Shell (SHEL)

Shell's revenue is generated across four reporting segments—Integrated Gas (mainly LNG), Upstream (oil and gas extraction), Marketing (fuel retail and lubricants sold through Shell-branded stations), and Chemicals and Products (refining)—and because Shell also trades physical crude, gas, and power at scale, a meaningful slice of reported turnover comes from trading and optimization rather than production alone. That trading layer means revenue can hold up in periods when upstream output is flat.

Brent crude and global LNG prices move this number more than any operational decision Shell makes in a given year; a $10 swing in the oil price shifts revenue by tens of billions before volume changes at all. Shell competes with fellow supermajors BP and ExxonMobil, both tracked on their own pages here, and all three report USD revenue that rises and falls together with benchmark crude even though their upstream portfolios differ by region.

Revenue is not profit: refining margins (the crack spread between crude input cost and refined product price) and LNG trading gains swing Shell's net income far more than its top line, so a flat revenue year can still be a strong or weak earnings year. Shell also moved its primary listing and headquarters from the Netherlands to London in 2022, which changed its index membership and reporting currency conventions but not the underlying business.

This page divides Shell's consolidated annual revenue evenly across 31.5 million seconds, which necessarily smooths out the volatility that actually defines an oil major's year—refinery turnarounds, hurricane-related Gulf of Mexico shut-ins, and OPEC+ production decisions all cause real revenue to arrive unevenly. Shell's Annual Report and quarterly results announcements break out segment revenue and realized prices in far more detail than a single per-second figure can convey.