Shell Resumes $3 Billion Share Buyback After Mixed Q2 Results

Energy giant Shell has resumed its share buyback program with a new $3 billion authorization. This follows Shell's acquisition of ARC Resources Ltd., which added about 370,000 barrels of oil equivalent per day to the company's production and increased its growth rate to 4% through 2030.

The second-quarter fiscal 2026 results showed mixed performance, with adjusted earnings beating estimates at $3.52 per American depositary share but revenue missing the Street estimate at $94.66 billion. Cash flow from operations was $21.4 billion during the quarter, and net debt declined to $41.8 billion.

Integrated Gas production fell 31% due to the Middle East conflict's impact on Qatari volumes and planned maintenance. Upstream production edged down primarily because of higher maintenance activity. Shell returned $5.2 billion to shareholders in the quarter, including $3 billion in share repurchases and $2.2 billion in cash dividends.

The company expects Integrated Gas production of 570,000 to 630,000 barrels of oil equivalent per day and LNG liquefaction volumes of 7.1 million to 7.7 million metric tons for the third quarter, excluding volumes from ARC Resources and Qatar.