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Shell plc

SHEL

Energy

5

exclusion reasons

3 themes

Fossil Fuels (3) Animal Welfare (1) Geopolitical Conflict (1)
SHEL Energy Current as of March 2026

Shell plc is screened out under 5 exclusion reasons spanning 3 issue categories.

This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.

Downstream Fossil Fuels
Since Mar 13, 2026

Shell plc — integrated oil major with global refining, chemicals, and retail fuel station network. Downstream segment is one of the largest globally.

Midstream Fossil Fuels
Since Mar 13, 2026

Shell plc — integrated oil major with LNG trading, pipeline, and gas storage operations. Shell is one of the world's largest LNG traders.

Animal Exploitation
Since Mar 12, 2026

Shell plc conducts animal testing as part of its product development and safety research. The company publishes annual Animal Welfare Reports detailing its use of animals in experiments, which are conducted to meet regulatory requirements for chemicals and fuels. This activity represents a commercial exploitation of animals for product safety certification.

In 2024, environmental law organization ClientEarth filed a derivative action against Shell's board of directors, arguing, among other points, that the company's climate strategy failed to manage risks related to biodiversity loss and animal welfare. While not a direct animal cruelty case, this litigation highlights how Shell's core fossil fuel operations are linked to systemic harms to ecosystems and animal life through environmental damage and climate change.

AFSC Investigate: Exploitation of Natural Resources; Shell operations linked to resource extraction in occupied territories

Upstream Fossil Fuels
Since Oct 27, 2025

Shell plc is an integrated energy company whose core business remains the exploration, extraction, and production of oil and natural gas. The company reported total oil and gas production of approximately 1.8 million barrels of oil equivalent per day in 2024. Its upstream operations are a primary driver of its financial performance, with its Exploration & Production segment generating $178 billion in revenue for the year.

Despite public commitments to reduce the carbon intensity of its energy products, Shell continues to allocate significant capital to maintaining and expanding its fossil fuel portfolio. The company’s proved developed oil and gas reserves stood at 4.9 billion barrels of oil equivalent at the end of 2024. However, recent analysis indicates Shell’s total proved oil reserves have fallen to their lowest level since 2013, highlighting the challenge of replacing production through exploration. The company is reportedly facing a production shortfall of 350,000 to 800,000 barrels per day over the medium term, underscoring the material scale of its upstream operations.

Research Sources 7 organizations
Cruelty Free Investors
External
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.

This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.

Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.