Shell Plans to Boost Upstream, Gas Business, May Sell Chemical Assets

Published March 25, 2025

07:06 AM EDT

Shell (SHEL) said it is planning to grow its upstream and integrated gas business by 1% annually through 2030,  a month after rival  BP (BP) announced it would invest more in oil and gas in a pivot away from its low-carbon strategy.

Shell said the increase in its upstream and integrated gas business would allow it to sustain its “1.4 million barrels per day of liquids production to 2030 with increasingly lower carbon intensity.” The London-based company also said it wants to expand liquefied natural gas (LNG) sales by between 4% and 5% yearly through to 2030.

Shell also raised the potential of selling its chemical assets as part of its efforts to improve returns. The company said it would explore “strategic and partnership opportunities” for its U.S. chemicals operations and look into “high-grading and selective closures in Europe.”

‘‘We want to become the world’s leading integrated gas and LNG business and the most customer-focused energy marketer and trader, while sustaining a material level of liquids production,” CEO Wael Sawan said. 

Shell’s U.S.-listed shares are gaining more than 1.5% in premarket trading Tuesday and have risen almost 7% in the past 12 months through Monday.

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