Shell plc (SHEL): Business Model Canvas

In der dynamischen Welt der globalen Energie ist Shell plc ein transformatives Kraftpaket, das sich strategisch durch die komplexe Landschaft traditioneller fossiler Brennstoffe und modernster erneuerbarer Technologien bewegt. Durch die sorgfältige Ausarbeitung eines Geschäftsmodells, das Innovation, Nachhaltigkeit und robuste globale Abläufe in Einklang bringt, hat sich Shell als zentraler Akteur im sich entwickelnden Energieökosystem positioniert und treibt die Entwicklung voran strategische Partnerschaften, fortschrittliche technologische Fähigkeiten und ein umfassender Ansatz zur Deckung des immer vielfältigeren Energiebedarfs der Welt.

Shell plc (SHEL) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit großen Öl- und Gasausrüstungsherstellern

Shell hat wichtige Partnerschaften mit den folgenden Geräteherstellern aufgebaut:

Partner	Partnerschaftsfokus	Gründungsjahr
Schlumberger	Bohrtechnik	2019
Baker Hughes	Offshore-Gewinnungsausrüstung	2020
Halliburton	Vorgelagerte Produktionstechnologien	2018

Joint Ventures mit nationalen Ölunternehmen

Zu den globalen Explorationspartnerschaften von Shell gehören:

• Saudi Aramco (Saudi-Arabien): Gemeinsam betriebene Raffinerie von Motiva Enterprises
• Petronas (Malaysia): Integrierte Gasprojekte in Südostasien
• Gazprom (Russland): Explorationsprojekt Sachalin-3

Technologiepartnerschaften für erneuerbare Energien

Technologiepartner	Erneuerbarer Fokus	Investitionsbetrag
Erste Solar	Solarpanel-Technologie	350 Millionen Dollar
Vestas Windsysteme	Offshore-Windinfrastruktur	500 Millionen Dollar
Blütenenergie	Entwicklung von Wasserstoff-Brennstoffzellen	250 Millionen Dollar

Kooperationen bei der Ladeinfrastruktur für Elektrofahrzeuge im Automobilbereich

Zu den Ladepartnerschaften von Shell für Elektrofahrzeuge gehören:

• Volkswagen Konzern: Ausbau des Schnellladenetzes
• BMW: Gemeinsame Entwicklung von Ladestationen für Elektrofahrzeuge
• Hyundai: Strategische Zusammenarbeit bei der Ladeinfrastruktur für Elektrofahrzeuge

Forschungskooperationen mit Universitäten

Universität	Forschungsbereich	Jährliche Forschungsförderung
Stanford-Universität	Technologien zur Kohlenstoffabscheidung	15 Millionen Dollar
MIT	Fortschrittliche Systeme für erneuerbare Energien	20 Millionen Dollar
Imperial College London	Wasserstoff-Energieforschung	12 Millionen Dollar

Shell plc (SHEL) – Geschäftsmodell: Hauptaktivitäten

Upstream-Öl- und Gasexploration und -produktion

Produktionsvolumen im Jahr 2023: 1,7 Millionen Barrel Öläquivalent pro Tag

Region	Produktionsvolumen (BOE/Tag)	Investition (USD)
Nordamerika	550,000	8,2 Milliarden US-Dollar
Naher Osten	380,000	5,7 Milliarden US-Dollar
Europa	270,000	3,5 Milliarden US-Dollar

Nachgelagerte Raffinierung und Vermarktung von Erdölprodukten

Raffineriekapazität im Jahr 2023: 2,4 Millionen Barrel pro Tag

• Anzahl der Raffinerien: 15 weltweit
• Einzelhandelsstationen: 44.000 weltweit
• Jährlicher Erdölproduktabsatz: 118 Millionen Tonnen

Entwicklung und Investition in erneuerbare Energien

Gesamtinvestitionen in erneuerbare Energien im Jahr 2023: 3,5 Milliarden US-Dollar

Erneuerbares Segment	Installierte Leistung (MW)	Investition (USD)
Windenergie	2,700	1,6 Milliarden US-Dollar
Solarenergie	1,500	1,2 Milliarden US-Dollar
Bioenergie	500	700 Millionen Dollar

Implementierung der Technologie zur Kohlenstoffabscheidung und -speicherung

Gesamtkapazität zur Kohlenstoffabscheidung: 6,5 Millionen Tonnen CO2 pro Jahr

• Anzahl der Projekte zur aktiven Kohlenstoffabscheidung: 8
• Investition in Technologien zur Kohlenstoffabscheidung: 1,2 Milliarden US-Dollar

Globaler Energiehandel und Supply Chain Management

Jährliches Handelsvolumen: 15,6 Millionen Barrel pro Tag

Handelsregion	Handelsvolumen (Barrel/Tag)	Umsatz (USD)
Europa	4,2 Millionen	18,5 Milliarden US-Dollar
Asien-Pazifik	3,8 Millionen	16,7 Milliarden US-Dollar
Amerika	4,6 Millionen	20,3 Milliarden US-Dollar

Shell plc (SHEL) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche globale Öl- und Gasreserven

Shells nachgewiesene Öl- und Gasreserven ab 2023: 8,5 Milliarden Barrel Öläquivalent. Geografische Aufteilung der Reserven:

Region	Reserven (Milliarden Barrel)
Amerika	3.2
Europa	1.5
Asien-Pazifik	2.8
Naher Osten	1.0

Fortschrittliche technologische Infrastruktur

Zu den technologischen Vermögenswerten von Shell gehören:

• 14 große Forschungs- und Technologiezentren weltweit
• Über 4.000 aktive Technologiepatente
• Investitionen in die digitale Transformation: 1,2 Milliarden US-Dollar im Jahr 2023

Qualifizierte Arbeitskräfte

Zusammensetzung der Belegschaft im Jahr 2023:

Kategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	43,000
Doktoranden	1,200
Ingenieursprofis	12,500

Finanzkapital

Finanzielle Mittel ab 2023:

• Gesamtvermögen: 404,4 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 32,6 Milliarden US-Dollar
• Jährliche Kapitalausgaben: 23,2 Milliarden US-Dollar

Forschungs- und Entwicklungskapazitäten

Details zu F&E-Investitionen:

• Jährliche F&E-Ausgaben: 1,5 Milliarden US-Dollar
• F&E-Fokus auf erneuerbare Energien: 35 % des gesamten F&E-Budgets
• Anzahl aktiver Forschungsprojekte: 220

Shell plc (SHEL) – Geschäftsmodell: Wertversprechen

Integrierte Energielösungen für traditionelle und erneuerbare Sektoren

Das Energieportfolio von Shell im Jahr 2024 umfasst:

Energiesegment	Jährliches Produktionsvolumen	Umsatzbeitrag
Rohöl	1,7 Millionen Barrel pro Tag	98,3 Milliarden US-Dollar
Erdgas	570 Millionen Kubikfuß pro Tag	45,6 Milliarden US-Dollar
Erneuerbare Energie	7,5 Gigawatt	12,4 Milliarden US-Dollar

Zuverlässige globale Energieversorgung und -verteilung

Das globale Vertriebsnetz von Shell umfasst:

• 44 Länder mit operativer Präsenz
• Über 46.000 Einzelhandelsstationen weltweit
• 23 große Raffinerien auf allen Kontinenten

Engagement zur Reduzierung der CO2-Emissionen

Shells CO2-Reduktionsziele für 2024:

Emissionsminderungskategorie	Zielprozentsatz	Investition
Geltungsbereich 1 & 2 Emissionen	Reduzierung um 50 % bis 2030	10,5 Milliarden US-Dollar
Netto-CO2-Fußabdruck	20 % Ermäßigung	7,2 Milliarden US-Dollar

Fortschrittliche technologische Innovationen in der Energieerzeugung

Shells Technologieinvestitionen im Jahr 2024:

• 3,8 Milliarden US-Dollar für Forschung und Entwicklung im Bereich saubere Energie
• 12 große technologische Innovationszentren
• 287 aktive Technologiepatente

Vielfältiges Portfolio an Energieprodukten und -dienstleistungen

Produkt-/Dienstleistungskategorie	Jahresumsatz	Marktanteil
Erdölprodukte	132,6 Milliarden US-Dollar	12.4%
Erdgas	45,6 Milliarden US-Dollar	8.7%
Dienstleistungen im Bereich erneuerbare Energien	12,4 Milliarden US-Dollar	5.3%
Schmierstoffe und Chemikalien	18,9 Milliarden US-Dollar	7.6%

Shell plc (SHEL) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Industrie- und Gewerbekunden

Shell unterhält im Jahr 2023 weltweit 52.000 Business-to-Business-Verträge. Die durchschnittliche Vertragslaufzeit liegt in den Sektoren Energie, Fertigung und Transport zwischen 5 und 10 Jahren.

Sektor	Anzahl der Verträge	Durchschnittlicher Vertragswert
Herstellung	18,500	42,3 Millionen US-Dollar
Transport	15,700	36,7 Millionen US-Dollar
Energie	17,800	55,6 Millionen US-Dollar

Digitale Plattformen für die Kundenbindung

Shell investierte im Jahr 2023 287 Millionen US-Dollar in digitale Kundeninteraktionsplattformen. Zu den digitalen Kundeninteraktionsplattformen gehören:

• MyShell-Mobilanwendung
• Digitale Plattform von Shell Fleet Solutions
• Online-Energiemanagement-Dashboard
• Digitale Zahlungssysteme

Die Nutzerbasis der digitalen Plattform erreichte im Jahr 2023 12,4 Millionen registrierte Nutzer.

Personalisierte Energieberatungsdienste

Shell bietet spezialisierte Energieberatungsdienste mit 673 engagierten Energieberatern weltweit an. Durchschnittlicher Wert des Beratungsengagements: 1,2 Millionen US-Dollar pro Kunde.

Art der Beratungsdienstleistung	Anzahl der Kunden	Jahresumsatz
Industrielle Energieoptimierung	247	312 Millionen Dollar
Strategie für erneuerbare Energien	186	224 Millionen Dollar
Beratung zur CO2-Reduktion	240	288 Millionen Dollar

Transparente Nachhaltigkeitsberichterstattung

Shell veröffentlicht umfassende Nachhaltigkeitsberichte zu Umwelt-, Sozial- und Governance-Kennzahlen (ESG). Kosten für die Veröffentlichung des jährlichen Nachhaltigkeitsberichts: 4,2 Millionen US-Dollar.

Kundensupport über mehrere Kanäle

Shell betreibt weltweit 247 Kundensupportzentren mit 8.900 Supportmitarbeitern. Der Multi-Channel-Support umfasst:

• Telefonsupport in 42 Sprachen
• Digitaler Chat-Support rund um die Uhr
• E-Mail-Unterstützung
• Kundenservice über soziale Medien

Jährliche Betriebsausgaben für den Kundensupport: 612 Millionen US-Dollar.

Shell plc (SHEL) – Geschäftsmodell: Kanäle

Einzelhandelstankstellen weltweit

Shell betreibt ab 2023 weltweit 46.049 Einzelhandelsstationen in 70 Ländern. Aufschlüsselung der Einzelhandelsstationen:

Region	Anzahl der Stationen
Europa	15,236
Amerika	12,894
Asien-Pazifik	11,567
Afrika	6,352

Digitale Online-Plattformen und mobile Anwendungen

Zu den digitalen Plattformen von Shell gehören:

• Mobile Shell Recharge-App: 2,3 Millionen aktive Benutzer
• Digitale Plattform MyShell: 8,5 Millionen registrierte Benutzer
• Online-Kraftstoffkauftransaktionen: 127 Millionen im Jahr 2023

B2B-Direktvertriebsteams

Shells B2B-Vertriebsstruktur:

Sektor	Anzahl der dedizierten Vertriebsmitarbeiter
Luftfahrt	1,245
Marine	876
Kommerzielle Schmierstoffe	1,532
Industrielle Energie	1,098

Energiehandelsplattformen

Shells Energiehandelskanäle:

• Shell Energy Trading Platform: 43 globale Handelsstandorte
• Jährliches Handelsvolumen: 14,2 Millionen Barrel pro Tag
• Digitale Handelstransaktionen: 68 % der gesamten Transaktionen im Jahr 2023

Strategische Partnerschaftsnetzwerke

Die wichtigsten Partnerschaftskanäle von Shell:

Partnerschaftstyp	Anzahl der Partner
Erneuerbare Energie	412
Technologiezusammenarbeit	276
Infrastrukturentwicklung	189
Laden von Elektrofahrzeugen	534

Shell plc (SHEL) – Geschäftsmodell: Kundensegmente

Globale industrielle Energieverbraucher

Shell beliefert Industriekunden aus zahlreichen Branchen mit einem jährlichen Energieverbrauch von 3,4 Millionen Barrel Öläquivalent pro Tag im Jahr 2023.

Branchensegment	Jährlicher Energieverbrauch	Marktanteil
Herstellung	1,2 Millionen boe/Tag	22%
Bergbau	0,8 Millionen boe/Tag	15%
Chemische Verarbeitung	0,6 Millionen boe/Tag	11%
Landwirtschaft	0,4 Millionen boe/Tag	7%

Transport- und Logistikunternehmen

Shell beliefert Transportunternehmen mit Kraftstoff und erzielte im Jahr 2023 einen Jahresumsatz von 54,3 Milliarden US-Dollar aus Logistik- und Transportkraftstoffverkäufen.

• Lkw-Flottenkunden: 127.000 gewerbliche Kunden
• Treibstoffversorgung für Seeschifffahrt: 38 % Weltmarktanteil
• Vertrieb von Flugtreibstoff: Belieferung von 45 Ländern

Automobilhersteller

Shell liefert Schmierstoffe und spezielle Automobilprodukte an Hersteller mit einem Umsatz von 12,6 Milliarden US-Dollar im Automobilsegment.

Kategorie „Automobilhersteller“.	Jährlicher Schmierstoffverkauf	Globale Partnerschaften
Erstausrüster	5,4 Milliarden US-Dollar	87 Partnerschaften
Aftermarket-Dienstleistungen	7,2 Milliarden US-Dollar	142 Länder

Privatkunden im Energiebereich

Shell beliefert weltweit 27,4 Millionen private Energiekunden mit einem Umsatz von 38,9 Milliarden US-Dollar für private Energie.

• Stromkunden: 15,6 Millionen Haushalte
• Erdgaskunden: 11,8 Millionen Haushalte
• Lösungen für erneuerbare Energien für Privathaushalte: 4,2 Millionen Kunden

Regierung und Organisationen des öffentlichen Sektors

Shell bietet im Jahr 2023 Energielösungen für staatliche Stellen mit öffentlichen Aufträgen im Wert von 22,7 Milliarden US-Dollar an.

Regierungssektor	Jährlicher Vertragswert	Geografische Reichweite
Verteidigung	8,3 Milliarden US-Dollar	36 Länder
Infrastruktur	7,9 Milliarden US-Dollar	52 Länder
Öffentliche Versorgungsbetriebe	6,5 Milliarden US-Dollar	41 Länder

Shell plc (SHEL) – Geschäftsmodell: Kostenstruktur

Hoher Kapitalaufwand in Exploration und Produktion

Im Jahr 2023 beliefen sich die Gesamtinvestitionen von Shell auf 24,2 Milliarden US-Dollar, wobei ein erheblicher Teil in vorgelagerte Explorations- und Produktionsaktivitäten floss.

Kostenkategorie	Betrag (Milliarden USD)
Upstream-Kapitalausgaben	14,6 Milliarden US-Dollar
Nachgelagerte Kapitalausgaben	5,8 Milliarden US-Dollar
Integrierte Gasinvestitionen	3,8 Milliarden US-Dollar

Bedeutende Investition in erneuerbare Energietechnologien

Shell investierte im Jahr 2023 3,5 Milliarden US-Dollar in erneuerbare Energien und Energiewendeprojekte.

• Investitionen in erneuerbare Energien: 2,1 Milliarden US-Dollar
• CO2-arme Energietechnologien: 1,4 Milliarden US-Dollar

Betriebskosten für die globale Energieinfrastruktur

Die jährlichen Betriebskosten für die globale Infrastruktur beliefen sich im Jahr 2023 auf insgesamt 37,6 Milliarden US-Dollar.

Betriebskostenkategorie	Betrag (Milliarden USD)
Veredelungsvorgänge	12,3 Milliarden US-Dollar
Logistik und Transport	8,7 Milliarden US-Dollar
Marketing und Vertrieb	6,5 Milliarden US-Dollar

Forschungs- und Entwicklungskosten

Shell stellte im Jahr 2023 1,2 Milliarden US-Dollar für Forschungs- und Entwicklungsaktivitäten bereit.

• Forschung und Entwicklung im Bereich Energiewende: 620 Millionen US-Dollar
• Technologische Innovation: 580 Millionen US-Dollar

Kosten für Compliance und Umweltvorschriften

Die Compliance-bezogenen Ausgaben beliefen sich im Jahr 2023 auf 2,3 Milliarden US-Dollar.

Compliance-Kostenkategorie	Betrag (in Mio. USD)
Umweltkonformität	1,4 Milliarden US-Dollar
Regulatorische Berichterstattung	450 Millionen Dollar
Sicherheitskonformität	450 Millionen Dollar

Shell plc (SHEL) – Geschäftsmodell: Einnahmequellen

Verkauf von Rohöl und Erdgas

Im Jahr 2022 erreichte Shells Upstream-Umsatz 75,9 Milliarden US-Dollar. Das Rohölproduktionsvolumen betrug etwa 1,7 Millionen Barrel pro Tag. Das Erdgasproduktionsvolumen betrug rund 592 Millionen Kubikfuß pro Tag.

Produkt	Umsatz 2022	Produktionsvolumen
Rohöl	52,3 Milliarden US-Dollar	1,7 Millionen Barrel/Tag
Erdgas	23,6 Milliarden US-Dollar	592 Millionen Kubikfuß/Tag

Marketing für Erdölprodukte

Das Downstream-Segment von Shell erwirtschaftete im Jahr 2022 einen Umsatz von 246,4 Milliarden US-Dollar. Der Kraftstoffverkauf im Einzelhandel machte 67,2 Milliarden US-Dollar aus.

• Benzinumsatz: 38,5 Milliarden US-Dollar
• Dieselumsatz: 42,7 Milliarden US-Dollar
• Umsatz mit Flugtreibstoff: 16,0 Milliarden US-Dollar

Erneuerbare Energieerzeugung

Der Umsatz mit erneuerbaren Energien erreichte im Jahr 2022 3,2 Milliarden US-Dollar. Die installierte erneuerbare Kapazität betrug 3,4 Gigawatt.

Erneuerbare Quelle	Einnahmen	Kapazität
Wind	1,7 Milliarden US-Dollar	2,1 GW
Solar	1,1 Milliarden US-Dollar	1,0 GW
Bioenergie	0,4 Milliarden US-Dollar	0,3 GW

Emissionsgutschriften und Emissionshandel

Die Einnahmen aus dem Emissionshandel beliefen sich im Jahr 2022 auf 512 Millionen US-Dollar. Shell handelte etwa 85 Millionen Emissionsgutschriften.

Energiehandels- und Beratungsdienstleistungen

Die Einnahmen aus dem Energiehandel beliefen sich im Jahr 2022 auf insgesamt 14,6 Milliarden US-Dollar. Beratungsdienstleistungen erwirtschafteten 1,8 Milliarden US-Dollar.

Service	Umsatz 2022
Energiehandel	14,6 Milliarden US-Dollar
Energieberatung	1,8 Milliarden US-Dollar

Shell plc (SHEL) - Canvas Business Model: Value Propositions

You're looking at the core promises Shell plc is making to its customers, partners, and investors as of late 2025, based on their latest strategic announcements. Honestly, the value proposition is a tightrope walk between securing today's energy needs and building out the lower-carbon future.

The foundation remains the reliable, integrated supply of energy from wellhead to customer. This is supported by their ambition to be the world's leading integrated gas and LNG business and the most customer-focused energy marketer and trader.

For the traditional energy side, Shell plc is focused on stability and maximizing returns from existing assets. They are not planning for decline, but for maintenance of scale where it is most profitable. Here are the key production and financial commitments:

Value Proposition Metric	Target/Metric	Time Horizon
Liquids Production Stability	Sustaining production at 1.4 million barrels per day	Through 2030
LNG Sales Growth	Growing sales by 4-5% per year	Through 2030
Shareholder Distribution Target	40-50% of Cash Flow From Operations (CFFO) through the cycle	Through the cycle
Capital Expenditure (Capex)	$20-22 billion per year	2025-2028

The commitment to shareholders is quite explicit, moving the target range up from the previous commitment. Shell plc announced they will enhance shareholder distributions from 30-40% to 40-50% of cash flow from operations (CFFO) through the cycle, prioritizing share buybacks while maintaining a 4% per annum progressive dividend policy.

On the lower-carbon front, Shell plc is pursuing focused growth in areas where they see competitive strength, though the capital allocation has shifted. They plan to leverage competitive strengths to drive profitable and scalable businesses across lower-carbon platforms, where they expect to have up to 10% of capital employed by 2030. This follows a period where they confirmed an investment of $10-15 billion between 2023 and the end of 2025 in low-carbon energy solutions like EV charging and hydrogen.

The Marketing business delivers value through high-quality products and market leadership. You see this clearly in their lubricants division:

• Shell Lubricants retained its status as the No. 1 global supplier of finished lubricants for 19 consecutive years, according to Kline & Company's Global Lubricants: Market Analysis and Assessment 2025.
• This leadership translates to an 11.6 percent global market share across automotive and industrial segments.
• The strategy focuses on premium products, with Shell expecting its premium lubricants gross margin contribution to grow by 50% by 2030.

Also, Shell plc is driving margin expansion in convenience and e-mobility, expecting an 8 to 10% compound annual growth rate by 2030 in food and beverage offerings at their customer sites.

Finance: draft 13-week cash view by Friday.

Shell plc (SHEL) - Canvas Business Model: Customer Relationships

You're looking at how Shell plc manages the diverse relationships across its massive energy and petrochemical customer base as of late 2025. It's a mix of high-touch service for big energy users and digital efficiency for the millions who stop for fuel or a charge.

Dedicated Account Managers for Large Industrial and Commercial Clients

For the largest energy consumers-think major mining operations, global logistics firms, or large-scale manufacturing plants-Shell plc deploys dedicated relationship management. This isn't just about selling fuel or lubricants; it's about deep partnership in the energy transition. Shell Low Carbon Solutions was created specifically to help forward-thinking leaders in heavy transport and industry solve their decarbonization challenges, which definitely requires dedicated technical engagement. One million business customers rely on Shell, but the largest ones get the dedicated attention that goes beyond standard transactions. Shell supplies advanced transport, heating, and industrial fuels to these corporate clients worldwide. For instance, in petrochemicals, Shell maintains key joint ventures like CNOOC and Shell Petrochemicals Company Limited (CSPCL) in China, where managing that complex relationship is paramount to securing product supply.

Automated Self-Service for Retail Customers at Service Stations and EV Points

The relationship with the everyday consumer is built on speed and accessibility. Shell plc serves an incredible 33 million customers at its Shell-branded retail sites every single day. To handle this volume, self-service is key. While Shell aims to operate 55,000 retail sites globally, the focus is also on the shift to electric mobility. As of the end of 2024, Shell reported operating 73,000 public charge points for electric vehicles. General industry statistics suggest that 67% of customers prefer self-service over speaking to a company representative, which validates the investment in automated payment and charging experiences at the forecourt. The goal is to make the transaction frictionless, whether it's for traditional fuel or for topping up an EV.

Investor Relations Focused on Transparency and Progressive Dividend Policy

For the owners of Shell plc-the investors-the relationship is managed through clear financial commitments and transparent reporting. The policy is centered on a progressive dividend outlook. Shell aims to grow the dividend per share by around 4 percent every year. Furthermore, the Group targets total shareholder distributions of 40 - 50% of its cash flow from operations (CFFO) through the cycle. As of the third quarter of 2025, the interim dividend was announced at US$ 0.358 per ordinary share. This focus on consistent returns is a core part of the value proposition to shareholders. For the trailing twelve months ending November 2025, Shell paid a total of 1.98 USD per share in dividends, representing a dividend yield of 5.26 % based on a stock price of 37.66 USD at that time. That's a clear, quantifiable commitment to the shareholder relationship.

Co-development and Technical Support for Joint Venture Partners

In complex areas like upstream oil and gas or new energy ventures, Shell plc engages in deep co-development with partners. This relationship is built on sharing risk, technology, and expertise. A prime example is the formation of Adura, the new UK North Sea joint venture with Equinor, where both companies hold a 50% stake. This JV combines assets and is expected to produce over 140,000 barrels of oil equivalent per day in 2026, requiring intense operational alignment. In chemicals, Shell maintains several 50% ownership JVs, such as Infineum International Ltd (with ExxonMobil) for additives and ELLBA BV (with BASF) for styrene monomer/propylene oxide. These alliances leverage Shell's world-leading technologies and proven experience in delivering large-scale projects, which is the technical support offered to the partner.

Here's a snapshot of the key relationship metrics and partnership stakes:

Relationship Focus Area	Metric/Data Point	Value/Amount	Unit/Context
Retail Customer Reach	Daily Customers at Retail Sites	33 million	Customers per day
Investor Policy	Targeted Annual Dividend Growth	4 percent	Per annum
Investor Returns	Target Shareholder Distribution Range	40 - 50%	Of Cash Flow from Operations (CFFO)
EV Infrastructure	Public Charge Points (as of YE 2024)	73,000	Units
JV Co-Development (Adura)	Shell Ownership Stake in New UK JV	50%	Stake in Adura with Equinor
JV Co-Development (Chemicals)	Shell Ownership Stake in Infineum	50%	Stake in Infineum International Ltd

The preference for digital interaction is clear across the board; for example, in customer service generally, 81% of all customers attempt to take care of themselves before reaching out to a live representative. This trend definitely informs the self-service focus at the pump and the charging bay. For the industrial client, the relationship is cemented by providing solutions in hard-to-decarbonise sectors, like the work done through Shell Low Carbon Solutions.

Shell plc (SHEL) - Canvas Business Model: Channels

You're looking at how Shell plc gets its products and services to the customer base, which is a massive, multifaceted operation spanning traditional fuels and new energy solutions. It's about scale and integration, frankly.

Global network of 46,000+ branded retail service stations.

Shell plc currently operates over 46,000 retail locations globally, which are predominantly branded service stations. This physical footprint is a core channel for direct consumer interaction. However, the company is actively reshaping this network as part of its Energy Transition Strategy 2024, planning to close around 1,000 of these sites by the end of 2025. This divestment represents less than 3 percent of the total network. Globally, Shell serves approximately 32 million customers per day across its mobility sites for fuels, convenience items, and charging services.

The retail channel is being upgraded to meet evolving demand, focusing on expanded electric vehicle charging and convenience offers.

Channel Metric	Value/Target (As of late 2025 Context)	Source Year/Context
Total Branded Retail Locations	Over 46,000	Current Operations
Planned Retail Site Closures (2024-2025 total)	Divestment of around 500 sites per year in 2024 and 2025	Energy Transition Strategy 2024
Daily Global Mobility Customers Served	Around 32 million	2025 Operations
Target Global EV Charge Points	Hoped to grow to 70,000 in 2025 (from 54,000 in 2023)	2023/2025 Target

Direct sales and long-term contracts for LNG and crude oil.

For its Integrated Gas business, Shell plc acts as the world's largest trader of liquefied natural gas (LNG). This channel relies heavily on direct sales and long-term offtake agreements. Shell is targeting an increase of up to 5% in LNG sales over the next five years. The company plans to grow its LNG sales volumes by 20% to 30% by the end of the decade, aiming for up to 87 Mtpa from 67 Mtpa in 2023. Shell produced 29 million tons (Mt) of LNG in 2024 and sold 65.8 Mt. A concrete example of securing future supply is the 15-year deal signed with ADNOC for up to 1 million metric tons per annum (MMtpa) of LNG from the Ruwais project. Crude oil output is maintained, remaining flat at around 1.4 million b/d.

Integrated shipping and pipeline infrastructure for global transport.

Moving these vast volumes of energy requires significant control over logistics. Shell manages nearly 10% of the global LNG fleet, making it one of the largest LNG shipping operators. This infrastructure is being expanded through committed projects. Shell is adding up to 12 million metric tons of additional LNG capacity by the end of the decade from projects already under construction in regions like Canada, Qatar, Nigeria, and the UAE. A key milestone achieved was shipping the first cargo from LNG Canada. Furthermore, supply from the 5 Bcf/d Coastal GasLink pipeline, completed in 2024, is supporting the commissioning of the LNG Canada systems.

The company uses its integrated assets to move product globally, as shown by the delivery of nearly 65 million tonnes of LNG to over 30 countries in 2024.

Shell Recharge EV charging network and digital applications.

The digital and electric mobility channel is a key area of investment, though the strategy is pivoting. Shell hoped to grow its global EV charging network to 70,000 charge points in 2025, against an earlier ambition of 500,000 by 2025. The company is now prioritizing DC fast charging at its branded gas stations and standalone hubs, viewing this as a more scalable model than its previous retail-based network acquisitions. Shell confirmed it will end operations of the Volta Media advertising platform by October 31, 2025, and cease charging operations at those associated stations by December 31, 2025.

The digital applications support these physical channels:

• Shell Recharge mobile application for locating and paying for charging sessions.
• Focus on offering convenience retail items like coffee and food while customers charge.
• In the UK, Shell aimed to install 50,000 on-street EV charge points by 2025.
• The acquisition of ubitricity brought 3,600 chargers in lamp posts/bollards into the network.

Finance: draft 13-week cash view by Friday.

Shell plc (SHEL) - Canvas Business Model: Customer Segments

You're looking at the core groups Shell plc serves, which is a massive, diverse set of energy consumers and capital providers. Honestly, the sheer scale of these segments is what defines their business.

Global retail consumers (Mobility and Lubricants customers)

This segment covers the everyday driver and local business needing fuel and lubricants. Shell served around 33 million customers at Shell-branded retail sites every day in 2024. The company is actively managing this physical footprint, planning to close 1,000 retail stations by the end of 2025, which is less than 3 percent of the total. On the electric vehicle (EV) side, they had 73,000 public charge points as of late 2025. For low-carbon fuels, they traded over 10 billion litres of biofuels in 2019, with ongoing expansion efforts.

Large industrial and commercial B2B customers (e.g., airlines, shipping, manufacturing)

This group is served through various business units, including Marketing and Integrated Gas. Shell served around 1 million business customers across more than 70 countries in 2024. The scale of their trading operation is vast, handling over 8 million+ barrels of crude oil traded daily. For the marine sector, which relies heavily on LNG, Shell sold 66 mtpa (million tonnes per annum) of liquefied natural gas across 30 countries.

Wholesale energy traders and utility companies (LNG, power)

This is where Shell's trading arm connects supply to large-scale demand, often dealing with utility companies and other energy majors. Shell's LNG liquefaction volumes were reported between 7 million and 7.4 million metric tons in the third quarter of 2025. For context on sales, Q1 2025 LNG sales volumes were 15.5 MT. In the power space, external power sales for the Renewables & Energy Solutions segment were 76 TWh in Q1 2025.

Here's a quick look at some key operational metrics that underpin the service to these energy-buying segments:

Metric	Value	Source Context/Period
Oil & Gas Production Available for Sale	2.8 million barrels of oil equivalent a day	As of late 2025 data
LNG Sold (Annualized)	66 mtpa	As of late 2025 data
Crude Oil Traded Daily	8 million+ barrels	As of late 2025 data
External Power Sales	76 TWh	Q1 2025
LNG Liquefaction Volumes (Q3 2025 Estimate)	7.0 million to 7.4 million metric tons	Q3 2025

Institutional and retail investors (seeking stable returns and growth)

Investors are a critical segment, as their capital allocation decisions directly impact Shell's strategy. For Q1 2025, Shell announced another $3.5 billion share buyback programme. The company targets shareholder distributions through the cycle to be 40 to 50% of CFFO, with distributions over the last four quarters (ending Q1 2025) at 45% of CFFO. The balance sheet health, a key investor metric, showed gearing (including leases) at 19% at the end of Q1 2025. Shell reported $24 billion in adjusted earnings for the period ending late 2025.

Governments and National Oil Companies (NOCs) in resource-rich nations

This segment interacts with Shell through resource access, regulation, and taxation. Shell paid $18 billion in taxes to governments. The company's operations span more than 70 countries. Shell is also actively managing its portfolio with governments, completing divestments such as the Shell Petroleum Development Company of Nigeria Limited (SPDC) in Q1 2025.

You should track the quarterly tax payments against the cash flow statement to see the direct financial commitment to this segment.

Shell plc (SHEL) - Canvas Business Model: Cost Structure

You're looking at the expense side of Shell plc's operations as of late 2025, which is a massive undertaking balancing legacy fossil fuel investments with the pivot toward lower-carbon solutions. The cost structure is dominated by capital intensity and a relentless drive for efficiency, so let's look at the hard numbers they are committing to.

High Cash Capital Expenditure (CAPEX)

Shell plc is maintaining a disciplined, yet substantial, level of investment to secure future production and transition assets. The company has set a clear target for its cash capital expenditure (CAPEX) over the medium term.

• Planned annual Cash CAPEX for $20 billion to $22 billion for the 2025-2028 period.
• For the first nine months of 2025, cash capital expenditure totaled $14.9 billion.
• Cash capital expenditure in the third quarter (Q3) of 2025 specifically was $4.907 billion.

This spending is heavily weighted toward high-return areas, especially Liquefied Natural Gas (LNG) and deep-water oil developments, such as the H.I. gas development project in Nigeria, where a Final Investment Decision was taken in Q3 2025.

Significant Operating Expenses

The day-to-day running costs, which the company manages through its structural cost reduction program, are significant. Shell plc views these expenses as a key area for performance improvement.

The underlying operating expenses for the third quarter of 2025 were reported, aligning closely with the figure you mentioned, which is a testament to their cost management focus. The figure you cited, $8.864 billion, corresponds to the $8,864 million reported under the 'Operating expenses. F.' line item for Q3 2025 in their financial tables.

The company is actively pursuing savings, targeting a cumulative structural cost reduction of $5 billion to $7 billion by the end of 2028, compared to 2022 levels.

Here is a breakdown of some related expense and investment metrics from the first nine months and Q3 2025:

Cost/Expense Metric	Period	Amount (USD)
Underlying Operating Expenses	Twelve Months Ending Sept 30, 2025	$1.202 billion (R&D only)
Cash Capital Expenditure	Q3 2025	$4.907 billion
Cash Flow from Investing Activities	Q3 2025	Outflow of $2.3 billion
Total Expenditure	Q3 2025	$62.48 billion

Costs of Goods Sold (COGS)

While specific, consolidated Cost of Goods Sold (COGS) for crude oil, gas, and refined products is not explicitly broken out in the latest public summaries, the primary driver of revenue volatility and associated costs is the realized price for these commodities. For context on the revenue side, the realized liquids price in Q3 2025 was $64/bbl, and the realized gas price was $7.3/thousand scf.

Exploration, Drilling, and Deepwater Development Costs

Investment in exploration is being strategically managed to support reserve renewal while aligning with capital discipline. The focus is on high-return, lower-cost-to-develop projects. The company is driving a strong organic funnel, aiming to bring online 1 million barrels of oil equivalent per day between now and 2030 at breakeven prices of just sub-$35.

Costs Associated with the Energy Transition Portfolio

Shell plc has made specific commitments to fund its energy transition portfolio, though this spending is being balanced against fossil fuel investment. The company committed to investing $10 billion to $15 billion in low-carbon energy solutions between 2023 and the end of 2025. Furthermore, the strategy involves leveraging competitive strengths to grow lower-carbon platforms, expecting them to represent up to 10% of capital employed by 2030.

The cost structure also reflects portfolio adjustments, such as the decision not to restart construction of the HEFA biofuels facility in Rotterdam, which involved non-cash post-tax impairments and provisions of approximately $0.6 billion expected in the Marketing segment.

Shell plc (SHEL) - Canvas Business Model: Revenue Streams

You're looking at the core ways Shell plc brings in cash as of late 2025. It's a mix of traditional energy sales, chemical products, and a growing, though still smaller, slice from lower-carbon activities. The company's strategy, reinforced at its March 2025 Capital Markets Day, centers on maximizing cash flow resilience to fund shareholder returns and targeted growth.

The primary revenue drivers remain the established segments, which you can see laid out here based on Trailing Twelve Months (TTM) figures ending September 2025:

Revenue Stream Segment	Revenue Amount (TTM Sep '25)
Marketing Revenue	$112.50 billion
Chemicals & Products Revenue	$79.41 billion
Integrated Gas Revenue	$38.21 billion

That Marketing segment, which includes the retail fuel network and lubricants, is clearly the largest single revenue contributor based on these figures. Honestly, it shows the sheer scale of their customer-facing operations.

Beyond these major segments, Shell plc generates revenue from its evolving energy transition portfolio. This area is strategically important for future growth and meeting climate ambitions, even if the absolute dollar figures aren't as large as the legacy businesses yet. You'll find revenue here from:

• Sales of electricity, often generated from renewable sources like solar and wind installations across their operations.
• Revenue derived from the trading and optimization of power and pipeline gas within the Renewables & Energy Solutions business.
• Income related to carbon credits, though the company has noted a reduction in the volume of credits retired in 2024 as other measures took effect.
• Sales of lower-carbon fuels, including biofuels and hydrogen, which is a key focus area for growth.

A critical component of Shell plc's financial model is its commitment to shareholder returns, which acts as a direct return of capital to investors, effectively a revenue stream for shareholders. Following the March 2025 strategy update, Shell announced a clear policy for distributing cash generated:

Shell plc is targeting shareholder distributions of 40-50% of Cash Flow From Operations (CFFO) through the cycle. This distribution is executed via two primary mechanisms:

• Dividends: Maintaining a progressive dividend policy, which was noted as 4% per annum as of early 2025.
• Share Buybacks: Prioritizing share buybacks as the primary tool for distributing excess cash flow above the dividend commitment. For example, a $3.5 billion buyback program was announced for Q2 2025, with another $3.5 billion announced for Q3 2025.

This policy directly links the company's operational cash generation to the financial benefit received by its owners. Finance: draft 13-week cash view by Friday.