Jan 7, 2022
Shell to proceed with share buybacks as higher gas prices boost trading
Oil and gas major Shell said its $7bn share buyback programme, using the proceeds of last year's sale of its Permian Basin business to ConocoPhillips, would continue "At pace" in 2022. The trading update followed the first meeting of Shell's board in the UK since shareholders backed a proposal to simplify the Anglo-Dutch energy major's share structure and shift its headquarters from the Netherlands to the UK. Shell, the world's largest trader of liquefied natural gas, said trading results from its integrated gas business were expected to be "Significantly higher compared to the third quarter 2021", but noted that production volumes had been affected by unplanned maintenance works, particularly in Australia. Gas prices, already at record levels, rallied further in December as demand for LNG soared, particularly in Europe. Shell warned that cash flow from operations in the gas division was likely to be hit by the price volatility. Shell completed the $9.5bn sale of its assets in the US Permian Basin to ConocoPhillips at the start of December.
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