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 is appealing a Western Cape High Court decision that overturned its environmental permit for offshore oil exploration in Block 5/6/7 off South Africa's west coast.
- The company argues the court misinterpreted the National Environmental Management Act by conflating exploration with production, and the appeal hearing took place on October 16 with a judgment expected soon.
- This legal challenge, along with others from environmental groups, has contributed to an estimated $1.6 billion in halted investments in South Africa's offshore energy sector.
- Shell is preparing to resume preliminary work on the Dragon offshore gas field in Venezuela to supply Trinidad and Tobago.
- The company is seeking a new, long-term license of up to ten years from the Trump administration to exempt the project from U.S. sanctions, which is crucial for sustained investment.
- This initiative aims to alleviate gas shortages affecting Trinidad's liquefaction complex and petrochemical plants.
- The Trump administration, having previously revoked oil and gas licenses in April, has since granted restricted licenses to other companies, with similar permissions expected for Shell and BP.
- Shell plc released an update to its Q3 2025 outlook, with final results scheduled for publication on October 30, 2025.
- The company anticipates a $0.2 - 0.4 billion hurt in Upstream Adjusted Earnings due to the rebalancing of participation interests in Brazil.
- The Marketing segment is expected to incur approximately $0.6 billion in non-cash post-tax impairments and provisions from the cancellation of the Rotterdam HEFA project.
- The Chemicals sub-segment is projected to report an Adjusted Earnings loss for Q3 2025.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.