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Shell

More value with less emissions, 2025 to 2030

Our vision is to become the world’s leading integrated energy company
Shell’s vision

More value with less emissions

Shell made $42.9 billion of cash from operations in 2025 and paid $22.4 billion of it to shareholders. Its strategy, updated at its Capital Markets Day in March 2025, makes three moves: grow integrated gas and LNG, keep liquids production stable, and transform the downstream, renewables, and energy solutions businesses. It holds them to three principles: performance, discipline, and simplification.

Grow our integrated gas and LNG business

Grow LNG sales 4–5% a year through to 2030.

Tank 1 of 3Shell plc

  1. 01LNG salesGrow LNG sales by 4–5% a year, on a compound basis, through to 2030.
  2. 02LNG CanadaRamp up LNG Canada, whose two trains can make 14 million tonnes of LNG a year, and in which Shell is the largest owner, with 40%.
  3. 03Trading and supplyUse its global trading and supply network to capture opportunities from market volatility while supplying customers.

March 2026LNG sales rose 11% in 2025, to 72.9 million tonnes, with a record number of cargoes, helped by buying Pavilion Energy in Singapore.

March 2026The first cargo left LNG Canada for Asia on 30 June 2025.

30 July 2026Integrated Gas production fell 31% in the second quarter of 2026, mainly because the Middle East conflict cut its volumes in Qatar.

LNG Canada halves the voyage to Asia

Gas from Shell’s Groundbirch field and from other producers runs through the Coastal GasLink pipeline to Kitimat, on Canada’s Pacific coast, where it is cooled into a liquid and loaded onto ships. Cargoes from Kitimat reach Asian markets in half the time of those from the Gulf of America, which must pass through the Panama Canal.

14 million
tonnes of LNG a year from its two trains
40%
owned by Shell, the largest owner
670 km
of pipeline over two mountain ranges
−162°C
the gas is cooled to, making it about 600 times smaller
40 years
of export licence
30 June 2025
the first cargo left for Asia
AsiaKitimatGulf of AmericaPanama Canal

The routes are drawn as a diagram, not to scale; each ship keeps the same pace along its own route.

Shell aims to pay out 40–50% of its cash from operations

It pays shareholders through a dividend it aims to raise by 4% a year and through share buybacks, which come first. It plans to spend $20–22 billion a year on capital projects from 2025 to 2028.

52%

paid to shareholders, 2025

0%40–50% policy60%

44%

paid to shareholders, Year to June 2026

0%40–50% policy60%

Capital spending$20.9bnDividends$8.5bnBuybacks$13.9bnCash from operations $42.9bn$0.4bn more than came in

Each pipe is as wide as the cash through it. What is left is worked out from Shell’s own figures for cash from operations, cash capital expenditure, dividends paid, and buybacks.

Shell aims to cut its structural costs by $5–7 billion by the end of 2028

Structural cost reductions are savings against 2022 that Shell expects to last. The target replaced an earlier one of $2–3 billion by the end of 2025, and Shell reached $5.1 billion by then, which it calls three years ahead of target.

Of the $5.1 billion at the end of 2025, $2.1 billion came from selling or closing businesses and $3.0 billion from working more efficiently, a leaner centre, and faster decisions.

$2.1bn
$3.0bn

Selling or closing businessesWorking more efficiently

012345678Earlier targetTarget for 2028$5.8bnJune 2026

$ billion against 2022

  1. Say where the savings came from.

    Shell had cut $5.1 billion of structural costs by the end of 2025 against 2022, and it splits the figure: $2.1 billion came from selling or closing businesses, and $3.0 billion from working more efficiently, a leaner centre, and faster decisions. We recommend reporting a savings target the same way, so that nobody mistakes a smaller company for a cheaper one to run.

  2. Commit to what stays the same.

    One of Shell’s three moves is not to grow at all: it aims to hold liquids production at 1.4 million barrels a day to 2030, while new projects replace fields in decline. We recommend writing down the parts of a business a plan means to keep steady, with a number, because holding a level is work that needs owners as much as growth does.

  3. Restate the targets a big move changes.

    When Shell agreed to buy ARC Resources, it said at once which targets moved and which did not: production growth went from 1% a year to around 4%, while the capital spending range for 2027 and 2028 stayed at $20–22 billion and the payout policy stayed the same. We recommend that every large decision comes with that list, so that the plan everyone works to is still the real one.

Sources

  1. 1. Shell plc (2026). Annual Report and Accounts 2025. Annual report, March 2026. shell.com
  2. 2. Shell plc (2026). Shell announces agreement to acquire Canadian energy company, ARC Resources Ltd. Company announcement, 27 April 2026. sec.gov
  3. 3. Shell plc (2026). Unaudited Condensed Interim Financial Report, second quarter 2026. Results statement, 30 July 2026. sec.gov
  4. 4. Shell plc (2026). Shell plc publishes second quarter 2026 press release. Company announcement, 30 July 2026. investegate.co.uk
  5. 5. Shell plc (2026). Shell completes acquisition of ARC Resources. Company announcement, 2 September 2026. sec.gov

Headwater is not connected with Shell plc. Shell, Jiffy Lube, and ARC Resources are trade marks of their owners. Updated 5 October 2026.

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