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
7 questions for SHEL
Christopher Kuplent
Bank of America
7 questions for SHEL
Lydia Rainforth
UBS
6 questions for SHEL
Martijn Rats
Morgan Stanley
6 questions for SHEL
Michele Della Vigna
Goldman Sachs
6 questions for SHEL
Peter Low
Redburn Atlantic
6 questions for SHEL
Lucas Herrmann
BNP Paribas
5 questions for SHEL
Ryan Todd
Simmons Energy
5 questions for SHEL
Alastair Syme
Citigroup
4 questions for SHEL
Doug Leggate
Wolfe Research
4 questions for SHEL
Irene Himona
Sanford C. Bernstein
4 questions for SHEL
Paul Cheng
Scotiabank
4 questions for SHEL
Giacomo Romeo
Jefferies
3 questions for SHEL
Joshua Eliot Stone
UBS
3 questions for SHEL
Kim Fustier
HSBC
3 questions for SHEL
Matthew Lofting
JPMorgan
3 questions for SHEL
Matt Lofting
JPMorgan Chase & Co.
3 questions for SHEL
Douglas George Blyth Leggate
Wolfe Research
2 questions for SHEL
Jason Gabelman
TD Cowen
2 questions for SHEL
Joshua Stone
UBS Group AG
2 questions for SHEL
Mark Wilson
Jefferies
2 questions for SHEL
Roger Read
Wells Fargo & Company
2 questions for SHEL
Alastair Roderick Syme
Citi
1 question for SHEL
Henry Tarr
Berenberg
1 question for SHEL
Josh Stone
UBS
1 question for SHEL
Joshua Eliot Dweck Stone
UBS
1 question for SHEL
Lydia Rose Emma Rainforth
Barclays
1 question for SHEL
Matthew Peter Charles Lofting
JPMorgan Chase & Co.
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 Finance US Inc., with guarantees from Shell plc, entered into an underwriting agreement on November 3, 2025, for the issuance of new guaranteed notes.
- The notes issued include Floating Rate Guaranteed Notes due 2030, 4.125% Guaranteed Notes due 2030, and 4.750% Guaranteed Notes due 2036.
- The aggregate principal amount of these notes totals US $2,350,000,000, consisting of US $350,000,000 for the Floating Rate Notes, US $1,000,000,000 for the 4.125% Notes, and US $1,000,000,000 for the 4.750% Notes.
- Shell plc engaged in share buyback activities for cancellation throughout October 2025, purchasing a total of 14,631,333 shares.
- The company completed purchases under a program announced on July 31, 2025, managed by HSBC Bank plc, which ran until October 24, 2025. Under this program, 13,264,176 shares were bought between October 3 and October 21, 2025.
- A new share buy-back program was announced and commenced on October 30, 2025, with Merrill Lynch International managing trading decisions until January 30, 2026. On its first day, 1,367,157 shares were purchased under this new program.
- Shell is making a significant return to Angola's offshore oil sector after two decades, committing approximately $1 billion to explore and develop 17 oil blocks.
- This investment aligns with Angola's strategy to maintain crude production above one million barrels per day, a level critical to the nation's revenue.
- The re-engagement follows a memorandum of understanding signed in November 2024, with detailed contract terms pending approval from Angola's Council of Ministers.
- Shell will partner with other companies in Block 33, reflecting a collaborative approach in Angola's offshore exploration efforts.
- Shell plc has initiated exchange offers for six series of USD notes originally issued by Shell International Finance B.V. and BG Energy Capital plc.
- The purpose of these offers is to migrate the existing notes to Shell Finance US Inc., which will issue new notes fully and unconditionally guaranteed by Shell, thereby optimizing the Shell Group's capital structure and aligning indebtedness with its U.S. business.
- The exchange offers commenced on November 3, 2025, and are scheduled to expire on December 3, 2025, at 5:00 p.m. New York City time.
- Eligible holders who tender their Old Notes by the Early Participation Deadline of November 17, 2025, will receive a Total Consideration of $1,000 principal amount of new notes and $1.00 in cash per $1,000 principal amount of Old Notes.
- This Total Consideration includes an Early Participation Premium of $30 principal amount of new notes; tenders submitted after this deadline but before the expiration will receive $970 principal amount of new notes and $1.00 in cash.
- Shell plc declared an interim dividend for the third quarter of 2025 of US$ 0.358 per ordinary share and US$ 0.716 per ADS.
- The company commenced a $3.5 billion share buyback programme, which is expected to be completed prior to the Q4 2025 results announcement.
- Key dates for the Q3 2025 interim dividend include an ex-dividend date for ordinary shares on November 13, 2025, for ADSs on November 14, 2025, and a payment date of December 18, 2025.
- Shell plc also announced the intended timetable for its 2026 quarterly interim dividends, with the Q1 2026 dividend announcement scheduled for February 5, 2026.
- Shell reported adjusted earnings of $5.4 billion and $12.2 billion in cash flow from operations for Q3 2025, citing strong performance across all segments.
- The company announced a new $3.5 billion share buyback program, continuing its commitment to shareholder distributions, which were 48% of CFFO on a four-quarter rolling basis, within the 40% to 50% target range.
- Operational achievements included the startup of LNG Canada Train 1, delivering 13 cargoes in Q3, and record quarterly production in Brazil and the Gulf of Mexico.
- Strategic portfolio adjustments included the divestment of the Colonial Pipeline for approximately $1 billion and the decision to not restart the HEFA biofuels facility in Rotterdam. The chemicals business continues to face challenges, prompting further cash preservation measures.
- Shell delivered adjusted earnings of $5.4 billion and $12.2 billion in cash flow from operations for Q3 2025, reflecting a quarter-on-quarter improvement across all segments.
- The company announced a new $3.5 billion share buyback program, expected to be completed by the Q4 results announcement, maintaining its target range for shareholder distributions, which were 48% of CFFO on a four-quarter rolling basis.
- Operational highlights include the startup of LNG Canada Train 1, which delivered 13 cargoes in Q3, and record quarterly production in Brazil and the Gulf of Mexico. Full ramp-up for LNG Canada and Pavilion contracts is anticipated in the second half of 2026.
- Shell continued its portfolio high-grading efforts, divesting or closing approximately 400 lower-performing retail sites year-to-date and completing the divestment of a non-core interest in the Colonial Pipeline for around $1 billion. The company also made a value-driven decision not to restart the HEFA biofuels facility in Rotterdam.
- The chemicals business continues to face challenges with weak margins, with $25 billion of capital employed currently underperforming, prompting plans for further cash preservation measures.
- Shell reported adjusted earnings of $5.4 billion and $12.2 billion in cash flow from operations for Q3 2025, reflecting strong performance across all segments.
- The company announced a $3.5 billion share buyback program, its 16th consecutive quarter of buybacks of $3 billion or more, and reiterated its commitment to 40% to 50% of CFFO for shareholder distributions.
- Operational successes included higher liquefaction volumes from the startup of LNG Canada's Train 1 and record quarterly production in Brazil and the Gulf of Mexico.
- Shell continued its portfolio simplification, divesting or closing 400 retail sites, selling its interest in the Colonial Pipeline for approximately $1 billion, and divesting five Savion solar projects.
- Looking ahead, Shell anticipates a highly credible scenario of oil oversupply in 2026 and a balanced LNG outlook for the next year or so, while the chemicals business faces ongoing challenges.
- Shell reported adjusted earnings of $5.4 billion for the third quarter of 2025, which was down 10% from the previous year but surpassed analyst expectations.
- The company maintained its $3.5 billion quarterly share buyback program, marking the 16th consecutive quarter with buybacks exceeding $3 billion.
- Cash flow from operations was $12.2 billion, and net debt decreased to $41.2 billion.
- Strong performance was driven by robust gas trading, higher upstream and refining margins, and record production from deepwater assets in Brazil and the Gulf of America.
- Shell Plc reported mixed fiscal third-quarter 2025 results, with adjusted earnings per share beating estimates at $1.86 but revenues falling short at $68.15 billion. The company generated $12.21 billion in operational cash flow.
- The company announced a $3.5 billion share buyback program and a $0.3580 per share dividend, continuing its 16-quarter streak of large repurchases.
- Shell's CEO, Wael Sawan, emphasized a strategic focus on fossil fuel investments while scaling back green initiatives.
- Net debt decreased to $41.2 billion from $43.2 billion in the prior quarter, and gearing improved to 18.8% from 19.1%, showcasing improved balance sheet strength.