Shell plc completed a share‑buyback transaction on December 8 2025, repurchasing shares for cancellation as part of a $3.5 billion program launched on October 30 2025. The program is scheduled to conclude on January 30 2026 and is split evenly between the London and Netherlands exchanges, with $1.75 billion allocated to each market. Merrill Lynch International manages the buyback, making independent trading decisions in compliance with UK and EU market‑regulation frameworks.
The transaction reduces Shell’s issued share capital, thereby increasing earnings per share and signaling management’s confidence in the company’s valuation. It is the 16th consecutive quarter in which Shell has announced $3 billion or more in share repurchases, underscoring a sustained capital‑return strategy that has already repurchased a significant portion of the company’s shares over the past four years.
The December 8 buyback followed a 1.46 million‑share purchase on December 4, and is part of a series of purchases that have already drawn down a large share of the outstanding equity. The program’s pace reflects Shell’s strong cash flow from Q3 2025 earnings, which exceeded expectations with adjusted earnings of $5.43 billion and higher margins, providing the liquidity needed to fund the buyback.
Management emphasized that the program aligns with Shell’s focus on performance, discipline, and simplification. CFO Sinead Gorman highlighted that the buyback supports shareholder value while preserving flexibility for future investments, reinforcing a culture of disciplined capital allocation.
The share repurchase contributes to Shell’s broader strategy of returning capital through dividends and buybacks, reinforcing the company’s commitment to delivering value to shareholders while maintaining a robust balance sheet.
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