Shell PLC

SHELL: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Shell’s Focus on Returns Continues to Deliver; Increasing Fair Value on Higher Commodity Prices

Allen Good

Sep 30, 2026

Business Strategy and Outlook

Shell CEO Wael Sawan continues to send the right message: returns will take priority over growth as he seeks to close the valuation gap with US peers. While it might not be enough, we believe the key actions accompanying the message, including reduced spending and increased distributions, are positive and crucial steps.

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Shell PLC

Shell’s Focus on Returns Continues to Deliver; Increasing Fair Value on Higher Commodity Prices

Business Strategy and Outlook

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