Shell is one of the world's largest integrated energy companies, with core operations spanning oil and natural gas exploration and production, LNG liquefaction and marketing, fuel and lubricant retailing, refining, and petrochemicals. Shell's two largest segments are Integrated Gas and Upstream, which together account for roughly 80% of adjusted EBITDA. Shell is the world's largest publicly listed LNG supplier, handling roughly a fifth of global LNG demand, primarily serving utilities and power generators in Asia and Europe. Shell explores for and produces natural gas, liquefies it at plants it owns or holds interests in, and sells LNG under long-term contracts or on the spot market, with its trading organization actively arbitraging price differences across regional markets. The Upstream segment focuses on conventional and deepwater crude oil and gas production in high-margin basins, including the Gulf of America, Brazil, Kazakhstan, Malaysia, Nigeria, and Oman. Shell also operates a large Marketing segment selling retail fuels and lubricants, where it claims the top global position in finished lubricants. Shell's Refining and Chemicals segment has faced significant margin pressure from Chinese petrochemical overcapacity, and Shell is exploring partnership or divestiture options for parts of that business. Shell's growth strategy centers on growing LNG sales roughly 4-5% per year to 2030, anchored by LNG Canada's first cargo in 2025, while keeping liquids production stable at around 1.4 million barrels per day through deepwater tiebacks and bolt-ons in the Gulf of America and Brazil.