Shell Plc (SHE): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'énergie mondiale, Shell Plc est une puissance transformatrice, naviguant stratégiquement dans le paysage complexe des combustibles fossiles traditionnels et des technologies renouvelables de pointe. En fabriquant méticuleusement un modèle d'entreprise qui équilibre l'innovation, la durabilité et les opérations mondiales robustes, Shell s'est positionné comme un acteur pivot dans l'écosystème énergétique en évolution, avançant avec partenariats stratégiques, Capacités technologiques avancées et approche globale pour répondre aux demandes d'énergie de plus en plus diverses du monde.

Shell Plc (SHE) - Modèle commercial: partenariats clés

Alliances stratégiques avec les principaux fabricants d'équipements de pétrole et de gaz

Shell a établi des partenariats critiques avec les fabricants d'équipements suivants:

Partenaire	Focus de partenariat	Année établie
Schlumberger	Technologie de forage	2019
Baker Hughes	Équipement d'extraction offshore	2020
Halliburton	Technologies de production en amont	2018

Coentreprises avec des compagnies pétrolières nationales

Les partenariats d'exploration mondiale de Shell comprennent:

• SAUDI ARAMCO (Arabie saoudite): Rafinerie conjointe des entreprises de motivations opérationnelles
• Petronas (Malaisie): projets de gaz intégrés en Asie du Sud-Est
• Gazprom (Russie): Sakhalin-3 Exploration Project

Partenariats en technologie des énergies renouvelables

Partenaire technologique	Concentration renouvelable	Montant d'investissement
Premier solaire	Technologie du panneau solaire	350 millions de dollars
Vestas Wind Systems	Infrastructure éolienne offshore	500 millions de dollars
Fleurir l'énergie	Développement de piles à combustible à hydrogène	250 millions de dollars

Collaborations de l'infrastructure de recharge automobile EV

Les partenariats de facturation des véhicules électriques de Shell comprennent:

• Volkswagen Group: Extension de réseau de charge rapide
• BMW: Développement de la station de charge EV conjointe
• Hyundai: coopération stratégique des infrastructures de charge EV

Partenariats de recherche avec les universités

Université	Domaine de recherche	Financement de la recherche annuelle
Université de Stanford	Technologies de capture de carbone	15 millions de dollars
Mit	Systèmes d'énergie renouvelable avancés	20 millions de dollars
Imperial College London	Recherche d'énergie d'hydrogène	12 millions de dollars

Shell Plc (Shel) - Modèle d'entreprise: activités clés

Exploration et production en amont du pétrole et du gaz

Volume de production en 2023: 1,7 million de barils de pétrole équivalent par jour

Région	Volume de production (BOE / Day)	Investissement (USD)
Amérique du Nord	550,000	8,2 milliards de dollars
Moyen-Orient	380,000	5,7 milliards de dollars
Europe	270,000	3,5 milliards de dollars

Affinage en aval et commercialisation des produits pétroliers

Capacité de raffinage en 2023: 2,4 millions de barils par jour

• Nombre de raffineries: 15 à l'échelle mondiale
• Stations de vente au détail: 44 000 dans le monde
• Ventes annuelles de produits pétroliers: 118 millions de tonnes

Développement et investissement des énergies renouvelables

Investissement total des énergies renouvelables en 2023: 3,5 milliards de dollars

Segment renouvelable	Capacité installée (MW)	Investissement (USD)
Énergie éolienne	2,700	1,6 milliard de dollars
Énergie solaire	1,500	1,2 milliard de dollars
Bioénergie	500	700 millions de dollars

Capture de carbone et mise en œuvre des technologies de stockage

Capacité totale de capture du carbone: 6,5 millions de tonnes CO2 par an

• Nombre de projets de capture de carbone actifs: 8
• Investissement dans les technologies de capture de carbone: 1,2 milliard de dollars

Gestion mondiale du trading d'énergie et de la chaîne d'approvisionnement

Volume de trading annuel: 15,6 millions de barils par jour

Région commerciale	Volume de trading (barils / jour)	Revenus (USD)
Europe	4,2 millions	18,5 milliards de dollars
Asie-Pacifique	3,8 millions	16,7 milliards de dollars
Amériques	4,6 millions	20,3 milliards de dollars

Shell Plc (Shel) - Modèle d'entreprise: Ressources clés

De vastes réserves mondiales de pétrole et de gaz

Les réserves de pétrole et de gaz éprouvées de Shell en 2023: 8,5 milliards de barils d'équivalent pétrolier. Déchange géographique des réserves:

Région	Réserves (milliards de barils)
Amériques	3.2
Europe	1.5
Asie-Pacifique	2.8
Moyen-Orient	1.0

Infrastructure technologique avancée

Les actifs technologiques de Shell comprennent:

• 14 principaux centres de recherche et de technologie dans le monde entier
• Plus de 4 000 brevets technologiques actifs
• Investissement de transformation numérique: 1,2 milliard de dollars en 2023

Main-d'œuvre qualifiée

Composition de la main-d'œuvre en 2023:

Catégorie	Nombre d'employés
Total des employés	43,000
Titulaires de doctorat	1,200
Professionnels de l'ingénierie	12,500

Capital financier

Ressources financières à partir de 2023:

• Actif total: 404,4 milliards de dollars
• Equivalents en espèces et en espèces: 32,6 milliards de dollars
• Dépenses en capital annuelles: 23,2 milliards de dollars

Capacités de recherche et de développement

Détails de l'investissement R&D:

• Dépenses annuelles de R&D: 1,5 milliard de dollars
• Focus R&D à énergie renouvelable: 35% du budget total de la R&D
• Nombre de projets de recherche actifs: 220

Shell Plc (SHE) - Modèle d'entreprise: propositions de valeur

Solutions énergétiques intégrées dans les secteurs traditionnels et renouvelables

Le portefeuille d'énergie de Shell en 2024 comprend:

Segment d'énergie	Volume de production annuel	Contribution des revenus
Huile brute	1,7 million de barils par jour	98,3 milliards de dollars
Gaz naturel	570 millions de pieds cubes par jour	45,6 milliards de dollars
Énergie renouvelable	7,5 gigawatts	12,4 milliards de dollars

Alimentation et distribution d'énergie mondiales fiables

Le réseau de distribution mondial de Shell comprend:

• 44 pays ayant une présence opérationnelle
• Plus de 46 000 stations de vente au détail dans le monde
• 23 raffineries majeures sur les continents

Engagement à réduire les émissions de carbone

Cibles de réduction du carbone de Shell pour 2024:

Catégorie de réduction des émissions	Pourcentage cible	Investissement
Portée 1 & 2 émissions	50% de réduction d'ici 2030	10,5 milliards de dollars
Empreinte carbone nette	Réduction de 20%	7,2 milliards de dollars

Innovations technologiques avancées en production d'énergie

Investissements technologiques de Shell en 2024:

• 3,8 milliards de dollars en R&D à énergie propre
• 12 centres d'innovation technologiques majeurs
• 287 brevets technologiques actifs

Portfolio diversifié de produits et services énergétiques

Catégorie de produit / service	Revenus annuels	Part de marché
Produits pétroliers	132,6 milliards de dollars	12.4%
Gaz naturel	45,6 milliards de dollars	8.7%
Services d'énergie renouvelable	12,4 milliards de dollars	5.3%
Lubrifiants et produits chimiques	18,9 milliards de dollars	7.6%

Shell Plc (Shel) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec des clients industriels et commerciaux

Shell maintient 52 000 contrats d'entreprise à entreprise dans le monde en 2023. La durée moyenne du contrat varie entre 5 et 10 ans dans les secteurs de l'énergie, de la fabrication et des transports.

Secteur	Nombre de contrats	Valeur du contrat moyen
Fabrication	18,500	42,3 millions de dollars
Transport	15,700	36,7 millions de dollars
Énergie	17,800	55,6 millions de dollars

Plateformes numériques pour l'engagement des clients

Shell a investi 287 millions de dollars dans des plateformes de fiançailles clients numériques en 2023. Les plates-formes d'interaction client numériques incluent:

• Application mobile MyShell
• Shell Fleet Solutions Plateforme numérique
• Tableau de bord de gestion de l'énergie en ligne
• Systèmes de paiement numérique

La base d'utilisateurs de la plate-forme numérique a atteint 12,4 millions d'utilisateurs enregistrés en 2023.

Services de conseil en énergie personnalisés

Shell fournit des services de conseil en énergie spécialisés avec 673 consultants en énergie dédiés dans le monde entier. Valeur d'engagement de consultation moyen: 1,2 million de dollars par client.

Type de service de conseil	Nombre de clients	Revenus annuels
Optimisation de l'énergie industrielle	247	312 millions de dollars
Stratégie d'énergie renouvelable	186	224 millions de dollars
Conseil de réduction du carbone	240	288 millions de dollars

Rapports transparents de durabilité

Shell publie des rapports de développement durable complets couvrant les mesures environnementales, sociales et de gouvernance (ESG). Coût de publication du rapport de durabilité annuel: 4,2 millions de dollars.

Support client sur plusieurs canaux

Shell exploite 247 centres d'assistance client dans le monde avec 8 900 représentants de support. Le support multicanal comprend:

• Prise en charge du téléphone dans 42 langues
• Prise en charge du chat numérique 24/7
• Assistance par e-mail
• Service client sur les réseaux sociaux

Dépenses opérationnelles annuelles du support client: 612 millions de dollars.

Shell Plc (Shel) - Modèle d'entreprise: canaux

Stations de carburant au détail du monde entier

Shell exploite 46 049 stations de détail dans le monde en 2023, s'étendant dans 70 pays. Répartition de la station de vente au détail:

Région	Nombre de stations
Europe	15,236
Amériques	12,894
Asie-Pacifique	11,567
Afrique	6,352

Plates-formes en ligne numériques et applications mobiles

Les plates-formes numériques de Shell comprennent:

• Application mobile de recharge de shell: 2,3 millions d'utilisateurs actifs
• Plateforme numérique MyShell: 8,5 millions d'utilisateurs enregistrés
• Transactions d'achat de carburant en ligne: 127 millions en 2023

Équipes de vente directe B2B

Structure de vente B2B de Shell:

Secteur	Nombre de représentants des ventes dédiés
Aviation	1,245
Marin	876
Lubrifiants commerciaux	1,532
Énergie industrielle	1,098

Plateformes de trading d'énergie

Canaux de trading d'énergie de Shell:

• Shell Energy Trading Plateforme: 43 emplacements de trading mondial
• Volume de trading annuel: 14,2 millions de barils par jour
• Transactions de négociation numérique: 68% du total des transactions en 2023

Réseaux de partenariat stratégiques

Les principaux canaux de partenariat de Shell:

Type de partenariat	Nombre de partenaires
Énergie renouvelable	412
Collaboration technologique	276
Développement des infrastructures	189
Charge de véhicule électrique	534

Shell Plc (Shel) - Modèle d'entreprise: segments de clients

Consommateurs mondiaux d'énergie industrielle

Shell sert des clients industriels dans plusieurs secteurs avec une consommation annuelle d'énergie de 3,4 millions de barils d'équivalent pétrolier par jour en 2023.

Segment de l'industrie	Consommation d'énergie annuelle	Part de marché
Fabrication	1,2 million de BOE / jour	22%
Exploitation minière	0,8 million de BOE / jour	15%
Traitement chimique	0,6 million de BOE / jour	11%
Agriculture	0,4 million de BOE / jour	7%

Sociétés de transport et de logistique

Shell fournit du carburant aux sociétés de transport avec un chiffre d'affaires annuel de 54,3 milliards de dollars de ventes de carburant logistique et de transport en 2023.

• Clients de la flotte de camionnage: 127 000 comptes commerciaux
• Suppression de carburant maritime: 38% de part de marché mondiale
• Distribution de carburant de l'aviation: servant 45 pays

Constructeurs automobiles

Shell fournit des lubrifiants et des produits automobiles spécialisés aux fabricants avec 12,6 milliards de dollars de revenus du segment automobile.

Catégorie des fabricants automobiles	Ventes annuelles de lubrifiant	Partenariats mondiaux
Fabricants d'équipements d'origine	5,4 milliards de dollars	87 partenariats
Services de rechange	7,2 milliards de dollars	142 pays

Clients d'énergie résidentielle

Shell dessert 27,4 millions de clients d'énergie résidentielle dans le monde avec 38,9 milliards de dollars de ventes d'énergie résidentielle.

• Clients d'électricité: 15,6 millions de ménages
• Clients de gaz naturel: 11,8 millions de ménages
• Solutions résidentielles d'énergie renouvelable: 4,2 millions de clients

Organisations du gouvernement et du secteur public

Shell fournit des solutions énergétiques aux entités gouvernementales avec 22,7 milliards de dollars de contrats du secteur public en 2023.

Secteur du gouvernement	Valeur du contrat annuel	Portée géographique
Défense	8,3 milliards de dollars	36 pays
Infrastructure	7,9 milliards de dollars	52 pays
Services publics	6,5 milliards de dollars	41 pays

Shell Plc (Shel) - Modèle d'entreprise: Structure des coûts

Dépenses en capital élevés dans l'exploration et la production

En 2023, les dépenses en capital total de Shell étaient de 24,2 milliards de dollars, avec une allocation importante aux activités d'exploration et de production en amont.

Catégorie de coûts	Montant (milliards USD)
Dépenses en capital en amont	14,6 milliards de dollars
Dépenses en capital en aval	5,8 milliards de dollars
Dépenses en capital gazière intégré	3,8 milliards de dollars

Investissement important dans les technologies d'énergie renouvelable

Shell a investi 3,5 milliards de dollars dans des projets d'énergie renouvelable et de transition énergétique en 2023.

• Investissement en énergies renouvelables: 2,1 milliards de dollars
• Technologies énergétiques à faible teneur en carbone: 1,4 milliard de dollars

Coûts opérationnels pour les infrastructures énergétiques mondiales

Les dépenses opérationnelles annuelles pour les infrastructures mondiales ont totalisé 37,6 milliards de dollars en 2023.

Catégorie de coûts opérationnels	Montant (milliards USD)
Opérations de raffinage	12,3 milliards de dollars
Logistique et transport	8,7 milliards de dollars
Marketing et distribution	6,5 milliards de dollars

Frais de recherche et de développement

Shell a alloué 1,2 milliard de dollars aux activités de recherche et développement en 2023.

• R&D de transition énergétique: 620 millions de dollars
• Innovation technologique: 580 millions de dollars

Coût de la conformité et de la réglementation environnementale

Les dépenses liées à la conformité s'élevaient à 2,3 milliards de dollars en 2023.

Catégorie de coût de conformité	Montant (millions USD)
Conformité environnementale	1,4 milliard de dollars
Représentation réglementaire	450 millions de dollars
Conformité à la sécurité	450 millions de dollars

Shell Plc (Shel) - Modèle d'entreprise: Strots de revenus

Ventes de pétrole brut et de gaz naturel

En 2022, les revenus en amont de Shell ont atteint 75,9 milliards de dollars. Le volume de production de pétrole brut était d'environ 1,7 million de barils par jour. Le volume de production de gaz naturel était d'environ 592 millions de pieds cubes par jour.

Produit	2022 Revenus	Volume de production
Huile brute	52,3 milliards de dollars	1,7 million de barils / jour
Gaz naturel	23,6 milliards de dollars	592 millions de pieds cubes / jour

Marketing de produits pétroliers

Le segment en aval de Shell a généré 246,4 milliards de dollars de revenus en 2022. Les ventes de carburant au détail ont représenté 67,2 milliards de dollars.

• Ventes à l'essence: 38,5 milliards de dollars
• Ventes diesel: 42,7 milliards de dollars
• Ventes de carburant d'aviation: 16,0 milliards de dollars

Production d'énergie renouvelable

Les revenus des énergies renouvelables ont atteint 3,2 milliards de dollars en 2022. La capacité renouvelable installée était de 3,4 Gigawatts.

Source renouvelable	Revenu	Capacité
Vent	1,7 milliard de dollars	2.1 GW
Solaire	1,1 milliard de dollars	1,0 GW
Bioénergie	0,4 milliard de dollars	0,3 GW

Crédits et émissions de carbone trading

Le chiffre d'affaires du carbone était de 512 millions de dollars en 2022. Shell a échangé environ 85 millions de crédits de carbone.

Services de trading et de conseil en énergie

Les revenus de négociation énergétique ont totalisé 14,6 milliards de dollars en 2022. Les services de conseil ont généré 1,8 milliard de dollars.

Service	2022 Revenus
Trading d'énergie	14,6 milliards de dollars
Conseil en énergie	1,8 milliard de dollars

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.