Shell plc

What does Shell own?
Shell operates across oil and gas exploration and production, LNG, refining, chemicals, and retail energy. The company owns approximately 46,000 retail service stations globally, major LNG production facilities in Australia, Malaysia, Nigeria, and other countries, refineries and chemical plants in Europe, the Americas, and Asia, and the Shell Recharge EV charging network. Shell also owns lubricant brands including Shell Helix and Pennzoil.

Is Shell publicly traded?
Yes, Shell plc trades on the London Stock Exchange and NYSE under ticker symbol SHEL. The company has no controlling shareholder, with ownership distributed among institutional investors including BlackRock, Vanguard Group, and State Street Global Advisors, alongside individual shareholders globally. Shell's annual report and Form 20-F for FY2025 were filed on March 12, 2026.

What is Shell's annual revenue?
Shell reported total revenue of $266.9 billion for FY2025, down from $284.3 billion in FY2024. Income for FY2025 was $18.1 billion, up from $16.5 billion in FY2024. Adjusted earnings were $18.5 billion, and cash flow from operating activities was $42.9 billion. The decline in adjusted earnings from $23.7 billion in FY2024 reflects a lower oil and gas price environment.

Who is Shell's CEO?
Wael Sawan has served as Chief Executive Officer of Shell since January 2023, succeeding Ben van Beurden. Sawan is a Lebanese-Canadian executive who joined Shell in 1997. He previously led the Integrated Gas and Renewables and Energy Solutions segments. Under his leadership, Shell has focused on capital discipline, cost reduction, and shareholder returns, achieving $5.1 billion in cumulative structural cost savings by the end of FY2025.

What is Shell's history?
Shell traces its origins to the 1907 merger of Royal Dutch Petroleum Company, founded in 1890 in the Netherlands, and Shell Transport and Trading Company, founded in 1897 in the United Kingdom. The merged company, Royal Dutch Shell, became one of the world's largest oil companies. In January 2022, Shell simplified its dual structure into a single company, Shell plc, headquartered in London. The company has operated for more than 115 years.

How many gas stations does Shell operate?
Shell operates approximately 46,000 service stations globally under the Shell brand, making it one of the world's largest retail fuel networks. The company is investing in EV charging infrastructure through Shell Recharge to serve customers transitioning to electric vehicles. The retail network is a core component of Shell's Marketing segment and provides a direct consumer-facing presence in more than 70 countries.

Shell's origins trace to two separate companies that merged in 1907. The Shell Transport and Trading Company was founded in 1897 by Marcus Samuel, a British merchant who had developed a business importing seashells from the Far East. The company later expanded into oil transport and built the first oil tanker designed to pass through the Suez Canal, giving it a competitive advantage in moving oil from the Caspian Sea to Asian markets.

Royal Dutch Petroleum Company was founded in 1890 in the Netherlands to develop oil fields in the Dutch East Indies, now Indonesia. The company became a major oil producer in Southeast Asia.

In 1907, Royal Dutch Petroleum and Shell Transport and Trading merged into a dual-company structure, with Royal Dutch holding 60% and Shell Transport holding 40%. This structure, known as Royal Dutch Shell, persisted for nearly a century. The merged company became one of the world's largest oil companies, competing with Standard Oil and other major producers.

Throughout the 20th century, Shell expanded globally, developing oil fields in the Middle East, Africa, North America, and other regions. The company built refineries, chemical plants, and retail networks across dozens of countries and became a major force in the global oil industry.

Shell faced significant controversy in the 1990s related to its operations in Nigeria. The company's operations in the Niger Delta were associated with environmental damage and human rights concerns. The execution of activist Ken Saro-Wiwa by the Nigerian government in 1995, following his protests against Shell's operations, generated intense international criticism. Shell has since invested in community development programs in Nigeria and updated its human rights policies.

In 2004, Shell disclosed that it had overstated its proven oil and gas reserves by approximately 20%. The revelation damaged the company's credibility and led to regulatory investigations, financial penalties, and significant management changes.

Shell simplified its corporate structure in January 2022, consolidating from the dual Royal Dutch/Shell structure into a single company, Shell plc, incorporated in the United Kingdom and headquartered in London. The restructuring was intended to simplify governance, improve strategic flexibility, and facilitate share buybacks.

Wael Sawan became CEO in January 2023, succeeding Ben van Beurden. Sawan, a Lebanese-Canadian executive who joined Shell in 1997, has led a strategic refocus on financial returns and capital discipline. Under his leadership, Shell reduced its renewable energy investments relative to the more ambitious targets set under his predecessor and concentrated capital allocation on its most profitable oil, gas, and LNG assets.

In FY2025, Shell delivered solid financial results despite a lower price environment. The company generated free cash flow of $26.1 billion, made progress on portfolio simplification, and reached $5.1 billion in cumulative cost savings since 2022. In Q4 2025, Shell announced a 4% dividend increase and a $3.5 billion share buyback program, marking the 17th consecutive quarter of at least $3 billion in buybacks. The company's 2026 cash capital expenditure outlook is $20 to $22 billion.

Shell publishes an integrated annual and sustainability report covering its environmental, social, and governance performance. The company has committed to achieving net-zero emissions by 2050 and has set interim targets for reducing the carbon intensity of its operations.

Shell is a signatory to the Science Based Targets initiative and has committed to reducing absolute Scope 1 and 2 emissions by 50% by 2030 against a 2016 baseline. The company's FY2025 sustainability performance includes continued investment in low-carbon energy solutions, though the scale of this investment is smaller than the company's fossil fuel capital expenditure.

In FY2025, Shell's research and development expenses were $960 million, covering both traditional oil and gas technologies and low-carbon energy solutions. The company consumed 189 million MWh of energy in its operations, down from 212 million MWh in FY2024. Refinery and chemical plant availability improved to 94% in FY2025 from 92% in FY2024, reflecting operational efficiency gains.

Shell's sustainability challenges are substantial. The company's core business is the extraction and sale of fossil fuels, which are the primary source of global greenhouse gas emissions. Shell has faced criticism from environmental groups and investors for scaling back its renewable energy investments under CEO Wael Sawan. The company's share buyback program, while returning capital to shareholders, has also been criticized as insufficient investment in the energy transition.

The company's sustainability report is independently assured, and Shell publishes performance data aligned with global reporting frameworks. However, the fundamental tension between Shell's business model and global climate goals remains a source of ongoing scrutiny from regulators, investors, and civil society organizations.

Shell has received recognition for its brand value, operational performance, and sustainability reporting.

• Brand Finance Global 500 (2025): Shell ranked first among the most valuable oil and gas companies globally, maintaining a position it has held for multiple consecutive years. The ranking is based on brand value calculation methodology incorporating royalty rate estimates and brand strength analysis.
• Dow Jones Sustainability Index: Shell has been a constituent of the DJSI, assessed annually by S&P Global for ESG performance among large-cap companies.
• CDP Climate Change A-List: Shell has received recognition from CDP (formerly Carbon Disclosure Project) for its climate change disclosure and emissions management practices, though its rating has varied year to year.
• FTSE4Good Index: Shell is included in the FTSE4Good Index Series, which measures the performance of companies demonstrating strong ESG practices.

Shell has faced significant environmental and legal challenges throughout its history, particularly related to climate change and its operations in Nigeria.

In 2021, a Dutch court ordered Shell to reduce its carbon emissions by 45% by 2030 compared to 2019 levels. The case, brought by Friends of the Earth Netherlands (Milieudefensie) and other environmental groups, was a landmark ruling that applied climate obligations to a private company. Shell appealed the ruling, and the appeal process is ongoing. The case has been watched closely by the energy industry and environmental organizations as a test of corporate climate liability.

Shell's operations in Nigeria have been subject to ongoing controversy regarding oil spills, environmental damage in the Niger Delta, and human rights concerns. The company has faced lawsuits in multiple jurisdictions related to pollution from its Nigerian operations. In 2025, Shell continued to face legal proceedings related to oil spills in the Niger Delta, including cases brought by communities seeking compensation for environmental damage.

The 2004 reserves overstatement scandal, in which Shell disclosed it had overstated proven reserves by approximately 20%, resulted in regulatory investigations by the SEC and Financial Services Authority, financial penalties exceeding $150 million, and significant management changes including the resignation of the chairman and CEO. The scandal damaged Shell's credibility with investors and regulators and led to reforms in the company's reserves reporting practices.

Shell has also faced scrutiny over its climate lobbying activities. Environmental groups have accused the company of publicly supporting climate goals while privately lobbying against climate regulations. Shell has published its climate lobbying activities and industry association memberships in response to investor pressure for greater transparency.

In 2025, Shell announced plans to reduce its workforce by approximately 11,000 positions from FY2024 levels, bringing total employees to approximately 85,000. The workforce reduction is part of the company's structural cost savings program and has drawn attention from labor organizations in several countries.