Shell plc - Revision history

Manos at 10:57, 18 July 2023

2023-07-18T10:57:11Z

← Older revision		Revision as of 11:57, 18 July 2023
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	\| [[Shell US]]}}\|website={{URL\|https://www.shell.com}}\|footnotes=References: <ref> {{cite web \|title=Shell begins trading under simpler, single-line share structure \|url=https://www.reuters.com/business/energy/shell-begin-trading-under-simpler-single-line-share-structure-2022-01-31/ </ref>}}		\| [[Shell US]]}}\|website={{URL\|https://www.shell.com}}\|footnotes=References: <ref> {{cite web \|title=Shell begins trading under simpler, single-line share structure \|url=https://www.reuters.com/business/energy/shell-begin-trading-under-simpler-single-line-share-structure-2022-01-31/ </ref>}}

	Shell plc ~~operates as~~ an energy and petrochemical ~~company in~~ Europe, Asia, Oceania, Africa~~, the United States~~, and ~~Rest of~~ the Americas. The company ~~operates through~~ Integrated Gas, Upstream, Marketing, Chemicals and Products, and Renewables and Energy Solutions ~~segments~~. ~~The Integrated Gas~~ segment ~~manages~~ liquefied natural gas (LNG) activities~~, while~~ the ~~Upstream segment focuses on~~ exploration and extraction of oil and gas reserves. The ~~Downstream segment~~ handles ~~activities related to~~ oil ~~products~~ and ~~chemicals~~, ~~including commodities trading. The Corporate segment includes holdings~~, ~~treasury~~, and ~~central functions. It explores for~~ and ~~extracts crude oil, natural gas~~, and ~~natural gas liquids; markets~~ and ~~transports~~ oil and gas~~; produces gas-to-liquids fuels~~ and ~~other products; and operates~~ upstream and midstream infrastructure ~~necessary to deliver~~ gas to ~~market. The company also markets~~ and ~~trades~~ natural gas, ~~liquefied natural gas (~~LNG), crude oil, electricity, carbon-emission rights~~; and markets and sells LNG as a fuel for heavy-duty vehicles and marine vessels~~. ~~In addition, it trades~~ in ~~and refines~~ crude oil and other ~~feed stocks,~~ such ~~ase~~ low-carbon fuels, lubricants~~, bitumen, sulphur, gasoline, diesel, heating oil, aviation fuel~~, and ~~marine fuel; produces and sells~~ petrochemicals for industrial ~~use; and~~ manages oil sands activities~~. Further, the company produces base chemicals comprising ethylene, propylene, and aromatics, as well as intermediate chemicals~~, ~~such as styrene monomer, propylene oxide, solvents, detergent alcohols, ethylene oxide, and ethylene glycol. Additionally, it~~ generates electricity through wind and solar ~~resources; produces~~ and ~~sells hydrogen; and provides~~ electric vehicle charging ~~services, as well as~~ electricity storage. The company ~~was formerly known~~ as Royal Dutch Shell plc ~~and changed its name~~ to Shell plc in January 2022. Shell ~~plc was founded in 1907 and~~ is headquartered in London, ~~the United Kingdom~~.		Shell plc, an energy and petrochemical multinational, operates across a broad geographical footprint that spans Europe, Asia, Oceania, Africa, and the Americas. The company is segmented into Integrated Gas, Upstream, Marketing, Chemicals and Products, and Renewables and Energy Solutions divisions. Each segment oversees distinct operations ranging from the management of liquefied natural gas (LNG) activities to the exploration and extraction of oil and gas reserves.

			The Integrated Gas division handles the company's LNG business, while the Upstream division is responsible for discovering and tapping into new oil and gas reserves. In contrast, the Marketing, Chemicals, and Products division engages in oil product and chemical activities, inclusive of commodity trading. The Renewables and Energy Solutions division focuses on the production of clean energy and sustainable solutions.

			Shell's vast scope of activities includes oil and gas exploration, extraction, and marketing, operation of upstream and midstream infrastructure, gas-to-liquids fuel production, and commodity trading, particularly in natural gas, LNG, crude oil, electricity, and carbon-emission rights. The company also engages in the refinement of crude oil and other feedstocks into products such as low-carbon fuels, lubricants, and a variety of petrochemicals for industrial usage. It manages oil sands activities, generates electricity through renewable resources like wind and solar, and offers services like electric vehicle charging and electricity storage.

			The company's commitment to sustainability is visible in its push towards hydrogen production, carbon capture technology, and the marketing of LNG as a fuel for heavy-duty vehicles and marine vessels, signifying a strategic alignment with the global move towards a net-zero emissions future.

			Originally founded in 1907 as Royal Dutch Shell plc, the company rebranded to Shell plc in January 2022. Today, Shell is headquartered in London, UK, and employs a diverse workforce of around 93,000 individuals. Shell prides itself on its active role in local communities and adopts a proactive approach to safeguard these environments for future generations.

	With a history dating back to 1907, Shell is headquartered in The Hague, Netherlands. The company has a workforce of approximately 93,000 employees. Shell is committed to supporting the transition to a net-zero emissions future and supplies a range of energy sources. The company places importance on its role in local communities and strives to safeguard them for future generations.
	== Industry Overview & Market Opportunity ==		== Industry Overview & Market Opportunity ==
	The energy market plays a crucial role in the global economy, and its dynamics are shaped by a combination of factors, including technological advancements, policy changes, environmental concerns, and geopolitical developments.		The energy market plays a crucial role in the global economy, and its dynamics are shaped by a combination of factors, including technological advancements, policy changes, environmental concerns, and geopolitical developments.
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	Shell decreased carbon emissions by 30% during the period 2016-2022, in contrast, global carbon emissions increased by 4%. Shell has made strong progress on it's aims to be carbon neutral by 2050, including announcing up to $15 billion in low carbon investments, such as $1 billion a year in carbon capture and storage in 2024-2025.		Shell decreased carbon emissions by 30% during the period 2016-2022, in contrast, global carbon emissions increased by 4%. Shell has made strong progress on it's aims to be carbon neutral by 2050, including announcing up to $15 billion in low carbon investments, such as $1 billion a year in carbon capture and storage in 2024-2025.


	'''Relative Valuation'''		'''Relative Valuation'''
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	Based on these sources, it appears that Shell plc is considered undervalued in relative valuation compared to the current market price.		Based on these sources, it appears that Shell plc is considered undervalued in relative valuation compared to the current market price.

	~~By using similar methods~~ to ~~calculating~~ Shell's valuation, we ~~have concluded~~ a ~~comparison~~ between ExxonMobil Corporation (XOM) and Shell plc ~~regarding their relative valuation:~~		Utilising comparable approaches to those employed for Shell's valuation, we've performed a relative valuation analysis between ExxonMobil Corporation (XOM) and Shell plc. Here are our findings:

	* Market Cap and Enterprise Value:
	** Shell plc: The market cap of Shell plc ranges from $200.53 billion to $207.49 billion, and its enterprise value ranges from $243.~~60 billion to $251.22 billion.~~
	** Exxon Mobil: ~~The market cap of Exxon Mobil is $428.44 billion, and its enterprise value is $437.23 billion.~~

	* Trailing P/E and Forward P/E:
	** Shell plc: The trailing P/E ratio for Shell plc ranges from 5.05 to 5.12, and the forward P/E ratio ranges from 5.31 to 6.72.
	** Exxon Mobil: The trailing P/E ratio for Exxon Mobil is 7.17, and the forward P/E ratio is 10.93.

	* Return on Equity (ROE) and Operating Margin:
	** Shell plc: Shell plc has a ROE of 23.30% and an operating margin of 17.61%.
	** Exxon Mobil: N/A.

	~~On the US~~ market, ~~Exxon are valued at about six times their cash flow, compared~~ with ~~about three times for Shell~~. ~~We also conclude that ExxonMobil is undervalued by approximately 2%~~, ~~which is much lower than Shell's, suggesting that Shell is undervalued comparing to their competitors~~ and ~~the findings also supports the results~~ of ~~DCF~~.		'''Market Capitalization and Enterprise Value:''' Shell plc's market capitalization oscillates between $200.53 billion and $207.49 billion, with its enterprise value varying between $243.60 billion and $251.22 billion. In comparison, Exxon Mobil commands a solid market cap of $428.44 billion and an enterprise value of $437.23 billion.

			'''Trailing and Forward Price-to-Earnings (P/E) Ratios:''' Shell plc's trailing P/E ratio fluctuates between 5.05 and 5.12, with a forward P/E ratio between 5.31 and 6.72. Meanwhile, Exxon Mobil displays a trailing P/E ratio of 7.17 and a forward P/E ratio of 10.93.

			'''Return on Equity (ROE) and Operating Margin:''' Shell plc boasts a ROE of 23.30% and an operating margin of 17.61%. Unfortunately, corresponding data for Exxon Mobil is not available.

			In the US market, Exxon Mobil's valuation is approximately six times its cash flow, a stark contrast to Shell's, which is valued about three times its cash flow. Our analysis suggests that ExxonMobil is undervalued by around 2%, a value significantly lower than Shell's undervaluation. This implies that, compared to its competitors, Shell may be undervalued. This finding is consistent with the results of our Discounted Cash Flow (DCF) analysis.

	== References and notes ==		== References and notes ==

188.213.136.81: /* References and notes */

2023-07-14T12:46:05Z

References and notes

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	# By Stock Analysis, Shell plc (NYSE: SHEL) has a '''market cap''' of $207.49 billion and an '''enterprise value''' of $251.22 billion. The stock's '''trailing PE ratio''' is 5.12, and the '''forward PE ratio''' is 5.31. Shell plc has a '''return on equity''' of 23.30%, the '''operating margin''' for Shell plc is 17.61%.		# By Stock Analysis, Shell plc (NYSE: SHEL) has a '''market cap''' of $207.49 billion and an '''enterprise value''' of $251.22 billion. The stock's '''trailing PE ratio''' is 5.12, and the '''forward PE ratio''' is 5.31. Shell plc has a '''return on equity''' of 23.30%, the '''operating margin''' for Shell plc is 17.61%.
	# From report by Fidelity, The market cap for Shell is $200.53 billion, with an enterprise value of $243.60 billion. The trailing P/E ratio is 5.05, and the forward P/E ratio is 6.72.		# From report by Fidelity, The market cap for Shell is $200.53 billion, with an enterprise value of $243.60 billion. The trailing P/E ratio is 5.05, and the forward P/E ratio is 6.72.
	# Under the Base Case scenario, the relative value of one Shell plc ~~(SHEL)~~ stock is $257.89, indicating that Shell is undervalued by 76% compared to the current market price.		# Under the Base Case scenario, the relative value of one Shell plc stock is $257.89, indicating that Shell is undervalued by 76% compared to the current market price.
	# According to Simply Wall St, Shell plc ~~(SHEL)~~ is currently priced below fair value and significantly below fair value. The enterprise value/revenue ratio is 0.6x, the enterprise value/EBITDA ratio is 3.1x, and the PEG ratio is -0.3x.		# According to Simply Wall St, Shell plc is currently priced below fair value and significantly below fair value. The enterprise value/revenue ratio is 0.6x, the enterprise value/EBITDA ratio is 3.1x, and the PEG ratio is -0.3x.
	# Under the base case scenario, the relative value of one Shell PLC ~~(SHEL)~~ stock is 9,972.64 GBX. Compared to the current market price of 2,352 GBX, Shell PLC is undervalued by 76%.		# Under the base case scenario, the relative value of one Shell PLC stock is 9,972.64 GBX. Compared to the current market price of 2,352 GBX, Shell PLC is undervalued by 76%.

	Based on these sources, it appears that Shell plc is considered undervalued in relative valuation compared to the current market price.		Based on these sources, it appears that Shell plc is considered undervalued in relative valuation compared to the current market price.

	By using similar methods to calculating Shell's valuation, we have concluded a comparison between ExxonMobil Corporation (XOM) and Shell plc ~~(SHEL)~~ regarding their relative valuation:		By using similar methods to calculating Shell's valuation, we have concluded a comparison between ExxonMobil Corporation (XOM) and Shell plc regarding their relative valuation:

	* Market Cap and Enterprise Value:		* Market Cap and Enterprise Value:

>Aleiyqwang: /* References and notes */

2023-07-14T11:20:23Z

References and notes

← Older revision		Revision as of 12:20, 14 July 2023
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	** Exxon Mobil: N/A.		** Exxon Mobil: N/A.

	On the US market, Exxon are valued at about six times their cash flow, compared with about three times for Shell. We also conclude that ExxonMobil is undervalued by approximately 2%, which is much lower than Shell's, suggesting that Shell is undervalued comparing to their competitors~~. This~~ also supports the ~~findings~~ of DCF		On the US market, Exxon are valued at about six times their cash flow, compared with about three times for Shell. We also conclude that ExxonMobil is undervalued by approximately 2%, which is much lower than Shell's, suggesting that Shell is undervalued comparing to their competitors and the findings also supports the results of DCF.

>Aleiyqwang: /* References and notes */

2023-07-14T11:19:51Z

References and notes

← Older revision		Revision as of 12:19, 14 July 2023
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	** Exxon Mobil: N/A.		** Exxon Mobil: N/A.

	On the US market, Exxon are valued at about six times their cash flow, compared with about three times for Shell. We also conclude that ExxonMobil is undervalued by approximately 2%, which is much lower than Shell's, suggesting that Shell is undervalued comparing to their competitors.		On the US market, Exxon are valued at about six times their cash flow, compared with about three times for Shell. We also conclude that ExxonMobil is undervalued by approximately 2%, which is much lower than Shell's, suggesting that Shell is undervalued comparing to their competitors. This also supports the findings of DCF

188.213.136.81: /* References and notes */

2023-07-13T09:07:47Z

References and notes

← Older revision		Revision as of 10:07, 13 July 2023
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	** Exxon Mobil: N/A.		** Exxon Mobil: N/A.

	On the US market, Exxon are valued at about six times their cash flow, compared with about three times for Shell. We also conclude that ExxonMobil is undervalued by approximately 2%, which is much lower than Shell's.		On the US market, Exxon are valued at about six times their cash flow, compared with about three times for Shell. We also conclude that ExxonMobil is undervalued by approximately 2%, which is much lower than Shell's, suggesting that Shell is undervalued comparing to their competitors.

188.213.136.81: /* References and notes */

2023-07-12T22:46:37Z

References and notes

← Older revision		Revision as of 23:46, 12 July 2023
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	Based on these sources, it appears that Shell plc is considered undervalued in relative valuation compared to the current market price.		Based on these sources, it appears that Shell plc is considered undervalued in relative valuation compared to the current market price.

			By using similar methods to calculating Shell's valuation, we have concluded a comparison between ExxonMobil Corporation (XOM) and Shell plc (SHEL) regarding their relative valuation:

			* Market Cap and Enterprise Value:
			** Shell plc: The market cap of Shell plc ranges from $200.53 billion to $207.49 billion, and its enterprise value ranges from $243.60 billion to $251.22 billion.
			** Exxon Mobil: The market cap of Exxon Mobil is $428.44 billion, and its enterprise value is $437.23 billion.

			* Trailing P/E and Forward P/E:
			** Shell plc: The trailing P/E ratio for Shell plc ranges from 5.05 to 5.12, and the forward P/E ratio ranges from 5.31 to 6.72.
			** Exxon Mobil: The trailing P/E ratio for Exxon Mobil is 7.17, and the forward P/E ratio is 10.93.

			* Return on Equity (ROE) and Operating Margin:
			** Shell plc: Shell plc has a ROE of 23.30% and an operating margin of 17.61%.
			** Exxon Mobil: N/A.

			On the US market, Exxon are valued at about six times their cash flow, compared with about three times for Shell. We also conclude that ExxonMobil is undervalued by approximately 2%, which is much lower than Shell's.

188.213.136.81: /* References and notes */

2023-07-12T22:02:56Z

References and notes

← Older revision		Revision as of 23:02, 12 July 2023
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	# Under the base case scenario, the relative value of one Shell PLC (SHEL) stock is 9,972.64 GBX. Compared to the current market price of 2,352 GBX, Shell PLC is undervalued by 76%.		# Under the base case scenario, the relative value of one Shell PLC (SHEL) stock is 9,972.64 GBX. Compared to the current market price of 2,352 GBX, Shell PLC is undervalued by 76%.

	Based on these sources, it appears that Shell plc ~~(SHEL)~~ is considered undervalued in relative valuation compared to the current market price.		Based on these sources, it appears that Shell plc is considered undervalued in relative valuation compared to the current market price.

188.213.136.81: /* Valuation */

2023-07-12T20:02:12Z

Valuation

← Older revision		Revision as of 21:02, 12 July 2023
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	Shell decreased carbon emissions by 30% during the period 2016-2022, in contrast, global carbon emissions increased by 4%. Shell has made strong progress on it's aims to be carbon neutral by 2050, including announcing up to $15 billion in low carbon investments, such as $1 billion a year in carbon capture and storage in 2024-2025.		Shell decreased carbon emissions by 30% during the period 2016-2022, in contrast, global carbon emissions increased by 4%. Shell has made strong progress on it's aims to be carbon neutral by 2050, including announcing up to $15 billion in low carbon investments, such as $1 billion a year in carbon capture and storage in 2024-2025.


			'''Relative Valuation'''

			# By Stock Analysis, Shell plc (NYSE: SHEL) has a '''market cap''' of $207.49 billion and an '''enterprise value''' of $251.22 billion. The stock's '''trailing PE ratio''' is 5.12, and the '''forward PE ratio''' is 5.31. Shell plc has a '''return on equity''' of 23.30%, the '''operating margin''' for Shell plc is 17.61%.
			# From report by Fidelity, The market cap for Shell is $200.53 billion, with an enterprise value of $243.60 billion. The trailing P/E ratio is 5.05, and the forward P/E ratio is 6.72.
			# Under the Base Case scenario, the relative value of one Shell plc (SHEL) stock is $257.89, indicating that Shell is undervalued by 76% compared to the current market price.
			# According to Simply Wall St, Shell plc (SHEL) is currently priced below fair value and significantly below fair value. The enterprise value/revenue ratio is 0.6x, the enterprise value/EBITDA ratio is 3.1x, and the PEG ratio is -0.3x.
			# Under the base case scenario, the relative value of one Shell PLC (SHEL) stock is 9,972.64 GBX. Compared to the current market price of 2,352 GBX, Shell PLC is undervalued by 76%.

			Based on these sources, it appears that Shell plc (SHEL) is considered undervalued in relative valuation compared to the current market price.



	== References and notes ==		== References and notes ==

>Vikram at 12:42, 12 July 2023

2023-07-12T12:42:24Z

← Older revision		Revision as of 13:42, 12 July 2023
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	\| '''$ 142.95'''		\| '''$ 142.95'''
	\|}		\|}
	The DCF valuation shows that Shell stock is undervalued, based on ~~the data~~ and ~~assumptions used for the~~ model.		The DCF valuation shows that Shell stock is undervalued, based on yearly revenue growth of 4.2%, and a terminal growth rate of 0%. The model reflects Shell managements targets of 6% free cash flow growth per year, as well as expected revenue of $4-5 billion in 2025.

	'''Shell Targets'''		'''Shell Targets'''

	At the latest Shell capital markets day on the ~~14th June~~ 2023, Shell CEO Wael Sawan announced that a minimum of $5 billion in share buy-backs would take place in the second half of the year, a strong sign that management believes that their company is undervalued.		At the latest Shell capital markets day on the 14/06/2023, Shell CEO Wael Sawan announced that a minimum of $5 billion in share buy-backs would take place in the second half of the year, a strong sign that Shell management believes that their company is undervalued. The company aims to grow free cash flow by a minimum rate of 6% per year through to 2030.

	Furthermore, it was announced that Shell would sustain their production of oil at 1.4 million barrels per day throughout the decade, as well as growing their integrated gas portfolio through an extra 11 million tons of storage per year ~~currently under construction~~, ~~coming~~ into effect past 2025. Alongside this, Shell has set ~~itself~~ strict targets of reducing structural cost by $2-3 billion by the end of 2025, as well as a capital spend reduction to a total of $22-25 billion per year for 2024/2025.		Furthermore, it was announced that Shell would sustain their production of oil at 1.4 million barrels per day throughout the decade, as well as growing their integrated gas portfolio through an extra 11 million tons of storage per year, which will come into effect past 2025. For context this value is 1/3 of Shell's current LNG capacity. Alongside this, Shell has set strict targets of reducing structural cost by $2-3 billion by the end of 2025, as well as a capital spend reduction to a total of $22-25 billion per year for 2024/2025.

			Shell will have a break even price of $30 per barrel on projects coming online between 2023-2025, well below the forecast crude oil prices.

	'''ESG Factors'''		'''ESG Factors'''

	LNG ~~natural gas~~ makes up a majority of Shell's gas portfolio, ~~and has~~ 50% less carbon emissions than coal, when used to produce electricity, Shell aims to phase out coal, and replace it with the lower carbon alternative, LNG. Shell also has targets to have net zero methane emissions by 2030, and to eliminate routine flaring by 2025, faster than the world bank's 2030 deadline.		Liquefied Natural Gas (LNG) makes up a majority of Shell's gas portfolio, although a non-renewable source of energy, it produces 50% less carbon emissions than coal when used to produce electricity. Shell aims to phase out coal, and replace it with the lower carbon alternative, LNG. Shell also has targets to have net zero methane emissions by 2030, and to eliminate routine flaring by 2025, faster than the world bank's 2030 deadline.

			Shell decreased carbon emissions by 30% during the period 2016-2022, in contrast, global carbon emissions increased by 4%. Shell has made strong progress on it's aims to be carbon neutral by 2050, including announcing up to $15 billion in low carbon investments, such as $1 billion a year in carbon capture and storage in 2024-2025.

	== References and notes ==		== References and notes ==

95.149.161.164: /* Valuation */

2023-07-12T10:49:53Z

Valuation

← Older revision		Revision as of 11:49, 12 July 2023
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	\|-		\|-
	\|Beta		\|Beta
	\| 1.21<ref>https://markets.ft.com/data/equities/tearsheet/summary?s=SHEL:LSE</ref>		\|1.21<ref>https://markets.ft.com/data/equities/tearsheet/summary?s=SHEL:LSE</ref>
	\|-		\|-
	\|Market Rate of Return		\|Market Rate of Return
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	\|-		\|-
	\|Shares Outstanding		\|Shares Outstanding
	\| 7,345.31<ref name=":1">Shell annual report 2022 (pg.241) - https://reports.shell.com/annual-report/2022/_assets/downloads/shell-annual-report-2022.pdf</ref>		\|7,345.31<ref name=":1">Shell annual report 2022 (pg.241) - https://reports.shell.com/annual-report/2022/_assets/downloads/shell-annual-report-2022.pdf</ref>
	\|-		\|-
	\|Share Price		\|Share Price
	\| 30.28<ref>Share price in USD as of 04/07/2023.</ref>		\|30.28<ref>Share price in USD as of 04/07/2023.</ref>
	\|-		\|-
	\| '''Equity'''		\| '''Equity'''
	\| ''' 222,416.06'''		\| '''222,416.06'''
	\|-		\|-
	\|Short Term Debt		\|Short Term Debt
	\| 9,044.4		\|9,044.4
	\|-		\|-
	\|Long Term Debt		\|Long Term Debt
	\| 76,098.00		\|76,098.00
	\|-		\|-
	\|Cash and Cash Equivalents		\|Cash and Cash Equivalents
	\| 42,074.00		\|42,074.00
	\|-		\|-
	\| '''Debt'''		\| '''Debt'''
	\| ''' 43,068.00'''		\| '''43,068.00'''
	\|-		\|-
	\|E/D+E		\|E/D+E
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	The DCF valuation shows that Shell stock is undervalued, based on the data and assumptions used for the model.		The DCF valuation shows that Shell stock is undervalued, based on the data and assumptions used for the model.

	'''Shell Targets:'''		'''Shell Targets'''

	At the latest Shell capital markets day on the 14th June 2023, Shell CEO Wael Sawan announced that a minimum of $5 billion in share buy-backs would take place in the second half of the year, a strong sign that management believes that their company is undervalued.		At the latest Shell capital markets day on the 14th June 2023, Shell CEO Wael Sawan announced that a minimum of $5 billion in share buy-backs would take place in the second half of the year, a strong sign that management believes that their company is undervalued.
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	Furthermore, it was announced that Shell would sustain their production of oil at 1.4 million barrels per day throughout the decade, as well as growing their integrated gas portfolio through an extra 11 million tons of storage per year currently under construction, coming into effect past 2025. Alongside this, Shell has set itself strict targets of reducing structural cost by $2-3 billion by the end of 2025, as well as a capital spend reduction to a total of $22-25 billion per year for 2024/2025.		Furthermore, it was announced that Shell would sustain their production of oil at 1.4 million barrels per day throughout the decade, as well as growing their integrated gas portfolio through an extra 11 million tons of storage per year currently under construction, coming into effect past 2025. Alongside this, Shell has set itself strict targets of reducing structural cost by $2-3 billion by the end of 2025, as well as a capital spend reduction to a total of $22-25 billion per year for 2024/2025.

	'''ESG Factors:'''		'''ESG Factors'''

	LNG natural gas makes up a majority of Shell's gas portfolio, and has 50% less carbon emissions than coal, when used to produce electricity, Shell aims to phase out coal, and replace it with the lower carbon alternative, LNG. Shell also has targets to have net zero methane emissions by 2030, and to eliminate routine flaring by 2025, faster than the world bank's 2030 deadline.		LNG natural gas makes up a majority of Shell's gas portfolio, and has 50% less carbon emissions than coal, when used to produce electricity, Shell aims to phase out coal, and replace it with the lower carbon alternative, LNG. Shell also has targets to have net zero methane emissions by 2030, and to eliminate routine flaring by 2025, faster than the world bank's 2030 deadline.