1
 
                                                                      EXHIBIT 21
 
                         SUBSIDIARIES OF THE REGISTRANT
 


NAME                                                                          INCORPORATED IN
- ----                                                                          ---------------
                                                                           
Shell Pipe Line Corporation...................................................    Maryland
Shell Finance Company.........................................................    Delaware
  Shell Energy Resources Inc. ................................................    Delaware
     Shell Western E&P Inc. ..................................................    Delaware
     SOI Finance Inc. ........................................................    Delaware
       Shell Offshore Inc. ...................................................    Delaware
          Shell Oil & Gas Investments, Limited Partnership....................    Delaware
            Shell Onshore Ventures Inc. ......................................    Delaware
               CalResources LLC...............................................   California
          SOI Royalties Inc. .................................................    Delaware
          Shell Frontier Oil and Gas Inc. ....................................    Delaware
     Shell Energy Company.....................................................    Delaware
       Pecten International Company...........................................    Delaware
          Pecten Ash Sham Company.............................................    Delaware
          Pecten Cameroon Company.............................................    Delaware
          Pecten Brazil Exploration Company...................................    Delaware
Shell Consolidated Energy Resources Inc.......................................    Delaware
  Shell Land & Energy Company.................................................    Delaware
Pecten Arabian Company........................................................    Delaware

 
     The names of other subsidiaries have been omitted because, as of December
31, 1995, such subsidiaries considered in the aggregate as a single subsidiary
would not constitute a "significant subsidiary."
 
                                       59