NYSE:FIGS 2 March 2026

May 23, 2026, 3:55 AM EDT. Shell (LSE:SHEL) is often seen as an oil company, but over 50% of its production is natural gas, a key energy source for data centres that require significant power. Shell's ownership of pipelines and processing facilities provides a supply edge, despite market wariness reflected in its lower price-to-book ratio (1.4) compared to U.S. majors like ExxonMobil (2.6). UK windfall taxes have limited impact, as under 5% of Shell's production is UK-based. Risks include high infrastructure costs and potential shifts in data centre growth and power demand due to AI efficiency. Shell's global positioning and undervaluation relative to peers suggest a compelling case for investors, though vigilance on demand trends remains necessary.