Shell Plc (Shel): modelo de negócios em tela [Jan-2025 Atualizada]

No mundo dinâmico da energia global, a Shell Plc se destaca como uma potência transformadora, navegando estrategicamente no cenário complexo dos combustíveis fósseis tradicionais e tecnologias renováveis ​​de ponta. Ao elaborar meticulosamente um modelo de negócios que equilibra inovação, sustentabilidade e operações globais robustas, a Shell se posicionou como um jogador fundamental no ecossistema de energia em evolução, dirigindo -se com parcerias estratégicas, capacidades tecnológicas avançadas e uma abordagem abrangente para atender às demandas de energia cada vez mais diversas do mundo.

Shell Plc (Shel) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com principais fabricantes de equipamentos de petróleo e gás

A Shell estabeleceu parcerias críticas com os seguintes fabricantes de equipamentos:

Parceiro	Foco em parceria	Ano estabelecido
Schlumberger	Tecnologia de perfuração	2019
Baker Hughes	Equipamento de extração offshore	2020
Halliburton	Tecnologias de produção a montante	2018

Joint ventures com empresas nacionais de petróleo

As parcerias globais de exploração da Shell incluem:

• Aramco saudita (Arábia Saudita): Refinaria de Motra Enterprises em operação em conjunto
• Petronas (Malásia): Projetos de gás integrados no sudeste da Ásia
• Gazprom (Rússia): Projeto de Exploração Sakhalin-3

Parcerias de tecnologia de energia renovável

Parceiro de tecnologia	Foco renovável	Valor do investimento
Primeiro solar	Tecnologia do painel solar	US $ 350 milhões
Vestas Wind Systems	Infraestrutura eólica offshore	US $ 500 milhões
Energia de flores	Desenvolvimento de células a combustível de hidrogênio	US $ 250 milhões

Colaborações de infraestrutura de carregamento EV automotivo

As parcerias de carregamento de veículos elétricos da Shell incluem:

• Grupo Volkswagen: Expansão de rede de carregamento rápido
• BMW: Desenvolvimento da estação de carregamento EV conjunto
• HYUNDAI: Cooperação de infraestrutura de carregamento estratégico de EV

Parcerias de pesquisa com universidades

Universidade	Área de pesquisa	Financiamento anual de pesquisa
Universidade de Stanford	Tecnologias de captura de carbono	US $ 15 milhões
Mit	Sistemas avançados de energia renovável	US $ 20 milhões
Imperial College London	Pesquisa em energia de hidrogênio	US $ 12 milhões

Shell Plc (Shel) - Modelo de Negócios: Atividades -chave

Exploração e produção de petróleo e gás a montante

Volume de produção em 2023: 1,7 milhão de barris de petróleo equivalente por dia

Região	Volume de produção (BOE/dia)	Investimento (USD)
América do Norte	550,000	US $ 8,2 bilhões
Médio Oriente	380,000	US $ 5,7 bilhões
Europa	270,000	US $ 3,5 bilhões

Refino e marketing a jusante de produtos petrolíferos

Capacidade de refino em 2023: 2,4 milhões de barris por dia

• Número de refinarias: 15 globalmente
• Estações de varejo: 44.000 em todo o mundo
• Vendas anuais de produtos de petróleo: 118 milhões de toneladas

Desenvolvimento de energia renovável e investimento

Investimento total de energia renovável em 2023: US $ 3,5 bilhões

Segmento renovável	Capacidade instalada (MW)	Investimento (USD)
Energia eólica	2,700	US $ 1,6 bilhão
Energia solar	1,500	US $ 1,2 bilhão
Bioenergia	500	US $ 700 milhões

Implementação de tecnologia de captura e armazenamento de carbono

Capacidade total de captura de carbono: 6,5 milhões de toneladas CO2 por ano

• Número de projetos ativos de captura de carbono: 8
• Investimento em tecnologias de captura de carbono: US $ 1,2 bilhão

Gerenciamento global de negociação e cadeia de suprimentos de energia

Volume anual de negociação: 15,6 milhões de barris por dia

Região comercial	Volume de negociação (barris/dia)	Receita (USD)
Europa	4,2 milhões	US $ 18,5 bilhões
Ásia -Pacífico	3,8 milhões	US $ 16,7 bilhões
Américas	4,6 milhões	US $ 20,3 bilhões

Shell Plc (Shel) - Modelo de Negócios: Recursos -Principais

Extensas reservas globais de petróleo e gás

As reservas comprovadas de petróleo e gás da Shell a partir de 2023: 8,5 bilhões de barris de petróleo equivalentes. Redução geográfica de reservas:

Região	Reservas (bilhões de barris)
Américas	3.2
Europa	1.5
Ásia -Pacífico	2.8
Médio Oriente	1.0

Infraestrutura tecnológica avançada

Os ativos tecnológicos da Shell incluem:

• 14 grandes centros de pesquisa e tecnologia globalmente
• Mais de 4.000 patentes de tecnologia ativa
• Investimento de transformação digital: US $ 1,2 bilhão em 2023

Força de trabalho qualificada

Composição da força de trabalho em 2023:

Categoria	Número de funcionários
Total de funcionários	43,000
Titulares de doutorado	1,200
Profissionais de engenharia	12,500

Capital financeiro

Recursos Financeiros a partir de 2023:

• Total de ativos: US $ 404,4 bilhões
• Caixa e equivalentes em dinheiro: US $ 32,6 bilhões
• Despesas com capital anual: US $ 23,2 bilhões

Capacidades de pesquisa e desenvolvimento

Detalhes do investimento em P&D:

• Gastos anuais de P&D: US $ 1,5 bilhão
• Energia renovável P&D Focus: 35% do orçamento total de P&D
• Número de projetos de pesquisa ativa: 220

Shell Plc (Shel) - Modelo de Negócios: Proposições de Valor

Soluções de energia integradas em setores tradicionais e renováveis

O portfólio de energia da Shell em 2024 inclui:

Segmento de energia	Volume anual de produção	Contribuição da receita
Petróleo bruto	1,7 milhão de barris por dia	US $ 98,3 bilhões
Gás natural	570 milhões de pés cúbicos por dia	US $ 45,6 bilhões
Energia renovável	7,5 Gigawatts	US $ 12,4 bilhões

Fornecimento e distribuição de energia global confiáveis

A rede de distribuição global da Shell inclui:

• 44 países com presença operacional
• Mais de 46.000 estações de varejo em todo o mundo
• 23 grandes refinarias nos continentes

Compromisso de reduzir as emissões de carbono

Alvos de redução de carbono da Shell para 2024:

Categoria de redução de emissões	Porcentagem alvo	Investimento
Escopo 1 & 2 emissões	Redução de 50% até 2030	US $ 10,5 bilhões
Pegada de carbono líquida	Redução de 20%	US $ 7,2 bilhões

Inovações tecnológicas avançadas na produção de energia

Investimentos de tecnologia da Shell em 2024:

• US $ 3,8 bilhões em P&D de energia limpa
• 12 principais centros de inovação tecnológica
• 287 patentes de tecnologia ativa

Portfólio diversificado de produtos e serviços de energia

Categoria de produto/serviço	Receita anual	Quota de mercado
Produtos de petróleo	US $ 132,6 bilhões	12.4%
Gás natural	US $ 45,6 bilhões	8.7%
Serviços de energia renovável	US $ 12,4 bilhões	5.3%
Lubrificantes e produtos químicos	US $ 18,9 bilhões	7.6%

Shell Plc (Shel) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com clientes industriais e comerciais

A Shell mantém 52.000 contratos de negócios e negócios em todo o mundo a partir de 2023. A duração média do contrato varia entre 5 e 10 anos entre os setores de energia, fabricação e transporte.

Setor	Número de contratos	Valor médio do contrato
Fabricação	18,500	US $ 42,3 milhões
Transporte	15,700	US $ 36,7 milhões
Energia	17,800	US $ 55,6 milhões

Plataformas digitais para envolvimento do cliente

A Shell investiu US $ 287 milhões em plataformas de engajamento digital de clientes em 2023. As plataformas de interação digital do cliente incluem:

• Myshell Mobile Application
• Plataforma digital de soluções da Fleet Shell
• Painel de gerenciamento de energia online
• Sistemas de pagamento digital

A base de usuários da plataforma digital atingiu 12,4 milhões de usuários registrados em 2023.

Serviços de consultoria de energia personalizada

A Shell fornece serviços especializados de consultoria de energia com 673 consultores de energia dedicados em todo o mundo. Valor médio de engajamento de consultoria: US $ 1,2 milhão por cliente.

Tipo de serviço de consultoria	Número de clientes	Receita anual
Otimização de energia industrial	247	US $ 312 milhões
Estratégia de energia renovável	186	US $ 224 milhões
Consultoria de redução de carbono	240	US $ 288 milhões

Relatórios de sustentabilidade transparentes

A Shell publica relatórios abrangentes de sustentabilidade que abrangem métricas ambientais, sociais e de governança (ESG). Custo anual de publicação do relatório de sustentabilidade: US $ 4,2 milhões.

Suporte ao cliente em vários canais

A Shell opera 247 centros de suporte ao cliente em todo o mundo, com 8.900 representantes de suporte. O suporte multicanal inclui:

• Suporte telefônico em 42 idiomas
• Suporte de bate -papo digital 24/7
• Assistência por e -mail
• Atendimento ao cliente de mídia social

Despesas operacionais anuais de suporte ao cliente: US $ 612 milhões.

Shell Plc (Shel) - Modelo de Negócios: Canais

Postos de combustível de varejo em todo o mundo

A Shell opera 46.049 estações de varejo globalmente a partir de 2023, abrangendo 70 países. Repartição da estação de varejo:

Região	Número de estações
Europa	15,236
Américas	12,894
Ásia -Pacífico	11,567
África	6,352

Plataformas online digitais e aplicativos móveis

As plataformas digitais da Shell incluem:

• Shell Recharge Mobile App: 2,3 milhões de usuários ativos
• Myshell Digital Platform: 8,5 milhões de usuários registrados
• Transações de compra de combustível on -line: 127 milhões em 2023

Equipes de vendas diretas B2B

Estrutura de vendas B2B da Shell:

Setor	Número de representantes de vendas dedicados
Aviação	1,245
Marinho	876
Lubrificantes comerciais	1,532
Energia industrial	1,098

Plataformas de negociação de energia

Canais de negociação de energia da Shell:

• Plataforma de negociação de energia da Shell: 43 Locais de Comércio Global
• Volume de negociação anual: 14,2 milhões de barris por dia
• Transações de negociação digital: 68% do total de negociações em 2023

Redes de parceria estratégica

Os principais canais de parceria da Shell:

Tipo de parceria	Número de parceiros
Energia renovável	412
Colaboração de tecnologia	276
Desenvolvimento de infraestrutura	189
Carregamento de veículos elétricos	534

Shell Plc (Shel) - Modelo de Negócios: Segmentos de Clientes

Consumidores globais de energia industrial

A Shell atende clientes industriais em vários setores com consumo anual de energia de 3,4 milhões de barris de petróleo equivalente por dia em 2023.

Segmento da indústria	Consumo anual de energia	Quota de mercado
Fabricação	1,2 milhão de boe/dia	22%
Mineração	0,8 milhão de boe/dia	15%
Processamento químico	0,6 milhão de boe/dia	11%
Agricultura	0,4 milhão de boe/dia	7%

Empresas de transporte e logística

A Shell fornece combustível às empresas de transporte com receita anual de US $ 54,3 bilhões em vendas de logística e transporte de combustíveis em 2023.

• CLIENTES DE FROTA DE TROCTORK: 127.000 contas comerciais
• Fornecimento de combustível de transporte marítimo: 38% de participação no mercado global
• Distribuição de combustível da aviação: Servindo 45 países

Fabricantes automotivos

A Shell fornece lubrificantes e produtos automotivos especializados para fabricantes com US $ 12,6 bilhões em receita do segmento automotivo.

Categoria de fabricante automotivo	Vendas anuais de lubrificantes	Parcerias globais
Fabricantes de equipamentos originais	US $ 5,4 bilhões	87 parcerias
Serviços de pós -venda	US $ 7,2 bilhões	142 países

Clientes de energia residencial

A Shell atende a 27,4 milhões de clientes de energia residencial globalmente, com US $ 38,9 bilhões em vendas de energia residencial.

• Clientes de eletricidade: 15,6 milhões de famílias
• Clientes de gás natural: 11,8 milhões de famílias
• Soluções residenciais de energia renovável: 4,2 milhões de clientes

Organizações do governo e do setor público

A Shell fornece soluções de energia para entidades governamentais com US $ 22,7 bilhões em contratos do setor público em 2023.

Setor governamental	Valor anual do contrato	Alcance geográfico
Defesa	US $ 8,3 bilhões	36 países
Infraestrutura	US $ 7,9 bilhões	52 países
Utilitários públicos	US $ 6,5 bilhões	41 países

Shell Plc (Shel) - Modelo de Negócios: Estrutura de Custo

Altos gastos de capital em exploração e produção

Em 2023, as despesas totais de capital da Shell foram de US $ 24,2 bilhões, com alocação significativa para atividades de exploração e produção a montante.

Categoria de custo	Valor (bilhões de dólares)
Despesas de capital a montante	US $ 14,6 bilhões
Despesas de capital a jusante	US $ 5,8 bilhões
Despesas de capital de gás integradas	US $ 3,8 bilhões

Investimento significativo em tecnologias de energia renovável

A Shell investiu US $ 3,5 bilhões em projetos de transição de energia e energia renováveis ​​em 2023.

• Investimento de energia renovável: US $ 2,1 bilhões
• Tecnologias de energia de baixo carbono: US $ 1,4 bilhão

Custos operacionais para infraestrutura de energia global

As despesas operacionais anuais para infraestrutura global totalizaram US $ 37,6 bilhões em 2023.

Categoria de custo operacional	Valor (bilhões de dólares)
Operações de refino	US $ 12,3 bilhões
Logística e transporte	US $ 8,7 bilhões
Marketing e distribuição	US $ 6,5 bilhões

Despesas de pesquisa e desenvolvimento

A Shell alocou US $ 1,2 bilhão para atividades de pesquisa e desenvolvimento em 2023.

• R&D de transição de energia: US $ 620 milhões
• Inovação tecnológica: US $ 580 milhões

Custos de conformidade e regulamentação ambiental

As despesas relacionadas à conformidade totalizaram US $ 2,3 bilhões em 2023.

Categoria de custo de conformidade	Valor (milhões de dólares)
Conformidade ambiental	US $ 1,4 bilhão
Relatórios regulatórios	US $ 450 milhões
Conformidade de segurança	US $ 450 milhões

Shell Plc (Shel) - Modelo de Negócios: Fluxos de Receita

Vendas de petróleo e gás natural

Em 2022, a receita a montante da Shell atingiu US $ 75,9 bilhões. O volume de produção de petróleo bruto foi de aproximadamente 1,7 milhão de barris por dia. O volume de produção de gás natural era de cerca de 592 milhões de pés cúbicos por dia.

Produto	2022 Receita	Volume de produção
Petróleo bruto	US $ 52,3 bilhões	1,7 milhão de barris/dia
Gás natural	US $ 23,6 bilhões	592 milhões de pés cúbicos/dia

Marketing de produtos petrolíferos

O segmento a jusante da Shell gerou US $ 246,4 bilhões em receita durante 2022. As vendas de combustíveis de varejo representaram US $ 67,2 bilhões.

• Vendas de gasolina: US $ 38,5 bilhões
• Vendas a diesel: US $ 42,7 bilhões
• Vendas de combustível de aviação: US $ 16,0 bilhões

Geração de energia renovável

A receita energética renovável atingiu US $ 3,2 bilhões em 2022. A capacidade renovável instalada foi de 3,4 gigawatts.

Fonte renovável	Receita	Capacidade
Vento	US $ 1,7 bilhão	2.1 GW
Solar	US $ 1,1 bilhão	1.0 GW
Bioenergia	US $ 0,4 bilhão	0,3 GW

Créditos de carbono e negociação de emissões

A receita de negociação de carbono foi de US $ 512 milhões em 2022. A Shell negociou aproximadamente 85 milhões de créditos de carbono.

Serviços de negociação e consultoria de energia

A receita de negociação de energia totalizou US $ 14,6 bilhões em 2022. Os serviços de consultoria geraram US $ 1,8 bilhão.

Serviço	2022 Receita
Negociação de energia	US $ 14,6 bilhões
Consultoria de energia	US $ 1,8 bilhão

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.