Shell plc (SHEL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la energía global, Shell PLC se erige como una potencia transformadora, navegando estratégicamente el complejo panorama de los combustibles fósiles tradicionales y las tecnologías renovables de vanguardia. Al crear meticulosamente un modelo de negocio que equilibra la innovación, la sostenibilidad y las operaciones globales robustas, Shell se ha posicionado como un jugador fundamental en el ecosistema de energía en evolución, impulsando hacia adelante con asociaciones estratégicas, capacidades tecnológicas avanzadas y un enfoque integral para satisfacer las demandas de energía cada vez más diversas del mundo.

Shell Plc (Shel) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con grandes fabricantes de equipos de petróleo y gas

Shell ha establecido asociaciones críticas con los siguientes fabricantes de equipos:

Pareja	Enfoque de asociación	Año establecido
Schlumberger	Tecnología de perforación	2019
Baker Hughes	Equipo de extracción en alta mar	2020
Halliburton	Tecnologías de producción aguas arriba	2018

Empresas conjuntas con compañías petroleras nacionales

Las asociaciones de exploración global de Shell incluyen:

• Saudi Aramco (Arabia Saudita): Refinería de empresas motivaciones que operan conjuntamente conjuntamente
• Petronas (Malasia): proyectos de gas integrados en el sudeste asiático
• Gazprom (Rusia): Proyecto de Exploración Sakhalin-3

Asociaciones de tecnología de energía renovable

Socio tecnológico	Enfoque renovable	Monto de la inversión
Primero solar	Tecnología de panel solar	$ 350 millones
Sistemas de viento de Vestas	Infraestructura eólica en alta mar	$ 500 millones
Energía de floración	Desarrollo de pestañas de combustible de hidrógeno	$ 250 millones

Colaboraciones de infraestructura de carga automotriz de EV

Las asociaciones de carga de vehículos eléctricos de Shell incluyen:

• Volkswagen Group: expansión de la red de carga rápida
• BMW: Desarrollo conjunto de la estación de carga EV EV
• Hyundai: cooperación estratégica de infraestructura de carga EV de EV

Asociaciones de investigación con universidades

Universidad	Área de investigación	Financiación anual de investigación
Universidad de Stanford	Tecnologías de captura de carbono	$ 15 millones
MIT	Sistemas avanzados de energía renovable	$ 20 millones
Imperial College London	Investigación de energía de hidrógeno	$ 12 millones

Shell Plc (Shel) - Modelo de negocio: actividades clave

Exploración y producción de petróleo y gas aguas arriba

Volumen de producción en 2023: 1.7 millones de barriles de aceite equivalente por día

Región	Volumen de producción (BOE/DÍA)	Inversión (USD)
América del norte	550,000	$ 8.2 mil millones
Oriente Medio	380,000	$ 5.7 mil millones
Europa	270,000	$ 3.5 mil millones

Refinación aguas abajo y comercialización de productos petroleros

Capacidad de refinación en 2023: 2.4 millones de barriles por día

• Número de refinerías: 15 a nivel mundial
• Estaciones minoristas: 44,000 en todo el mundo
• Ventas anuales de productos de petróleo: 118 millones de toneladas

Desarrollo e inversión de energía renovable

Inversión total de energía renovable en 2023: $ 3.5 mil millones

Segmento renovable	Capacidad instalada (MW)	Inversión (USD)
Energía eólica	2,700	$ 1.6 mil millones
Energía solar	1,500	$ 1.2 mil millones
Bioenergía	500	$ 700 millones

Implementación de la tecnología de captura y almacenamiento de carbono

Capacidad total de captura de carbono: 6.5 millones de toneladas CO2 por año

• Número de proyectos activos de captura de carbono: 8
• Inversión en tecnologías de captura de carbono: $ 1.2 mil millones

Gestión de la cadena mundial de comercio de energía y la cadena de suministro

Volumen de negociación anual: 15.6 millones de barriles por día

Región comercial	Volumen comercial (barriles/día)	Ingresos (USD)
Europa	4.2 millones	$ 18.5 mil millones
Asia Pacífico	3.8 millones	$ 16.7 mil millones
América	4.6 millones	$ 20.3 mil millones

Shell Plc (Shel) - Modelo de negocio: recursos clave

Extensas reservas mundiales de petróleo y gas

Reservas probadas de petróleo y gas de Shell a partir de 2023: 8.5 mil millones de barriles de aceite equivalente. Desglose geográfico de reservas:

Región	Reservas (mil millones de barriles)
América	3.2
Europa	1.5
Asia Pacífico	2.8
Oriente Medio	1.0

Infraestructura tecnológica avanzada

Los activos tecnológicos de Shell incluyen:

• 14 importantes centros de investigación y tecnología a nivel mundial
• Más de 4.000 patentes de tecnología activa
• Inversión de transformación digital: $ 1.2 mil millones en 2023

Fuerza laboral hábil

Composición de la fuerza laboral en 2023:

Categoría	Número de empleados
Total de empleados	43,000
Titulares de doctorado	1,200
Profesionales de ingeniería	12,500

Capital financiero

Recursos financieros a partir de 2023:

• Activos totales: $ 404.4 mil millones
• Equivalentes en efectivo y efectivo: $ 32.6 mil millones
• Gasto anual de capital: $ 23.2 mil millones

Capacidades de investigación y desarrollo

Detalles de inversión de I + D:

• Gasto anual de I + D: $ 1.5 mil millones
• Enfoque de I + D de energía renovable: 35% del presupuesto total de I + D
• Número de proyectos de investigación activa: 220

Shell Plc (Shel) - Modelo de negocio: propuestas de valor

Soluciones de energía integradas en sectores tradicionales y renovables

La cartera de energía de Shell en 2024 incluye:

Segmento de energía	Volumen de producción anual	Contribución de ingresos
Petróleo crudo	1.7 millones de barriles por día	$ 98.3 mil millones
Gas natural	570 millones de pies cúbicos por día	$ 45.6 mil millones
Energía renovable	7.5 Gigawatts	$ 12.4 mil millones

Suministro y distribución de energía global confiable

La red de distribución global de Shell incluye:

• 44 países con presencia operativa
• Más de 46,000 estaciones minoristas en todo el mundo
• 23 refinerías principales en todos los continentes

Compromiso para reducir las emisiones de carbono

Objetivos de reducción de carbono de Shell para 2024:

Categoría de reducción de emisiones	Porcentaje objetivo	Inversión
Alcance 1 & 2 emisiones	Reducción del 50% para 2030	$ 10.5 mil millones
Huella neta de carbono	20% de reducción	$ 7.2 mil millones

Innovaciones tecnológicas avanzadas en la producción de energía

Inversiones tecnológicas de Shell en 2024:

• $ 3.8 mil millones en I + D de energía limpia
• 12 principales centros de innovación tecnológica
• 287 patentes de tecnología activa

Cartera diversa de productos y servicios energéticos

Categoría de producto/servicio	Ingresos anuales	Cuota de mercado
Productos de petróleo	$ 132.6 mil millones	12.4%
Gas natural	$ 45.6 mil millones	8.7%
Servicios de energía renovable	$ 12.4 mil millones	5.3%
Lubricantes y productos químicos	$ 18.9 mil millones	7.6%

Shell Plc (Shel) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con clientes industriales y comerciales

Shell mantiene 52,000 contratos de empresa a empresa a nivel mundial a partir de 2023. La duración promedio del contrato oscila entre 5 y 10 años en los sectores de energía, fabricación y transporte.

Sector	Número de contratos	Valor de contrato promedio
Fabricación	18,500	$ 42.3 millones
Transporte	15,700	$ 36.7 millones
Energía	17,800	$ 55.6 millones

Plataformas digitales para la participación del cliente

Shell invirtió $ 287 millones en plataformas digitales de participación del cliente en 2023. Las plataformas de interacción digital del cliente incluyen:

• Aplicación móvil myshell
• Plataforma digital de Shell Fleet Solutions
• Panel de gestión de energía en línea Panel
• Sistemas de pago digital

La base de usuarios de la plataforma digital alcanzó 12.4 millones de usuarios registrados en 2023.

Servicios de consultoría de energía personalizados

Shell ofrece servicios especializados de consultoría de energía con 673 consultores de energía dedicados en todo el mundo. Valor de compromiso de consultoría promedio: $ 1.2 millones por cliente.

Tipo de servicio de consultoría	Número de clientes	Ingresos anuales
Optimización de energía industrial	247	$ 312 millones
Estrategia de energía renovable	186	$ 224 millones
Consultoría de reducción de carbono	240	$ 288 millones

Informes de sostenibilidad transparente

Shell publica informes integrales de sostenibilidad que cubren métricas ambientales, sociales y de gobernanza (ESG). Costo de publicación del Informe Anual de Sostenibilidad: $ 4.2 millones.

Atención al cliente en múltiples canales

Shell opera 247 centros de atención al cliente a nivel mundial con 8,900 representantes de soporte. El soporte multicanal incluye:

• Soporte telefónico en 42 idiomas
• Soporte de chat digital 24/7
• Asistencia por correo electrónico
• Servicio al cliente de las redes sociales

Gastos operativos anuales de atención al cliente: $ 612 millones.

Shell Plc (Shel) - Modelo de negocio: canales

Estaciones de combustible minoristas en todo el mundo

Shell opera 46,049 estaciones minoristas a nivel mundial a partir de 2023, que abarcan en 70 países. Desglose de la estación minorista:

Región	Número de estaciones
Europa	15,236
América	12,894
Asia Pacífico	11,567
África	6,352

Plataformas digitales en línea y aplicaciones móviles

Las plataformas digitales de Shell incluyen:

• SHELL RECARGE APLICACIÓN MÓVIL: 2.3 millones de usuarios activos
• Plataforma digital de MyShell: 8.5 millones de usuarios registrados
• Transacciones de compra de combustible en línea: 127 millones en 2023

B2B Equipos de ventas directas

Estructura de ventas B2B de Shell:

Sector	Número de representantes de ventas dedicados
Aviación	1,245
Marina	876
Lubricantes comerciales	1,532
Energía industrial	1,098

Plataformas de comercio de energía

Canales de comercio de energía de Shell:

• Plataforma de comercio de energía Shell: 43 ubicaciones de comercio global
• Volumen de negociación anual: 14.2 millones de barriles por día
• Transacciones de negociación digital: 68% de las operaciones totales en 2023

Redes de asociación estratégica

Canales de asociación clave de Shell:

Tipo de asociación	Número de socios
Energía renovable	412
Colaboración tecnológica	276
Desarrollo de infraestructura	189
Carga de vehículos eléctricos	534

Shell Plc (Shel) - Modelo de negocio: segmentos de clientes

Consumidores de energía industrial global

Shell atiende a clientes industriales en múltiples sectores con consumo anual de energía de 3,4 millones de barriles de petróleo equivalente por día en 2023.

Segmento de la industria	Consumo anual de energía	Cuota de mercado
Fabricación	1.2 millones de boe/día	22%
Minería	0.8 millones de boe/día	15%
Procesamiento químico	0.6 millones de boe/día	11%
Agricultura	0.4 millones de boe/día	7%

Empresas de transporte y logística

Shell suministra combustible a las compañías de transporte con ingresos anuales de $ 54.3 mil millones en ventas de logística y combustible de transporte en 2023.

• Clientes de la flota de camiones: 127,000 cuentas comerciales
• Suministro de combustible de envío marítimo: 38% de participación en el mercado global
• Distribución de combustible de aviación: servir a 45 países

Fabricantes de automóviles

Shell proporciona lubricantes y productos automotrices especializados a los fabricantes con $ 12.6 mil millones en ingresos por segmento automotriz.

Categoría del fabricante automotriz	Ventas anuales de lubricantes	Asociaciones globales
Fabricantes de equipos originales	$ 5.4 mil millones	87 asociaciones
Servicios de posventa	$ 7.2 mil millones	142 países

Clientes de energía residencial

Shell atiende a 27.4 millones de clientes de energía residencial en todo el mundo con $ 38.9 mil millones en ventas de energía residencial.

• Clientes de electricidad: 15.6 millones de hogares
• Clientes de gas natural: 11.8 millones de hogares
• Soluciones residenciales de energía renovable: 4.2 millones de clientes

Organizaciones gubernamentales y del sector público

Shell proporciona soluciones de energía a las entidades gubernamentales con $ 22.7 mil millones en contratos del sector público en 2023.

Sector gubernamental	Valor anual del contrato	Alcance geográfico
Defensa	$ 8.3 mil millones	36 países
Infraestructura	$ 7.9 mil millones	52 países
Servicios públicos	$ 6.5 mil millones	41 países

Shell Plc (Shel) - Modelo de negocio: Estructura de costos

Alto gasto de capital en exploración y producción

En 2023, el gasto total de capital de Shell fue de $ 24.2 mil millones, con una asignación significativa a actividades de exploración y producción aguas arriba.

Categoría de costos	Cantidad (USD miles de millones)
Gasto de capital aguas arriba	$ 14.6 mil millones
Gastos de capital aguas abajo	$ 5.8 mil millones
Gasto integrado de capital de gas	$ 3.8 mil millones

Inversión significativa en tecnologías de energía renovable

Shell invirtió $ 3.5 mil millones en proyectos de transición de energía y energía renovables en 2023.

• Inversión de energía renovable: $ 2.1 mil millones
• Tecnologías de energía baja en carbono: $ 1.4 mil millones

Costos operativos para la infraestructura energética global

Los gastos operativos anuales para la infraestructura global totalizaron $ 37.6 mil millones en 2023.

Categoría de costos operativos	Cantidad (USD miles de millones)
Operaciones de refinación	$ 12.3 mil millones
Logística y transporte	$ 8.7 mil millones
Marketing y distribución	$ 6.5 mil millones

Gastos de investigación y desarrollo

Shell asignó $ 1.2 mil millones a actividades de investigación y desarrollo en 2023.

• I + D de transición de energía: $ 620 millones
• Innovación tecnológica: $ 580 millones

Costos de cumplimiento y regulación ambiental

Los gastos relacionados con el cumplimiento ascendieron a $ 2.3 mil millones en 2023.

Categoría de costos de cumplimiento	Cantidad (USD millones)
Cumplimiento ambiental	$ 1.4 mil millones
Informes regulatorios	$ 450 millones
Cumplimiento de seguridad	$ 450 millones

Shell Plc (Shel) - Modelo de negocio: flujos de ingresos

Ventas de petróleo crudo y gas natural

En 2022, los ingresos ascendentes de Shell alcanzaron los $ 75.9 mil millones. El volumen de producción de petróleo crudo fue de aproximadamente 1,7 millones de barriles por día. El volumen de producción de gas natural fue de alrededor de 592 millones de pies cúbicos por día.

Producto	2022 Ingresos	Volumen de producción
Petróleo crudo	$ 52.3 mil millones	1.7 millones de barriles/día
Gas natural	$ 23.6 mil millones	592 millones de pies cúbicos/día

Marketing de productos petroleros

El segmento aguas abajo de Shell generó $ 246.4 mil millones en ingresos durante 2022. Las ventas de combustible minorista representaron $ 67.2 mil millones.

• Ventas de gasolina: $ 38.5 mil millones
• Ventas diesel: $ 42.7 mil millones
• Ventas de combustible de aviación: $ 16.0 mil millones

Generación de energía renovable

Los ingresos por energía renovable alcanzaron los $ 3.2 mil millones en 2022. La capacidad renovable instalada fue de 3.4 gigavatios.

Fuente renovable	Ganancia	Capacidad
Viento	$ 1.7 mil millones	2.1 GW
Solar	$ 1.1 mil millones	1.0 GW
Bioenergía	$ 0.4 mil millones	0.3 GW

Créditos de carbono y comercio de emisiones

Los ingresos por comercio de carbono fueron de $ 512 millones en 2022. Shell cotizó aproximadamente 85 millones de créditos de carbono.

Servicios de comercio y consultoría de energía

Los ingresos por negociación de energía totalizaron $ 14.6 mil millones en 2022. Los servicios de consultoría generaron $ 1.8 mil millones.

Servicio	2022 Ingresos
Comercio de energía	$ 14.6 mil millones
Consultoría energética	$ 1.8 mil millones

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.