Shell plc completed a share‑buyback on 6 November 2025, purchasing 731,171 shares on the London Stock Exchange at a volume‑weighted average price of £28.4681 and 729,408 shares on the Amsterdam exchange at €32.4013, with Merrill Lynch International executing the transactions on the company’s behalf. The buyback is part of a $3.5 billion program announced on 30 October 2025 and is carried out in full compliance with UK listing rules and market‑abuse regulations.
The transaction reduces the number of shares outstanding, thereby supporting earnings per share. Shell’s Q3 2025 EPS of $0.93 fell short of the $1.62 consensus, a miss driven by lower realized prices for oil and LNG, reduced trading margins, and weaker refining and chemical margins. By buying back shares, Shell offsets the EPS miss and signals confidence in its cash‑flow generation.
Segment performance during the quarter showed that Shell’s integrated gas and upstream businesses delivered strong revenue, while refining and chemicals experienced margin compression. The buyback underscores management’s confidence in the cash‑flow strength of the upstream and gas segments, which remain resilient amid commodity‑price volatility.
CFO Sinead Gorman highlighted that Shell’s balance sheet remains one of the strongest in the industry and reiterated the company’s commitment to shareholder returns, including the $3.5 billion buyback program. She noted that the program is part of a broader strategy to distribute 40‑50 % of cash‑flow from operating activities through the cycle.
Investors viewed the buyback positively, citing Shell’s operational resilience and consistent capital‑return policy. The timing of the transaction aligns with the company’s goal to enhance shareholder value while navigating the energy transition.
The share‑buyback transaction reinforces Shell’s focus on capital discipline and shareholder value, while the broader financial picture highlights challenges in commodity pricing. The buyback, coupled with strong upstream cash flow, positions Shell to weather short‑term headwinds and pursue long‑term growth in low‑carbon assets.
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