOcean Energy's CEO, De la Rey Venter, previously held senior management roles at Shell Plc, including head of global LNG business.
6 days ago
MidOcean Energy to Acquire PETRONAS's LNG Canada Interest
·$SHEL
M&A
New Projects/Investments
  • MidOcean Energy, an LNG company established and managed by EIG, has signed a definitive agreement to acquire a 20% interest in core entities of PETRONAS in Canada.
  • This acquisition includes a 20% equity stake in the North Montney Upstream Joint Venture and a 20% equity stake in North Montney LNG Limited Partnership, which holds PETRONAS's 25% interest in the LNG Canada Project.
  • The LNG Canada Project is Canada's first LNG export project, which completed its first LNG cargo loading earlier this year.
  • Upon completion, MidOcean will gain access to 700,000 tonnes per annum of LNG supply, with potential for growth if LNG Canada Phase 2 proceeds.
  • De la Rey Venter, CEO of MidOcean Energy, previously served as Global Head of LNG at Shell Plc.
6 days ago
Shell plc Announces September 2025 Share Buy-back Transactions
·$SHEL
Share Buyback
  • Shell plc purchased a total of 19,290,414 shares for cancellation across various venues in September 2025.
  • These transactions are part of an existing share buy-back programme that was previously announced on July 31, 2025.
  • HSBC Bank plc is independently executing the trading decisions for this program, which is scheduled to continue until October 24, 2025.
6 days ago
MidOcean Energy Acquires Stake in Canadian LNG Sector
·$SHEL
M&A
New Projects/Investments
  • MidOcean Energy, an LNG company formed and managed by EIG, has signed definitive agreements to acquire a 20% stake in key PETRONAS entities in Canada.
  • This acquisition includes a 20% stake in the North Montney Upstream Joint Venture (NMJV) and a 20% stake in the North Montney LNG Limited Partnership (NMLLP), which holds PETRONAS' 25% stake in the LNG Canada project.
  • The transaction will provide MidOcean with an integrated value chain position, securing 0.7 million tonnes per year of associated LNG volume, with potential for growth through LNG Canada's Phase 2.
  • LNG Canada is Canada's first LNG export project and shipped its first cargo earlier this year.
  • The closing of the transaction is expected in the fourth quarter of 2025, pending customary regulatory approvals.
6 days ago
MidOcean Energy Acquires Stake in PETRONAS's Canadian LNG Assets
·$SHEL
M&A
New Projects/Investments
  • MidOcean Energy, an LNG company managed by EIG, has signed definitive agreements to acquire a 20% stake in PETRONAS's principal entities in Canada.
  • This acquisition includes a 20% stake in the North Montney Upstream Joint Venture and a 20% stake in the North Montney LNG Limited Partnership, which holds PETRONAS's 25% stake in the LNG Canada project.
  • The transaction will provide MidOcean with an integrated value chain position, covering upstream resource development and downstream liquefaction and export, and the capacity to secure an associated LNG volume of 0.7 MTPA.
  • The LNG Canada project is Canada's first LNG export project and shipped its initial cargo earlier this year.
  • The transaction is anticipated to close in the fourth quarter of 2025, subject to customary regulatory approvals.
6 days ago
MidOcean Energy Acquires Stake in LNG Canada
·$SHEL
M&A
New Projects/Investments
  • MidOcean Energy, an LNG company managed by EIG, has signed definitive agreements to acquire a 20% stake in PETRONAS's key Canadian subsidiaries.
  • This transaction includes a 20% stake in the North Montney Upstream Joint Venture and a 20% stake in the North Montney LNG Limited Partnership, which holds a 25% stake in the LNG Canada project.
  • The acquisition is expected to secure 0.7 million tons per annum (MTPA) of LNG volume for MidOcean, with potential for further growth in LNG Canada Phase 2.
  • The transaction is anticipated to close in the fourth quarter of 2025, pending regulatory approvals.
6 days ago
MidOcean Energy to Acquire Stake in PETRONAS's Canadian LNG Assets
·$SHEL
M&A
New Projects/Investments
  • MidOcean Energy, formed and managed by EIG, will acquire a 20% stake in PETRONAS's main Canadian entities, including the North Montney Upstream Joint Venture and the North Montney LNG Limited Partnership.
  • This acquisition provides MidOcean with a position across the integrated LNG value chain, encompassing upstream resource development in North Montney and downstream liquefaction and export through LNG Canada, which is the first Canadian LNG export project.
  • The transaction is expected to secure an associated LNG volume of 0.7 million tonnes per annum (MTPA) for MidOcean, with potential for growth through LNG Canada Phase 2.
  • The deal is anticipated to close in Q4 2025, subject to customary regulatory approvals.
6 days ago
MidOcean Energy Acquires Stake in LNG Canada
·$SHEL
M&A
New Projects/Investments
  • MidOcean Energy, a subsidiary of EIG, has entered into definitive agreements to acquire a 20% stake in PETRONAS's principal entities in Canada.
  • This acquisition includes a 20% interest in the North Montney Upstream Joint Venture (NMJV) and a 20% interest in the North Montney LNG Limited Partnership (NMLLP), which holds PETRONAS's 25% stake in the LNG Canada project.
  • Upon finalization, MidOcean will secure an associated LNG volume of 0.7 MTPA, with potential for growth up to Phase 2 of LNG Canada.
  • The transaction is anticipated to close in the fourth quarter of 2025, subject to customary regulatory approvals.
6 days ago