LONDON, Feb 10, 2026, 08:30 GMT — Normal session underway.
Shell Plc slipped 0.2% to 2,818 pence in early London trade by 0815 GMT on Tuesday, shortly after announcing fresh share buybacks as part of its existing repurchase plan. Over in New York, the group’s U.S. shares wrapped up Monday up 3.3% at $77.80.
This shift carries weight: with crude prices bouncing around, European oil majors are leaning harder on capital returns to make their case to investors wary of payout sustainability. BP, for its part, announced Tuesday it’s hitting pause on share buybacks—leaving Shell’s strategy front and center.
Another issue quietly hanging over Shell: just how long it can keep up current production levels before reserves run thin. According to Reuters on Monday, Shell’s proven reserves now cover less than eight years at today’s output pace, putting the company on track for a possible shortfall of 350,000 to 800,000 barrels of oil equivalent a day by 2035 as existing fields age. This metric accounts for both oil and gas, summed by energy content. “Absent M&A in the near term, we expect these concerns over [production] longevity to linger,” said RBC analyst Biraj Borkhataria. Reuters
Shell disclosed it repurchased 1,382,252 shares for cancellation on Feb. 9, executing the trades in both London and Amsterdam. The volume-weighted average prices came in at roughly £27.93 per share in London and €32.15 in Amsterdam. Morgan Stanley & Co. International, tasked with the buyback, will continue to act independently for the programme through May 1.
Oil prices took a slight dip at the open. Brent crude futures slipped 16 cents to $68.88 a barrel by 0800 GMT, with the market still eyeing supply jitters as U.S.-Iran friction simmers near the Strait of Hormuz. “Lingering uncertainty … has kept a modest risk premium intact,” IG analyst Tony Sycamore wrote in a note. Reuters
Shell traders spend their days juggling crude swings, sector cues, and a stream of buyback disclosures. Sometimes, the shares move less on company news and more in lockstep with oil and the broader sector.
Still, risks remain. If oil prices take a steeper dive, that’s going to show just how far buybacks can really prop things up. And then there’s the reserve replacement issue — any pop in the stock can just as easily shift the conversation straight back to M&A, with fresh questions over what Shell might snap up next, and at what cost.
Eyes are on how quickly Shell is buying back shares as part of its $3.5 billion repurchase plan, slated to last roughly three months and potentially running through May 1. That end date lands just before Shell’s first-quarter results.
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