Shell Keeps Buying Back Stock While Santander Steps to the Sidelines

Shell's share buyback machine kept running through the first week of November, with the energy major disclosing fresh purchases of its own stock for cancellation on Monday, Tuesday, Wednesday and Thursday. The Wednesday tranche alone covered roughly 2.02 million shares, and the company's regulatory notices show the buying spread across trading venues in the UK and continental Europe.

As of 30 October, Shell reported issued share capital of about 5.7 billion voting ordinary shares and said it held no treasury stock on that date. The stock itself closed Friday up 1.3% at €44.90, snapping a run of seven straight losing sessions — a modest rebound that media coverage attributed to no company-specific catalyst.

Two Houses, Two Directions

Analyst opinion diverged sharply during the week. Jefferies restated its buy rating on Shell on Wednesday, keeping a 4,500 pence price target — a reaffirmation of its existing view rather than an upgrade. Banco Santander moved the other way a day earlier, cutting Shell to "Neutral" from "Outperform" and trimming its target to £41.00 from £41.50.

North West Shelf Stake Heads to XRG

On the portfolio front, Shell Australia — a wholly owned subsidiary — agreed on 3 November to sell its interest in the North West Shelf project to XRG P.J.S.C. The stake amounts to 16.67% and is a non-operated position. The base consideration is US$1.45 billion, subject to customary adjustments, with an additional payment contingent on hitting certain milestones. XRG will also assume the decommissioning obligations attached to the interest.

Completion is targeted for 2027 and hinges on conditions including the necessary regulatory approvals, so the transaction is not yet closed.

Insider Sale Disclosed

A separate filing covered Andrew Smith, Shell's President, Trading and Supply, who disposed of 33,000 ordinary shares on 30 October. Shell put the total proceeds of that transaction at €1,604,528.15.