LONDON, Feb 1, 2026, 08:11 GMT — The market has closed.
Shell’s shares on the London Stock Exchange ended Friday at 2,794 pence (£27.94), slipping 3.5 pence, or 0.13%. With the market closed Sunday, Monday will be the next opportunity for investors to respond.
Shell has kicked off a $3.5 billion share buyback, targeting both London and Netherlands exchanges. The plan is to complete the repurchase before releasing its fourth-quarter results, according to the company. A buyback means Shell is buying back and cancelling its own shares, which reduces the total number of shares outstanding.
Investors will get their hands on the quarterly report soon. Shell plans to release its fourth-quarter results and an interim dividend update on Feb. 5. Later that same day, Wael Sawan and Sinead Gorman will lead an analyst webcast, the company confirmed.
Shell announced on Friday that it repurchased 1,361,056 shares for cancellation. Of these, 689,103 shares were bought in London at a volume-weighted average price of £27.8407, with the remaining 671,953 shares acquired on Euronext Amsterdam at €32.1997. The share buyback was executed through a programme managed by Merrill Lynch International, the company said.
Shell reported that as of Jan. 30, its capital totaled 5,687,196,643 ordinary shares, with no shares held in treasury. This figure, which shareholders use to determine disclosure thresholds under Financial Conduct Authority rules, includes shares that have been repurchased but not yet cancelled, the company said.
Crude continues to carry the load for the stock. Brent futures closed Friday at $70.69 a barrel, hovering near multi-month peaks amid ongoing U.S.-Iran tensions. “It’s really all about Iran right now,” said John Kilduff, partner at Again Capital. Reuters
A survey of 31 economists and analysts released Friday projects Brent crude will average $62.02 a barrel in 2026, with supply expected to eclipse geopolitical risks. “The oil market appears to be in a lasting surplus,” said Norbert Ruecker, head of economics and next generation research at Julius Baer. Cyrus De La Rubia from Hamburg Commercial Bank added, “OPEC+ will defend a price floor.” Reuters
Sunday’s OPEC+ meeting is shaping up for a hold on output hikes in March, according to five delegates. Despite prices climbing, the group looks set to maintain its current pause. Sources revealed that eight core members boosted production quotas by about 2.9 million barrels per day from April through December 2025, before putting a freeze on any further increases planned for the first quarter of 2026.
The FTSE 100 climbed 0.5% in London on Friday, buoyed by a softer pound. A weaker currency usually gives a boost to multinationals earning heavily overseas. “The weaker pound is obviously beneficial for the multinationals,” noted Fiona Cincotta, senior market analyst at City Index. Reuters
Shell isn’t out of the woods yet. In a Jan. 8 trading update, the company warned its chemicals and products division would post a quarterly loss, citing oil trading results that were “significantly lower” than the previous quarter. “We are now less confident in Shell’s ability to maintain its $3.5 billion buyback,” noted Kim Fustier at HSBC. Reuters
The weekend risk? Crude could lose its geopolitical premium right as earnings season hits its stride, putting energy stocks on the back foot. With Shell, attention will zero in on cash flow, the interim dividend size, and any hints about a new buyback after the current one wraps up. Watch for the Feb. 5 results and the subsequent webcast for the next big move.
