London, Jan 24, 2026, 21:38 GMT — Markets have closed.
- On Friday, Shell shares ended at 2,687.5 pence, marking a 0.5% gain
- Nigeria gave the green light to investment-linked incentives for Shell’s Bonga South West project; the CEO pointed to 2027 as a potential date for a key decision
- Investors are gearing up for Shell’s Feb. 5 earnings and dividend announcement, where buybacks and asset sales could take center stage
Shell (SHEL.L) closed Friday at 2,687.5 pence, gaining 0.5%, after Nigeria announced investment-linked incentives for the company’s Bonga South West deepwater oil project. President Bola Tinubu clarified these were “not blanket concessions” and pressed Shell to make a final investment decision — the formal board approval to proceed — within his term. CEO Wael Sawan said he aims to reach that decision in 2027 on what he called a roughly $20 billion project, backed by partners Exxon Mobil and Eni. MarketScreener
This is crucial now as Shell faces a packed schedule where investors will quickly reassess its outlook. The company plans to release fourth-quarter results and an interim dividend announcement on Feb. 5. Later that same day, CEO Sawan and CFO Sinead Gorman will hold an analyst webcast.
Oil also saw action. Brent closed Friday at $65.88 a barrel, gaining 2.8%, following Washington’s stepped-up pressure on Iran and renewed concerns about supply. This kind of shift usually jolts oil stocks right when markets open.
Shell has re-entered deal talks. Reuters reported Thursday that the company reached out to potential buyers for some or all of its assets in Argentina’s Vaca Muerta shale play. These assets could be worth billions, though a sale isn’t certain. Shell declined to comment. Andy McConn, director at Enverus Intelligence Research, noted the area is attracting “inventory-hungry producers” and said Shell’s holdings “screen favorably versus other global shale assets” thanks to strong economics. Reuters
Cash returns remained in focus. Shell revealed it repurchased 572,214 shares on the London Stock Exchange on Jan. 23, paying between 26.78 and 27.21 pounds per share, with plans to cancel them. It also bought 574,982 shares in Amsterdam for cancellation, at prices ranging from 30.925 to 31.52 euros. These transactions are part of a buyback program running through Jan. 30, carried out by Merrill Lynch International within set limits.
Dividend dates are coming up soon enough to influence positioning. Shell plans to announce its fourth-quarter 2025 dividend on Feb. 5, with the ordinary-share ex-dividend date falling on Feb. 19 and payment on March 30.
As London opens Monday (Jan. 26), crude prices will take center stage before the tape. Traders will be eager for updates on Nigeria’s incentive package, particularly if it speeds up or merely outlines Shell’s 2027 goal. That news should shape early trading moves.
But this could easily fall apart. Nigeria’s timeline remains lengthy, and the government hasn’t publicly detailed the incentive terms. In Argentina, a deal might fail to come through, or price negotiations could stall. A drop in oil prices would further dampen enthusiasm for major upstream news.
Shell’s Feb. 5 earnings and dividend announcement looms as the next key event. Investors are also watching the Jan. 30 deadline for the current buyback window, looking for updates on Argentina and Nigeria around that time.
