New York, February 9, 2026, 03:01 EST — The market is now closed.
Shell’s U.S. shares (SHEL) wrapped up Friday at $75.29, gaining 63 cents, or roughly 0.8%. Come Monday, the stock faces pressure as crude slides—Brent lost 1% early, touching $67.38 a barrel after the U.S. and Iran agreed to extend nuclear talks. “With more talks on the horizon the immediate fear of supply disruptions in the Middle East has eased quite a bit,” said IG market analyst Tony Sycamore. Reuters
For Shell, oil’s price action is critical—investors haven’t been relying on future growth stories this year, but on cash handed back. Every lurch in crude puts those dividends and buybacks under the microscope.
Shell turned in fourth-quarter adjusted earnings of $3.3 billion last week, falling short of the company-compiled estimate of $3.5 billion. The oil giant bumped its quarterly dividend 4% to $0.372 a share while holding buybacks flat at $3.5 billion. CFO Sinead Gorman described the payout range as “sacrosanct.” Over in the U.S., Exxon Mobil is sticking with its $20 billion buyback program for this year, ratcheting up the pressure on European rivals. Reuters
CEO Wael Sawan touted in the results release, “We generated free cash flow of $26 billion,” while pointing to $5 billion in cost cuts since 2022. Shell reported net debt around $45.7 billion and called out its buyback program—now running for a 17th straight quarter with at least $3 billion. Shell
Shell kicked off its $3.5 billion buyback, locking in contracts that should last roughly three months, and plans to buy shares in both London and the Netherlands. Every share repurchased will be cancelled. Shell expects to wrap up the program before it reports first-quarter 2026 results.
Kazakhstan remains a sticking point. Sawan told analysts the ongoing disputes are dampening Shell’s interest in putting more money into the country, with fresh investments on hold for now. Kazakhstan claims $13 billion in contested costs tied to Kashagan, and another $3.5 billion at Karachaganak. Shell is exposed through its stakes there, partnering with Eni, Chevron, and others.
Shell is swapping out its auditor, announcing PwC will step in for EY starting in 2027 after a tender. Britain’s Financial Reporting Council has begun looking into EY’s audit of Shell’s 2024 financials; Shell responded by saying it plans to revise its 2023 and 2024 annual reports, but the underlying financial statements aren’t changing.
Shell closed out Friday in London at 2,774.5 pence, gaining 0.18%. Now, U.S. investors are watching crude and gauging whether the market’s appetite for big payouts holds, following last week’s profit miss.
A steeper drop in oil prices could tighten cash flow, raising more pointed questions about buyback speed and how big dividends can get, particularly if sluggish chemicals markets persist and Kazakhstan disputes start demanding more cash.
Shell’s next ex-dividend date lands on Feb. 19 for ordinary shares, and Feb. 20 for ADSs. Payment hits March 30. Quarterly results are slated for May 7.
