Shell plc completed a share‑buyback on 22 December 2025, purchasing 1,464,165 shares for cancellation as part of a $3.5 billion program that began on 30 October 2025. The transaction was executed by Merrill Lynch International and is one leg of the on‑ and off‑market buy‑back strategy.
The $3.5 billion program is a key element of Shell’s disciplined capital‑return strategy, designed to reduce issued share capital while preserving dividend and buy‑back commitments. The program is scheduled to run until 30 January 2026, giving management a 14‑month window to deploy the remaining capital.
A separate announcement on 23 December reported another share‑buyback transaction, also executed by Merrill Lynch International. The public filing did not disclose the number of shares or the average price paid, but the transaction confirms the program’s continued momentum.
Over the past four years, Shell has repurchased more than a quarter of its shares, and the current program marks the 16th consecutive quarter of $3 billion or more in buy‑backs. This pattern signals management’s confidence in the company’s cash‑flow generation and valuation, as well as a commitment to returning value to shareholders.
The share repurchases reduce the number of outstanding shares, which can lift earnings per share and support the share price. Shell’s cash flow from operations in Q3 2025 was $12.2 billion, providing ample liquidity for the program and underscoring the company’s ability to fund capital returns without compromising investment plans.
Market context: Oil prices fell in early December, weighing on the broader energy sector. Despite this, Shell maintained its dividend and buy‑back commitments, demonstrating resilience in its capital allocation strategy and reinforcing investor confidence in the company’s long‑term outlook.
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