London, May 15, 2026, 11:06 BST
Shell Plc disclosed $23.84 billion in payments to governments for 2025, giving investors and policymakers a fresh country-by-country look at the oil major’s fiscal footprint days before its annual shareholder meeting.
The filing showed $10.04 billion in taxes, $8.04 billion in production entitlements — the host government’s share of extracted output — and $3.77 billion in royalties. Brazil was the biggest disclosed country line at $4.25 billion, ahead of Oman at about $3.99 billion and Norway at about $3.77 billion.
It matters now because Shell’s disclosures arrive ahead of its May 19 annual general meeting, after the company reported first-quarter adjusted earnings of $6.92 billion, announced a new $3 billion buyback and said its planned acquisition of Canada’s ARC Resources was expected to close in the second half of 2026, subject to approvals.
The payments report is narrow by design. Shell said it covers payments from exploration, development and extraction of oil, gas and minerals, while excluding refining, liquefied natural gas production and gas-to-liquids activity. It was prepared under UK rules and also furnished to the U.S. Securities and Exchange Commission.
On a broader tax basis, Shell said it had a taxable presence in more than 90 countries and paid $17 billion in taxes to governments in 2025, including $12 billion in corporate income taxes and $5 billion in government royalties and production taxes. Chief Financial Officer Sinead Gorman said Shell was “transparent about the taxes we pay.” Shell
Shell also published its 2025 climate and energy transition lobbying report, a separate document covering direct advocacy with governments and indirect advocacy through trade groups. The company said the report covers issues including carbon pricing, methane emissions, aviation, shipping, power, carbon capture and storage, hydrogen and liquefied natural gas, or LNG, which is gas chilled into liquid form for transport by ship. Tom Baird, Shell’s vice president for policy and advocacy, said “transparency is important.” Shell
That part will draw scrutiny. Shell said it still sees gas and LNG as helping energy security and as a lower-carbon alternative to coal in power generation, a position climate investors and campaign groups have repeatedly challenged.
The competitive backdrop is not quiet. Reuters reported in April that Shell, unlike BP, would allow investors to vote on a Follow This climate resolution at its AGM, while recommending that shareholders oppose it. The resolution asks Shell to show how its strategy would fare if demand for oil and gas declines.
Separately on Friday, Shell said it bought 1,297,296 shares on May 14 for cancellation across the London Stock Exchange, Chi-X and BATS. A buyback reduces the number of shares in issue, and can lift per-share metrics if earnings hold up.
The buyback programme, announced on May 7, has a maximum aggregate consideration of $3 billion and runs up to July 24. Shell said it may need to suspend the programme from publication of the ARC shareholder circular until the ARC shareholder meeting concludes.
Shell also published a UK Financial Conduct Authority-approved information memorandum for a multi-currency debt securities programme for Shell International Finance B.V. and Shell Plc. The announcement did not specify a new issuance amount.
But the risk is that the new disclosures do not settle the argument. The tax filing is not a full map of every government payment by the group, the lobbying report will be tested against project choices and AGM votes, and Shell’s capital-return plan still depends on market conditions and the timing of the ARC deal process.
For now, the number is plain enough: $23.84 billion tied to extractive activity, published as Shell tries to defend both sides of its investor pitch — high cash returns today, and an energy-transition strategy that remains built around oil, gas and LNG.
