Shell's $5 Billion Buyback Rolls On as Santander Turns Cautious and XRG Deal Slips to 2027

Shell's share repurchase machine kept humming through the first week of November, with the energy major disclosing a fresh batch of buybacks executed on Thursday for cancellation. The trades fall under the $5 billion programme unveiled on 29 October — a disclosure that documents the ongoing plan's implementation rather than any new or enlarged repurchase effort.

The filings have come thick and fast. Shell also reported purchases for Monday, published on Tuesday, and logged further transactions under the existing programme for 5 and 6 November. A separate disclosure covered Wednesday and Tuesday activity, with the company noting that buying spanned trading venues in both the UK and Europe. As of 30 October, Shell put its issued share capital at roughly 5.7 billion voting ordinary shares, and said it held no shares in treasury on that date.

Santander Steps Back

The steady stream of buyback notices coincided with a more guarded verdict from Santander. According to media reports, the broker downgraded Shell from "Outperform" to "Neutral" on Tuesday while trimming its price target to £41.00 from £41.50 — a double move that paired a less bullish rating with a lower headline number.

Investors, for their part, shrugged off the caution. Shell shares rose 1.3% on Friday to close at €44.90, snapping a seven-session losing streak. Media coverage framed the advance as a modest recovery, with no fresh company-specific catalyst identified behind the move.

A 16.67% Stake Heads to XRG

On the corporate front, Shell Australia — a wholly owned subsidiary — agreed in early November to offload its non-operated 16.67% interest in the North-West Shelf project to subsidiaries of XRG P.J.S.C. The base consideration is set at US$1.45 billion, subject to customary adjustments, with an additional payment tied to milestones. XRG is also to assume the decommissioning obligations attached to the stake.

Completion is expected in 2027 and hinges on conditions including regulatory approvals. Shell Australia, for its part, has put the base consideration at US$1.45 billion before adjustments.

Insider Sale and a Mixed Oil Picture

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

Broader oil-market signals offered little clarity. Axios reported a recovery in supply alongside signs of a possible surplus, set against shipping risks and geopolitical tensions linked to Iran.