London, Jan 31, 2026, 20:47 GMT — Market closed
Shell’s shares on the London market SHEL.L slipped 0.1% on Friday, closing at 2,794 pence. This eased off the strong rally seen the previous day, as oil prices lost momentum heading into the weekend.
The company announced it acquired 689,103 shares in London and 671,953 shares in Amsterdam for cancellation on Jan. 30, the last day reported in its most recent buyback update. Shell said Merrill Lynch International executed the trades under preset arrangements.
Shell’s buyback is a key signal investors track closely when crude prices fluctuate and earnings approach. The $3.5 billion plan, kicked off in October, aimed to wrap up ahead of the fourth-quarter results, depending on market conditions.
Shell revised its voting rights tally, reporting 5,687,196,643 ordinary shares outstanding as of Jan. 30. This number factors in shares repurchased but not yet cancelled.
Oil led the market action. After earlier gains this week on U.S.-Iran tensions, prices pulled back Friday as traders mulled the prospect of talks. “President Trump’s willingness to give diplomacy a chance regarding Iran” reduced the odds of intervention compared to the previous day, said PVM Oil Associates analyst Tamas Varga. Business Recorder
Brent closed Friday at $70.69 a barrel, holding close to multi-month peaks, Reuters reported.
Shell shares climbed 2.4% on Thursday, boosted by a surge in crude prices that lifted energy stocks.
Shell’s Indonesia unit is coordinating with the government on its 2026 fuel import quota, following reports of shortages at several stations near Jakarta.
The next trigger is earnings. In a recent update, Shell warned that Chemicals and Products adjusted earnings are likely to fall below break-even in Q4. Trading & Optimisation is expected to be “significantly lower” than Q3, with an indicative drop in the chemicals margin.
The downside is straightforward: crude sheds its geopolitical premium, and cash flow takes a hit. A Reuters poll this week projects Brent averaging around $62 a barrel in 2026, as oversupply outpaces geopolitical tensions — hardly the environment that sparks easy buybacks.
Shell is among the big players reporting earnings soon, while investors keep an eye on peers like BP and TotalEnergies for changes in dividends and capital spending amid fluctuating political tensions.
Shell plans to release its fourth-quarter results along with an interim dividend announcement on Feb. 5 at 0700 GMT.
