London, May 15, 2026, 11:06 BST
Shell Plc reported paying out $23.84 billion to governments for 2025, releasing a detailed, country-level breakdown just ahead of its annual shareholder meeting. The move offers investors and policymakers a closer look at the oil giant’s fiscal footprint.
The filing listed $10.04 billion paid in taxes, $8.04 billion in production entitlements—the portion of output kept by the host government—and $3.77 billion in royalties. Brazil topped the country breakdown at $4.25 billion, followed by Oman at roughly $3.99 billion and Norway at $3.77 billion.
Shell’s latest disclosures land just before its annual general meeting on May 19, following first-quarter adjusted earnings of $6.92 billion. The company also rolled out a fresh $3 billion buyback and said it expects its acquisition of Canada’s ARC Resources to wrap up in the second half of 2026—pending regulatory approval.
Shell kept its payments report intentionally focused, detailing only transactions from oil, gas, and mineral exploration, development, and extraction. The company left out any figures tied to refining, LNG production, or gas-to-liquids operations. The filing, made to meet UK regulations, also went to the U.S. Securities and Exchange Commission.
Shell reported a taxable footprint spanning over 90 countries and said it handed $17 billion to governments in taxes for 2025. Of that, $12 billion was corporate income tax, with $5 billion going to royalties and production-related levies. “We’re transparent about the taxes we pay,” said Chief Financial Officer Sinead Gorman. Shell
Shell released its 2025 climate and energy transition lobbying report—a standalone document outlining both its direct lobbying efforts with government officials and its work through trade associations. The company listed key topics: carbon pricing, methane, aviation, shipping, power, carbon capture and storage, hydrogen, and LNG, the latter being natural gas cooled to liquid for shipping. “Transparency is important,” said Tom Baird, vice president for policy and advocacy at Shell. Shell
That section is likely to face questions. Shell maintains gas and LNG support energy security and offer a lower-carbon option compared to coal for power generation—an argument climate-focused investors and campaigners have often disputed.
No shortage of rivalry here. Back in April, Reuters noted that Shell—unlike BP—plans to put a Follow This climate resolution to a shareholder vote at its AGM, although it wants investors to reject it. The proposal calls on Shell to disclose how its strategy would handle a drop in oil and gas demand.
Shell disclosed Friday that it purchased 1,297,296 shares on May 14, set for cancellation, with trades executed across the London Stock Exchange, Chi-X, and BATS. Cutting the share count through buybacks can boost per-share figures, assuming earnings stay steady.
Shell’s $3 billion buyback, which kicked off May 7, is set to continue through July 24. However, the company flagged a potential pause: the programme may be suspended from the moment the ARC shareholder circular goes out until that shareholder meeting wraps up.
Shell has released a UK Financial Conduct Authority-approved information memorandum tied to a multi-currency debt securities programme for Shell International Finance B.V. and Shell Plc. No new issuance amount was disclosed in the announcement.
Still, the possibility remains that these new disclosures won’t put the debate to rest. The tax filing stops short of detailing every government payment made by the group. As for the lobbying report, investors are likely to scrutinize it alongside Shell’s project decisions and AGM voting records. Shell’s capital-return plan? That’s tied to market swings and when the ARC deal actually moves forward.
It’s a straightforward figure: $23.84 billion from extractive operations, released as Shell works to shore up its case to investors — promising strong cash payouts right now, while its energy transition plan still leans on oil, gas, and LNG.
