Shell plc
Shell plc is a global energy company organized around upstream oil and gas production, integrated gas, refining, and chemicals. Its businesses span the full hydrocarbon value chain, including exploration, liquefied natural gas, trading, product manufacturing, and marketing across major markets worldwide.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueExploration, development, and production of crude oil and natural gas.
Liquefied natural gas, gas trading, and related gas marketing activities.
Refining, chemicals, lubricants, and other downstream product manufacturing.
Retail fuels, convenience, mobility, and commercial energy supply.
Power, low-carbon, and customer-facing energy services.
Customers
Shell serves industrial, commercial, and wholesale customers that need reliable energy, feedstocks, and logistics across the oil and gas value chain. It also sells directly to consumers through retail fuel and mobility networks, while large utilities, traders, airlines, shipping companies, and manufacturers buy LNG, fuels, lubricants, and chemical inputs for operational use.
Buy crude, LNG, refined products, and structured supply contracts for supply security and pricing optimization.
Buy chemicals, lubricants, feedstocks, and process energy for production and maintenance.
Buy natural gas and LNG to support power generation and gas distribution.
Buy aviation fuel, marine fuel, diesel, and mobility-related energy products.
Buy branded fuels and convenience-related mobility products through service stations.
Strategy
Shell focuses on managing a portfolio of large energy assets across upstream, LNG, refining, and chemicals while using trading and marketing to connect supply with end markets. The strategy emphasizes portfolio discipline, capital allocation, and system flexibility so the company can compete across cyclical commodity markets and changing energy demand patterns.
A diversified asset base helps Shell balance cyclical commodity exposure and improve capital efficiency.
LNG and gas trading connect long-term supply contracts with global demand growth and flexibility.
Large projects and long lead times require disciplined investment to protect returns through commodity cycles.
Energy systems are shifting, so Shell needs optionality in power, mobility, and emissions-related businesses.
Geography
Shell is a globally diversified energy business with operations and customers across Europe, the Americas, Asia-Pacific, the Middle East, and Africa. Its asset base and trading network are international, so earnings are exposed to regional energy demand, commodity hubs, shipping routes, and country-specific regulation.
Risks
Shell is exposed to commodity price volatility, operational incidents, and geopolitical disruption because its revenues and margins depend on global oil, gas, and refining markets. It also faces regulatory and transition risks from emissions policy, carbon pricing, and changing energy demand, while large derivatives and hedging positions add accounting and market-risk complexity.
- Commodity price volatilityImpact: HighLikelihood: High
Shell sells products tied to crude oil, gas, LNG, and refined-product markets that can move sharply.
Exposure - Energy transition and regulationImpact: HighLikelihood: High
Carbon policy, emissions limits, and product regulation can affect asset economics and demand.
Exposure: Hydrocarbon production and refining
- Operational and safety incidentsImpact: HighLikelihood: Medium
Large industrial assets, offshore facilities, and shipping operations carry accident and outage risk.
Exposure: Upstream and downstream operations
- Geopolitical disruptionImpact: HighLikelihood: Medium
International assets and trading routes can be affected by sanctions, conflicts, or export controls.
Exposure: Global trading and producing regions
- Derivative and market-risk complexityImpact: MediumLikelihood: High
Trading and hedge positions can move earnings and require judgment in valuation and hedge designation.
Exposure: Commodity derivatives and FX/interest-rate hedges
Accounting
Judgemental itemsRemoves inventory holding gains and losses so oil-price effects are easier to compare across periods.
Impact: Affects adjusted earnings presentation
Separates unusual or non-recurring items such as impairments, divestments, and restructuring.
Impact: Affects comparability of reported earnings
Fair value movements on oil and gas hedges and trading contracts can create earnings swings.
Impact: Affects net income and OCI
Will reclassify items between operating, investing, and financing categories and alter cash flow presentation.
Impact: Affects line-item comparability
Similar listed companies
Publicly listed companies with a comparable business focus.
Chevron Corporation
CVX · Petroleum Refining
Chevron Corp is a U.S.-based integrated energy company that manages upstream oil and gas production, LNG, and carbon capture activities alongside downstream…
ConocoPhillips
COP · Petroleum Refining
ConocoPhillips is a U.S.-based upstream oil and gas company focused on exploring for, developing, and producing crude oil, natural gas, LNG, bitumen, and NGLs.
Clean Energy Fuels Corp.
CLNE · Gas & Other Services Combined
Petroleo Brasileiro S.A. Petrobras ADS
PBR · Crude Petroleum & Natural Gas
Petrobras is a Brazil-based integrated energy company engaged in the exploration, development, production, refining, transportation, and marketing of crude oil and natural gas.
Exxon Mobil Corporation
Petroleum Refining
Reserve Petroleum Co
RSRV · Crude Petroleum & Natural Gas
Reserve Petroleum Co is a U.S.-based independent oil and natural gas company engaged in the acquisition, development, production, and sale of crude oil and natural gas properties.
Last updated: 28/09/2026