Shell plc completed a share‑buyback transaction on 21 November 2025, purchasing 749,814 shares on the London Stock Exchange at a volume‑weighted average price of £27.7761 and 748,549 shares on Xetra at €31.6612. The shares were immediately cancelled, permanently reducing the company’s issued share capital in accordance with UK Listing Rules and the Market Abuse Regulation. Merrill Lynch International executed the buyback, making independent trading decisions within the preset parameters of Shell’s ongoing program.
The transaction is part of a $3.5 billion share‑buyback program that began on 30 October 2025 and is scheduled to conclude on 30 January 2026. The program is split evenly between the London and Netherlands markets, allocating $1.75 billion to each. Shell’s decision to repurchase shares on 21 November reflects the company’s continued commitment to returning capital to investors while maintaining flexibility in its capital structure.
Shell’s Q3 2025 financial results provide context for the buyback. Revenue reached $68.15 billion, falling short of the $70.50 billion consensus estimate, while earnings per share were $0.93 versus the $1.62 forecast, a miss of $0.69. The revenue shortfall was driven by pricing volatility in the gas market and a modest decline in upstream production volumes, whereas the EPS miss reflected higher operating costs and a one‑time restructuring charge. Despite the miss, the company highlighted strong performance in its integrated gas and upstream segments, which helped cushion the impact on profitability.
Management underscored the strategic rationale behind the buyback. CEO Wael Sawan noted that the program is part of Shell’s broader capital allocation strategy, emphasizing disciplined cost management and a focus on high‑return investments. CFO Sinead Gorman highlighted the company’s consistent shareholder distributions and the buyback’s role in supporting long‑term shareholder value. Both executives reiterated confidence in the company’s ability to navigate market headwinds while maintaining a robust balance sheet.
The share repurchase reduces the number of outstanding shares, which is expected to accrete earnings per share and improve other per‑share metrics. By cancelling repurchased shares, Shell permanently lowers its share count, thereby enhancing shareholder value and signaling confidence in the company’s future prospects. The transaction is fully compliant with regulatory requirements and aligns with Shell’s ongoing commitment to returning capital to investors.
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