Shell is a global integrated energy company with legacy positions across the United States. Though Gulf of Mexico remains the most important region in the country, its Permian Basin acreage in West Texas is a close second. The Permian is Shell's only shale asset among its nine core global upstream regions. Shell's Lower 48 portfolio has shrunk in the recent past, following exits from the Marcellus and Utica shales in the Appalachian Basin. This analysis focuses on Shell's Delaware Basin position in the Permian region.