SHEL (LSE / NYSE) · London, United Kingdom
The Garage / Company file
Shell
Started as a seashell import business. Built the world's largest oil company to fight Standard Oil. Now doing the same thing to itself with the energy transition.
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SHEL (LSE / NYSE)
The story / 5 turning points
1833
Seashells, kerosene, and the Caspian Sea
Shell's origin story is improbably humble. In 1833, Marcus Samuel Sr. founded an import business selling seashells to London collectors — the origin of the Shell name. His son, Marcus Samuel Jr., was collecting shell specimens in the Caspian Sea region in 1892 when he recognised the opportunity in exporting lamp oil from the Baku oilfields. He commissioned the world's first purpose-built oil tanker — the Murex, named for a type of snail shell — to transport kerosene through the Suez Canal to East Asian markets. By 1907, the Samuel family's Shell Transport and Trading Company had a fleet of oil tankers and was competing directly with John D. Rockefeller's Standard Oil for the Asian kerosene market.
1907
The merger that was built to fight Standard Oil
In April 1907, Shell Transport and Trading merged with Royal Dutch Petroleum Company — a Dutch firm that had been developing oil fields in Sumatra's Pangkalan Brandan region since 1890. The merger was arranged by British-Armenian oil magnate Calouste Gulbenkian, who emerged as a major shareholder. The 60-40 structure favoured Royal Dutch on economic ownership. The combined company was deliberately built to match the scale of Standard Oil, which was attempting to dominate global petroleum markets. By 1920, the Royal Dutch Shell Group had become the world's largest oil producer.
1960
The Seven Sisters — Shell as the backbone of global energy
Shell was one of the "Seven Sisters" — the seven major oil companies that dominated global petroleum from the mid-1940s to the mid-1970s. Shell pioneered the world's first commercial LNG sea transportation in 1964, establishing liquid natural gas as a tradeable commodity that would eventually become essential to global energy supply. The company's global reach — with refineries, petrol stations, and exploration operations on every continent — gave it a scale of physical infrastructure that no single government or competitor could easily replicate.
2016
The BG Group acquisition and the LNG empire
Shell acquired BG Group in 2016 for approximately $50 billion — one of the largest energy acquisitions in history. BG's assets included major LNG contracts and production positions in Australia, Brazil, East Africa, and the North Sea. The deal transformed Shell into the world's largest LNG trader and significantly increased its exposure to natural gas at the expense of oil. CEO Ben van Beurden argued that natural gas — cleaner than coal, more flexible than renewables — was the essential transition fuel that the world needed. The deal reshaped Shell's portfolio and strategy for the following decade.
2024
$289 billion in revenue — the energy transition dilemma — Hague climate case won
Shell reported $289 billion in revenue for 2024, with free cash flow of $39.5 billion. The company held market capitalisation exceeding $210 billion. In November 2024, Shell won a landmark case in the Hague Court of Appeal against Friends of the Earth, which would have required Shell to cut carbon emissions by 45% in line with the Paris Climate Accords — the court ruled the original ruling had been wrong. CEO Wael Sawan revised Shell's near-term carbon reduction targets, reducing its 2035 ambition from 45% to 15%, while reaffirming the 2050 net-zero commitment. The company that Marcus Samuel Jr. had built to sell kerosene around the Caspian Sea was now the most visible symbol of the global argument about fossil fuels and the climate.
Frequently Asked Questions
Who founded Shell?
Shell was founded by Marcus Samuel, Henri Deterding (merger).
When was Shell founded?
Shell was founded in 1907.
Where was Shell founded?
Shell was headquartered in London, United Kingdom.
Why was Shell created?
Shell's origin story is improbably humble. In 1833, Marcus Samuel Sr. founded an import business selling seashells to London collectors — the origin of the Shell name. His son, Marcus Samuel Jr., was collecting shell specimens in the Caspian Sea region in 1892 when he recognised the opportunity in exporting lamp oil from the Baku oilfields. He commissioned the world's first purpose-built oil tanker — the Murex, named for a type of snail shell — to transport kerosene through the Suez Canal to East Asian markets. By 1907, the Samuel family's Shell Transport and Trading Company had a fleet of oil tankers and was competing directly with John D. Rockefeller's Standard Oil for the Asian kerosene market.
What does Shell do?
Started as a seashell import business. Built the world's largest oil company to fight Standard Oil. Now doing the same thing to itself with the energy transition. Shell started as a seashell import business. Built the world's largest oil company in 1907 to fight Standard Oil. $289B revenue. Won the Hague climate case. The full story.
How did Shell grow?
Shell reported $289 billion in revenue for 2024, with free cash flow of $39.5 billion. The company held market capitalisation exceeding $210 billion. In November 2024, Shell won a landmark case in the Hague Court of Appeal against Friends of the Earth, which would have required Shell to cut carbon emissions by 45% in line with the Paris Climate Accords — the court ruled the original ruling had been wrong. CEO Wael Sawan revised Shell's near-term carbon reduction targets, reducing its 2035 ambition from 45% to 15%, while reaffirming the 2050 net-zero commitment. The company that Marcus Samuel Jr. had built to sell kerosene around the Caspian Sea was now the most visible symbol of the global argument about fossil fuels and the climate.
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