Global supermajor with a world-leading Integrated Gas / LNG franchise (~65+ Mtpa incl. LNG Canada, Qatar, Prelude, Pearl GTL) and advantaged Upstream focused on low-cost deepwater (Gulf of Mexico Whale/Vito, Brazil pre-salt) and the Permian; production ~2.8 mmboe/d, roughly balanced liquids/gas, plus large Marketing and Chemicals & Products.
Robust balance sheet (net debt ~$46bn, gearing ~19%) supports ~$3-4bn/quarter buybacks and a progressive dividend; ~$22bn returned in FY2025. Trades at a discount to US peers (~4.9x EV/EBITDA). CEO Wael Sawan continues cost-out and capital discipline; flags: shrinking reserve life (<8 yrs, lowest since 2013) and softer 2025 LNG trading / refining margins.
Its EV/EBITDA of 5.3x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 8.9% is higher than the 6.5% median, and at $36.98/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Shell scores 36/100, strongest on safety (50/100). Sub-scores: value 39, quality 27, growth 22, risk 50 (higher = riskier).
Shell holds approximately 8.1 billion boe of proved (1P) reserves with FY2025 production of about 2,800 thousand boe/d (44% liquids), a reserve life of roughly 7.9 years. Break-even: ~$40/bbl (cash flow breakeven (Brent)) — Level at which operating cash flow covers cash dividend plus sustaining capex; portfolio remains cash-generative below $40.
Using Shell's SEC-disclosed after-tax standardized measure of proved reserves ($60.4bn) less net debt ($45.7bn) gives an equity-NAV floor of about $14.7bn — the current market capitalisation sits +1569% versus that floor. Disclosed pre-tax PV-10: —. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. Standardized measure covers proved oil & gas reserves only; omits Downstream (Marketing, Chemicals & Products), Renewables & Energy Solutions, and trading value.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 20% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
| Other | 19% | 50 | diversified/unspecified exposure — universe-average proxy |
| Qatar | 12% | 26 | Stable; NOC-dominated LNG, limited foreign equity share. |
| Nigeria | 8% | 89 | Theft/sabotage, subsidy reform, PIA transition, security. |
| Brazil | 8% | 61 | Complex tax/local-content rules; Petrobras policy swings, strong pre-salt. |
| Australia | 8% | 10 | Stable; rising carbon/PRRT tax scrutiny and approvals delays. |
| UK / Netherlands | 8% | 19 | Stable but EPL windfall tax raised North Sea fiscal burden. |
| Oman | 6% | 41 | Stable Gulf; mature fields, EOR-dependent, fiscal reform. |
| Malaysia | 6% | 36 | Stable NOC-led PSCs; Petronas dominance, South China Sea claims. |
| Trinidad & Tobago | 5% | 44 | Mature gas, declining reserves, cross-border Venezuela deals. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| LNG Canada | Canada | LNG | 40% operator; Phase 1 started up 2025, Phase 2 under evaluation |
| Qatar LNG (NFE/NFS) & Pearl GTL | Qatar | Integrated Gas | GTL flagship plus partner in North Field LNG expansion |
| Gulf of Mexico (Whale, Vito) | United States | Deepwater oil | Low unit-cost, high-margin deepwater; Whale onstream |
| Brazil pre-salt (Santos Basin) | Brazil | Deepwater oil | Multiple FPSOs; core Upstream growth heartland |
| Permian | United States | Shale/tight oil | Short-cycle tight oil, core cash generator |
| Prelude FLNG | Australia | LNG | Floating LNG; focus on operational reliability |
| Bonga / Nigeria deepwater | Nigeria | Deepwater oil | Bonga North sanctioned; onshore SPDC divested 2024 |
| Manatee / Atlantic LNG | Trinidad & Tobago | Gas | Cross-border gas to backfill Atlantic LNG |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 3220 | 2900 | 2860 | 2830 | 2800 |
| Proved reserves (bnboe) | 9.60 | 9.60 | 9.50 | 9.00 | 8.10 |
| Revenue ($bn) | 272.7 | 386.2 | 323.2 | 289.0 | 266.9 |
| EBITDA ($bn) | 55.0 | 84.0 | 63.0 | 62.0 | 56.1 |
| Net income ($bn) | 20.1 | 42.3 | 19.4 | 16.1 | 17.8 |
| Free cash flow ($bn) | 25.4 | 43.6 | 29.8 | 33.6 | 21.9 |
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✓ FY2025 figures verified against primary sources:
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