Shell plc
British multinational oil and gas giant, one of the world's largest by revenue.
Shell plc is a British multinational oil and gas company with its headquarters in London, England. It operates as a public limited company, primarily listed on the London Stock Exchange, with additional listings on Euronext Amsterdam and the New York Stock Exchange. As a major player in Big Oil, it stands as Europe’s largest investor-owned oil company and ranks third globally behind ExxonMobil and Chevron. Across all industries, it is among the world’s largest companies. Between 1988 and 2015, Shell was the ninth-largest corporate source of greenhouse gas emissions, counting both its own emissions and those from the fossil fuels it sells.
The company was created in April 1907 through the merger of Royal Dutch Petroleum Company of the Netherlands and The “Shell” Transport and Trading Company of the United Kingdom, with Royal Dutch holding 60 percent of the stock. British-Armenian oil magnate Calouste Gulbenkian arranged the merger. The combined entity quickly became the main rival to American Standard Oil, and by 1920 Shell was the world’s top oil producer. It entered the chemicals sector in 1929. From the mid-1940s to the mid-1970s, Shell was one of the “Seven Sisters” that dominated the global petroleum industry. In 1964, it helped launch the world’s first commercial sea transport of liquefied natural gas (LNG). Shell acquired the mining company Billiton in 1970, later selling it in 1994; that business now forms part of BHP. In more recent decades, gas has grown in importance, and Shell bought BG Group in 2016.
Shell is vertically integrated, active across all oil and gas sectors: exploration, production, refining, transport, distribution, marketing, petrochemicals, power generation, and trading. It operates in more than 99 countries, produces roughly 3.7 million barrels of oil equivalent daily, and runs about 44,000 service stations worldwide. As of 31 December 2019, Shell reported total proved reserves of 11.1 billion barrels of oil equivalent. Its main U.S. subsidiary, Shell USA, is one of its largest businesses. Shell also holds 44 percent of Raízen, a publicly listed joint venture with Cosan that ranks as Brazil’s third-largest energy company. Beyond the Shell brand, the company owns Jiffy Lube, Pennzoil, and Quaker State.
Shell is a member of the FTSE 100 Index. On 24 July 2026, its market capitalisation stood at £186 billion, making it the third-largest company on the London Stock Exchange and 69th globally. In 2024, Shell generated $284 billion in revenue, a notable drop from $451 billion in 2013.
**History**
**Origins**
The Royal Dutch Shell Group formed in April 1907 from the merger of two rival companies: Royal Dutch Petroleum Company of the Netherlands and The “Shell” Transport and Trading Company Limited of the United Kingdom. The merger was driven by the need to compete globally with Standard Oil and was arranged by British-Armenian oil magnate Calouste Gulbenkian, who became a major shareholder. Royal Dutch Petroleum, founded in 1890, had developed an oilfield in Pangkalan Brandan, North Sumatra, under leaders August Kessler, Hugo Loudon, and Henri Deterding. The “Shell” Transport and Trading Company, founded in 1897 by Marcus Samuel (later 1st Viscount Bearsted) and his brother Samuel Samuel, traced its name to their father’s antique business in Houndsditch, London, which began importing and selling seashells in 1833.
The new firm operated as a dual-listed company, with both original companies retaining legal existence but functioning as a single business partnership. Royal Dutch received 60 percent of the stock, Shell 40 percent. Both became holding companies for Bataafse Petroleum Maatschappij (production and refining) and Anglo-Saxon Petroleum Company (transport and storage). National sensitivities prevented a full merger or takeover. The Dutch company, based in The Hague, handled production and manufacturing; the British Anglo-Saxon Petroleum Company, based in London, managed transport and storage. In 1912, Royal Dutch Shell bought the Rothschilds’ Russian oil assets in a stock deal. At that point, the group’s production came 53 percent from the East Indies, 29 percent from the Russian Empire, and 17 percent from Romania.
**20th century**
During the First World War, Shell was the main fuel supplier to the British Expeditionary Force, the sole supplier of aviation fuel, and provided 80 percent of the British Army’s TNT. It also volunteered all its shipping to the British Admiralty. The German invasion of Romania in 1916 destroyed 17 percent of the group’s worldwide production. In 1919, Shell took control of the Mexican Eagle Petroleum Company, and in 1921 formed Shell-Mex Limited to market products under the “Shell” and “Eagle” brands in the UK. At the 1922 Genoa Conference, Royal Dutch Shell negotiated for a monopoly over Soviet oilfields in Baku and Grosny, but a leaked draft treaty ended the talks. Shell Chemicals was founded in 1929. By the end of the 1920s, Shell was the world’s leading oil company, producing 11 percent of global crude oil and owning 10 percent of its tanker tonnage. During the Spanish Civil War, the company sold oil to the Nationalists.
Lore & Background
Shell plc is a British multinational oil and gas company headquartered in London, England, operating as a public limited company with a primary listing on the London Stock Exchange and secondary listings on Euronext Amsterdam and the New York Stock Exchange. It is a core component of Big Oil, ranking as the largest investor-owned oil company in Europe and the third largest globally behind ExxonMobil and Chevron, and is among the world's largest companies across all industries. Between 1988 and 2015, Shell was the ninth-largest corporate producer of greenhouse gas emissions when measured by both its own emissions and those from the fossil fuels it sells. The company was formed in April 1907 through a merger of Royal Dutch Petroleum Company of the Netherlands and The "Shell" Transport and Trading Company of the United Kingdom, with 60 percent ownership held by Royal Dutch. The merger was orchestrated by British-Armenian oil magnate Calouste Gulbenkian. Shell rapidly became the leading competitor of American Standard Oil and by 1920 was the world's largest oil producer. It entered the chemicals industry in 1929 and was one of the "Seven Sisters" dominating the global petroleum industry from the mid-1940s to the mid-1970s. In 1964, Shell partnered in the first commercial sea transport of liquefied natural gas (LNG). It acquired the mining company Billiton in 1970, later selling it in 1994. In 2016, Shell acquired BG Group, reflecting the growing importance of gas. Shell is vertically integrated, active in exploration, production, refining, transport, distribution, marketing, petrochemicals, power generation, and trading across over 99 countries, producing about 3.7 million barrels of oil equivalent per day and operating around 44,000 service stations worldwide. As of December 2019, it held total proved reserves of oil equivalent. Shell USA is a major subsidiary, and the company owns 44 percent of Raízen, a Brazilian joint venture. Its brands include Jiffy Lube, Pennzoil, and Quaker State. Shell is a FTSE 100 constituent with a market capitalisation of £186 billion as of July 2026, making it the third largest company on the London Stock Exchange and 69th globally. It generated $284 billion in revenue in 2024, a decline from $451 billion in 2013.
Reader's Guide
Shell plc has been a dominant force in the global oil and gas industry for over a century. As one of the 'Seven Sisters,' Shell shaped the petroleum industry from the mid-20th century onward, and its vertical integration—spanning exploration, production, refining, and marketing—has made it a ubiquitous presence in over 99 countries. The company's significance extends beyond energy: it was the ninth-largest corporate producer of greenhouse gas emissions from 1988 to 2015, highlighting its role in climate change debates. Its dual-listed structure and continued prominence on the London Stock Exchange underscore its enduring economic and geopolitical influence.
Did You Know?
- Shell was the ninth-largest corporate producer of greenhouse gas emissions in the period 1988–2015.
The 1907 Merger and a Name Born from Seashells
The impetus was straightforward: neither could match the global reach of Standard Oil alone. The resulting arrangement was unusual by modern standards. Rather than a full takeover, both parent companies retained their legal identities while operating as a single commercial partnership, a structure shaped partly by national pride on both sides of the Channel. Royal Dutch held sixty percent of the stock; Shell kept forty. Production and refining assets sat under Bataafse Petroleum Maatschappij, while transport and storage fell to Anglo-Saxon Petroleum Company in London. Gulbenkian emerged as a major shareholder from the transaction.
From Wartime Supplier to the Seven Sisters
Shell's trajectory from a newly merged entity to the world's dominant oil producer was remarkably swift. During the First World War, the company became the principal fuel supplier to the British Expeditionary Force, provided all of the RAF's aviation fuel, and furnished eighty percent of the Army's TNT, while also volunteering its entire shipping fleet to the Admiralty. From the mid-1940s through the mid-1970s, Shell was one of the "Seven Sisters" that collectively controlled the world petroleum market.
A Vertically Integrated Global Machine
Shell operates across every link in the hydrocarbon chain — exploration, production, refining, transport, distribution, marketing, petrochemicals, power generation, and trading — in more than ninety-nine countries. The scale is staggering: roughly 3.7 million barrels of oil equivalent are produced daily, and the company maintains approximately forty-four thousand service stations worldwide. As of the end of 2019, its proved reserves stood at 11.1 billion barrels of oil equivalent. In the United States, Shell USA remains one of the group's largest single businesses, while in Brazil the company holds a forty-four percent stake in Raízen, a publicly listed joint venture with Cosan that ranks as the country's third-largest energy firm. Beyond the flagship Shell brand, the portfolio includes Jiffy Lube, Pennzoil, and Quaker State.
Market Weight and the Carbon Shadow
Shell carries the weight of one of the largest corporate footprints on the planet. The company sits third in global oil behind ExxonMobil and Chevron and is the largest investor-owned oil firm in Europe. Yet the environmental ledger is equally prominent. Counting both its own operational emissions and the downstream emissions from every litre of fossil fuel it sells, Shell ranked as the ninth-largest corporate greenhouse-gas producer between 1988 and 2015 — a figure that has made the company a frequent target of climate activism and regulatory scrutiny.
Frequently Asked Questions
What are Shell plc's powers and role in the Corporate Giants universe?
As a founding member of the so-called "Seven Sisters," Shell extracts, refines, and distributes petroleum and natural gas on an industrial scale. It currently holds the title of Europe's largest investor-owned oil company and ranks third in the world overall.
What is Shell plc's most scrutinized dark chapter?
From 1988 through 2015, Shell ranked as the ninth-largest corporate producer of greenhouse gas emissions on the planet. That legacy has fueled decades of environmental activism, shareholder litigation, and public demands for a faster pivot away from fossil fuels.
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