Shell PLC

SHEL: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Increasing Fair Value Estimates for Oil Majors on Higher Oil Prices

Allen Good

Apr 14, 2026

The launch of the Iran war has sent global oil and gas prices and refining margins higher. Incorporating the latest futures curves resulted in a revision to our fair value estimates for the major oil companies.

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Shell PLC

Increasing Fair Value Estimates for Oil Majors on Higher Oil Prices

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