What if you could see the hidden strengths and blind spots of the world’s largest energy companies, not through their balance sheets but through their technology portfolios? The analysis presented in this article offers a unique perspective: how Shell, BP, and their peers compare when measured by the strength of their patent portfolios, and what this means for the future of global energy.
For executives, the value of patent intelligence goes far beyond tracking R&D. In merger and acquisition scenarios, patents can help assess the true innovation capacity of a target, inform valuation beyond financial assets, and highlight areas of potential risk or overlap. Regulators increasingly scrutinize technology portfolios when reviewing deals, making insights from patent analytics a vital component of any due diligence process.
In an industry where strategies rise or fall on technology, from EV charging infrastructure to carbon capture, patent analytics bring a level of clarity that traditional market data cannot. Against the backdrop of recent rumors surrounding the Shell-BP merger, this analysis utilizes patent data to move beyond speculation and deliver actionable intelligence: which technologies matter most, who leads in them, and how this reshapes the competitive energy landscape.
To assess the potential technological impact of the proposed Shell-BP merger, we used LexisNexis® PatentSight+™ to simulate the strength and scale of a combined patent portfolio. Innovation is the driving force behind economic growth and technological progress. It involves developing new ideas, methods, and products that create value and drive change. Although innovation can be difficult to quantify directly, patents offer a practical way to measure it. Each patent reflects a unique invention and, collectively, patent data reveals how innovation is evolving across industries, companies, and countries.
Even though the merger has been shelved, patent analytics allow us to model what a combined Shell-BP patent portfolio might have looked like. Using metrics such as Competitive Impact (a measure of average patent quality), Portfolio Size, and Patent Asset Index (a measure of overall patent portfolio strength), we can also simulate the potential strategic position of the merged entity relative to key competitors like ExxonMobil and Chevron.
Figure 1: Patent portfolio simulation comparing Shell, BP, ExxonMobil, Chevron, and the hypothetical Shell-BP merger.
As the chart shows:
This simulation suggests that such a merger would have created a more competitive entity in this space. From a technological perspective, it would have caught up to Chevron and ExxonMobil. Although this scenario may not materialize for now, it provides a useful anchor for understanding how these companies compare today. Of course, this is not only a numbers game. The real insight lies in the kinds of technologies each company contributes and how those align in a consolidated portfolio.
Recent shifts in U.S. politics are reshaping how major companies approach innovation and investment. Under the Biden administration, laws like the Inflation Reduction Act created strong incentives to invest in domestic energy production and clean technologies, such as hydrogen, carbon capture, and biofuels, which prompted companies like ExxonMobil and Chevron to ramp up their low-carbon initiatives and innovation pipelines. ExxonMobil, for instance, had reportedly committed $30 billion toward low-emission technologies by 2030. However, the policy reversal under the current Trump administration has already led to the cancellation of $3.7 billion in clean energy grants, including support for ExxonMobil’s Baytown CCS project. This has raised uncertainty around the future of such innovations.
This shifting regulatory landscape is likely to influence how companies prioritize sustainable versus conventional technologies, and this shift will be reflected in their patenting and R&D strategies.
Using PatentSight+, we analyzed the portfolios of Shell, BP, ExxonMobil, and Chevron in four selected sustainability-related technology areas:
Figure 2: Patent Asset Index trends in four selected sustainability technologies.
Greenhouse gas (GHG) reduction technologies
Electric vehicle infrastructure
Biomass and biofuels
Fossil fuel efficiency
Although news reports suggest BP and Shell are redefining their strategies away from sustainability, their patenting behavior has not yet fully reflected this strategic pivot. Conversely, ExxonMobil and Chevron have actively maintained and grown portfolios around fossil fuel efficiency, reflecting their business realities. Improving fossil fuel technology is once again becoming economically attractive.
A potential Shell–BP merger could have pooled BP’s remaining sustainable tech under Shell’s leadership. This will make strategic sense if global regulation favors green innovation again. For now, stakeholders should monitor how innovation portfolios adapt to these changing tides.
With the Shell-BP merger shelved for now, both firms are charting independent strategic paths.
If geopolitics shift toward green energy again, BP may again become an attractive acquisition target for Shell. This is especially true if its sustainable tech pipeline remains active.
It is important to note that this analysis does not capture every player shaping the technological future of oil and gas. For instance, companies like Saudi Aramco the world’s largest oil producer, and Yantai Jereh, a fast-growing Chinese oilfield services and equipment firm, were both featured in our Innovation Momentum 2025 report as top patent owners driving advances in the sector.
Their prominence underscores that innovation leadership is no longer confined to Western supermajors. Future analyses could expand this comparison to include other leading innovators. This will provide a more comprehensive picture of how technology portfolios are reshaping the competitive landscape in energy. Stay tuned for upcoming blogs in this series. We will explore how these global players are investing in patents across various areas, including carbon management, drilling technologies, and alternative fuels.
The Innovation Momentum 2025: The Global Top 100 report celebrates the top 100 companies that are breaking boundaries and setting new benchmarks in technology and industry through visionary advancements.
