Shell plc
Acquisitions
7
Major Deals Covered
$71.5B
Disclosed Deal Value
Shell's largest disclosed acquisition here is BG Group for $53B in 2016. This page covers 7 major deals from 1970 to 2026, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Billiton | 1970 | Undisclosed | Shell acquired Billiton in 1970. |
| Pennzoil-Quaker State | 2002 | Undisclosed | Shell acquired Pennzoil-Quaker State in 2002. |
| BG Group | 2016 | $53.0B | Shell bought British gas producer BG Group to build scale in LNG and gain BG's Brazilian pre-salt deepwater assets. |
| Sonnen | 2019 | Undisclosed | Shell acquired Sonnen in 2019. |
| Limejump | 2019 | Undisclosed | Shell acquired Limejump in 2019. |
| Nature Energy | 2023 | $2.0B | Shell acquired Danish biomethane producer Nature Energy for about $2 billion to build a renewable natural gas business. |
| ARC Resources | 2026 | $16.5B | Shell acquired Canadian Montney producer ARC Resources, adding about 370 kboe/d and gas supply near LNG Canada. Value shown is the approximate enterprise value at completion; ARC described the deal as about $15.8 billion (C$22 billion) including debt. |
2026
$16.5B
Shell acquired Canadian Montney producer ARC Resources, adding about 370 kboe/d and gas supply near LNG Canada. Value shown is the approximate enterprise value at completion; ARC described the deal as about $15.8 billion (C$22 billion) including debt.
2023
$2.0B
Shell acquired Danish biomethane producer Nature Energy for about $2 billion to build a renewable natural gas business.
2019
Shell acquired Sonnen in 2019.
2019
Shell acquired Limejump in 2019.
2016
$53.0B
Shell bought British gas producer BG Group to build scale in LNG and gain BG's Brazilian pre-salt deepwater assets.
The cash-and-shares deal, completed in February 2016, made Shell one of the largest LNG portfolio players in the world.
Shell sold about $30 billion of assets in the following years to pay down debt, and BG's LNG and Brazil positions remain core to its earnings.
2002
Shell acquired Pennzoil-Quaker State in 2002.
1970
Shell acquired Billiton in 1970.
Under Wael Sawan, Shell has narrowed its focus to LNG, deepwater upstream and trading, while pulling back from lower-return power and offshore wind projects and selling non-core assets such as its Nigerian onshore business. Growth now comes from LNG projects (LNG Canada, Qatar and Pavilion Energy's portfolio), Brazilian and Gulf of Mexico deepwater, and the ~$15.8 billion (C$22 billion) ARC Resources acquisition, completed in September 2026, which added about 370,000 boe/d of Canadian gas and liquids.
Shell makes money across five reporting segments. Integrated Gas produces, liquefies, ships and trades LNG and gas-to-liquids products. Upstream explores for and produces crude oil and natural gas, with deepwater hubs in Brazil and the US Gulf of Mexico. Marketing sells fuels, lubricants (including Pennzoil and Quaker State) and convenience retail through Shell-branded stations, plus EV charging. Chemicals and Products runs refineries and chemical plants and houses a large oil products trading book. Renewables and Energy Solutions covers power trading, low-carbon fuels and carbon capture. Profit is driven by oil and gas prices, LNG volumes and trading optimisation, refining margins and operating reliability. Shell returns cash through dividends and buybacks under a policy of distributing 40-50% of cash flow from operations through the cycle; Q2 2026 marked the 19th consecutive quarter with at least $3 billion of announced buybacks. Shell plc has a primary listing on the London Stock Exchange and trades as SHEL in London, Amsterdam and New York (ADS). It is widely held by institutional investors, with no controlling shareholder. It became a single UK-resident company in January 2022 after dropping the Royal Dutch Shell dual structure.
Shell's largest acquisition was the purchase of the UK's BG Group for $53 billion (£35 billion) in cash and stock, completed in February 2016 to create the undisputed global leader in liquefied natural gas and deepwater Brazil.
The acquisition doubled Shell's liquefied natural gas capacity, added world-class liquefaction facilities in Australia and Trinidad, and gave Shell crown-jewel equity stakes in the massive deepwater pre-salt Santos Basin fields in Brazil.
In 2002, Shell acquired leading US motor oil company Pennzoil-Quaker State for $1.8 billion in cash plus the assumption of debt, establishing Shell as the number one automotive lubricants manufacturer in the United States and globally.
In February 2023, Shell completed the $2 billion acquisition of Denmark-based Nature Energy, Europe's largest producer of Renewable Natural Gas (biomethane) from agricultural and food waste, accelerating Shell's low-carbon fuel offerings.
In 2002, Shell acquired Enterprise Oil for £4.3 billion, securing critical producing assets and infrastructure across the UK and Norwegian continental shelves in the North Sea.
In 2017, Shell acquired NewMotion, one of Europe's largest electric vehicle charging network operators, subsequently rebranding the business as Shell Recharge and expanding it globally across Europe, North America, and Asia.
In 2019, Shell acquired German smart home battery storage and virtual power plant pioneer Sonnen, integrating residential battery storage and clean energy optimization into its European energy solutions portfolio.
In 2021, Shell acquired US-based renewable energy technology company Inspire Energy, expanding its consumer subscription clean energy offerings in North America.
Following the BG Group acquisition, Shell executed a disciplined $30 billion divestment program between 2016 and 2018, selling non-core refining assets, mature North Sea fields, and Canadian oil sands to pay down debt.
In December 2021, Shell sold its entire US Permian Basin shale position to ConocoPhillips for $9.5 billion in cash, redirecting capital into higher-margin deepwater assets and returning $7 billion of the proceeds to shareholders via buybacks.
Shell pursues disciplined, targeted bolt-on acquisitions in Integrated Gas, low-carbon fuels (RNG), and deepwater infrastructure, while strictly avoiding speculative debt-financed mega-mergers.
In 2021, Shell sold its 50% controlling interest in the Deer Park Refinery in Texas to Mexican state oil firm Pemex for $596 million, continuing its long-term strategy of reducing traditional standalone crude refining exposure.
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